<SEC-DOCUMENT>0001292814-19-001619.txt : 20190430
<SEC-HEADER>0001292814-19-001619.hdr.sgml : 20190430
<ACCEPTANCE-DATETIME>20190430151744
ACCESSION NUMBER:		0001292814-19-001619
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		174
CONFORMED PERIOD OF REPORT:	20181231
FILED AS OF DATE:		20190430
DATE AS OF CHANGE:		20190430

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EDENOR
		CENTRAL INDEX KEY:			0001395213
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			C1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33422
		FILM NUMBER:		19781082

	BUSINESS ADDRESS:	
		STREET 1:		AV. DEL LIBERTADOR 6363
		CITY:			CITY OF BUENOS AIRES
		STATE:			C1
		ZIP:			C1428ARG
		BUSINESS PHONE:		54-11-4346-5000

	MAIL ADDRESS:	
		STREET 1:		AV. DEL LIBERTADOR 6363
		CITY:			CITY OF BUENOS AIRES
		STATE:			C1
		ZIP:			C1428ARG
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
<FILENAME>ednform20f_2018.htm
<DESCRIPTION>EDNFORM20F_2018
<TEXT>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face="times new roman"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" face="times new roman">As filed with the Securities and Exchange Commission on April 30, 2019</FONT></B></FONT></FONT></B></P></DIV>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PAGE-BREAK-AFTER: avoid; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt 2in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; TEXT-INDENT: -2in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt; LINE-HEIGHT: 115%" face="times new roman bold">UNITED STATES SECURITIES AND EXCHANGE COMMISSION</FONT></B></P>

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PAGE-BREAK-AFTER: avoid; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 6pt 0in 0pt 1in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; TEXT-INDENT: -1in" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Washington, D.C. 20549</FONT></P>

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PAGE-BREAK-AFTER: avoid; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 3pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt; LINE-HEIGHT: normal" face="times new roman">Form 20-F</FONT></B></P>

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PAGE-BREAK-AFTER: avoid; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 3pt 0.5in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; TEXT-INDENT: -0.5in" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF<BR>THE SECURITIES EXCHANGE ACT OF 1934<BR>For the fiscal year ended December 31, 2018 Commission File Number: 001-33422</FONT></P>

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PAGE-BREAK-AFTER: avoid; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 3pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 16pt; LINE-HEIGHT: normal" face="times new roman">Empresa Distribuidora y Comercializadora Norte S.A.<BR></FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(Exact name of Registrant as specified in its charter)</FONT></P></DIV>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Distribution and Marketing Company of the North S.A.</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt" vAlign=top width="50%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Argentine Republic</FONT></B></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(Translation of Registrant&#8217;s name into English)</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(Jurisdiction of incorporation or organization)</FONT></P></TD></TR></TABLE></DIV>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=ES style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Avenida Del Libertador 6363</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=ES style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Ciudad de Buenos Aires, C1428ARG</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Buenos Aires, Argentina<BR></FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(Address of principal executive offices)</FONT></P>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Leandro Montero</FONT></B></P>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Tel.: +54 11 4346 5510 / Fax: +54 11 4346 5325 Avenida Del Libertador 6363 (C1428ARG)<BR>Buenos Aires, Argentina</FONT></B></P>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Chief Financial Officer</FONT></B></P>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)</FONT></P></TD></TR></TABLE></DIV>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 3pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Securities registered or to be registered pursuant to Section 12(b) of the Act:</FONT></B></P>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman bold">Title of each class:</FONT></B></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman bold">Name of each exchange on which registered</FONT></B></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Class B Common Shares</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">New York Stock Exchange, Inc.*</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">American Depositary Shares, or ADSs, evidenced by American Depositary Receipts, each representing 20 Class B Common Shares</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">New York Stock Exchange, Inc.</FONT></P></TD></TR></TABLE></DIV>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 13.7pt; TEXT-INDENT: -13.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">*&nbsp;&nbsp;&nbsp; Not for trading, but only in connection with the registration of American Depositary Shares, pursuant to the requirements of the Securities and Exchange Commission.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 3pt 13.5pt; TEXT-INDENT: -13.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">__________</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 4pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Securities registered or to be registered pursuant to Section 12(g) of the Act: None</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 4pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: N/A</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 4pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Indicate the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered by the annual report: 462,292,111 Class A Common Shares, 4<FONT style="FONT-SIZE: 9pt" face="Times New Roman">18</FONT>,825,357 Class B Common Shares and 1,952,604 Class C Common Shares</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 4pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 4pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Yes </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=wingdings>&#168;</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"> No </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=wingdings>x</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 4pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Sections 13 or 15(d) of the Securities Exchange Act of 1934. Yes </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=wingdings>&#168;</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"> No </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=wingdings>x</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 4pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Note: Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 4pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=wingdings>x</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"> No </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=wingdings>&#168;</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 4pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Indicate by check mark whether the registrant has submitted electronically, every</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 4pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=wingdings>x</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"> No </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=wingdings>&#168;</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 4pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act. (Check one):</FONT></B></P>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 4pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Large Accelerated Filer </FONT></B></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 4pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=wingdings>&#168;</FONT></B></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 4pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Accelerated Filer </FONT></B></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 4pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=wingdings>x</FONT></B></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 4pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Non-Accelerated Filer</FONT></B></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 4pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=wingdings>&#168;</FONT></B></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 4pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Emerging Growth Company</FONT></B></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 4pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=wingdings>&#168;</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 4pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards&#8224; provided pursuant to Section 13(a) of the Exchange Act. </FONT></B><B><FONT lang=ES-MX style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=wingdings>&#168;</FONT></B></P>

<P style="MARGIN: 0in 0in 4pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">&#8224; The term &#8220;new or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. </FONT></B></P>

<P style="MARGIN: 0in 0in 4pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: U.S. </FONT></B>


<B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">GAAP </FONT></B><B><FONT lang=ES-MX style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=wingdings>&#168;</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"> <BR>International Financial Reporting Standards as issued by the International Accounting Standards Board </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=wingdings>x</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"> Other </FONT></B><B><FONT lang=ES-MX style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=wingdings>&#168;</FONT></B></P></DIV>

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<P style="MARGIN: 0in 0in 4pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">If &#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow: Item 17 </FONT></B><B><FONT lang=ES-MX style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=wingdings>&#168;</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"> Item 18 </FONT></B><B><FONT lang=ES-MX style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=wingdings>&#168;</FONT></B></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman">If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes </FONT></B><B><FONT lang=ES-MX style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=wingdings>&#168;</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face="times new roman"> No </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=wingdings>x</FONT></B></P></DIV></DIV>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">PART I </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Item 1.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Identity of Directors, Senior Management and Advisors</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">2</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Item 2.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Offer Statistics and Expected Timetable</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">2</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Item 3.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Key Information</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">2</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Item 4.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Information on the Company</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">34</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Item 4A.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Unresolved Staff Comments</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">71</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Item 5.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Operating and Financial Review and Prospects</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">71</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Item 6.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Directors, Senior Management and Employees</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">110</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Item 7.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Major Shareholders and Related Party Transactions</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">122</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Item 8.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Financial Information</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">127</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Item 9.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">The Offer and Listing</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">132</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Item 10.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Additional Information</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">139</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Item 11.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Quantitative and Qualitative Disclosures about Market Risk</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">158</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Item 12.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Description of Securities Other than Equity Securities</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">159</FONT></P></TD></TR>

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   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="88%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">PART II</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Item 13.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Defaults, Dividend Arrearages and Delinquencies</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">160</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Item 14.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Material Modifications to the Rights of Security Holders and Use of Proceeds</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">160</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Item 15.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Controls and Procedures</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">160</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Item 16A.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Audit Committee Financial Expert</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">162</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Item 16B.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Code of Ethics </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">162</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Item 16C.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Principal Accountant Fees and Services</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">162</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Item 16D.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Exemptions from the Listing Standards for Audit Committees</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">162</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Item 16E.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Purchases of Equity Securities by the Issuer and Affiliated Purchasers</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">162</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Item 16F.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Change in Registrant&#8217;s Certifying Accountant</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">163</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Item 16G.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Corporate Governance</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">163</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Item 16H.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Mine Safety Disclosures</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">160</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">PART III</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Financial Statements</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">170</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Item 18.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Financial Statements</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">170</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Item 19.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Exhibits</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="times new roman">170</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Index to Financial Statements</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="times new roman">F-1</FONT></P></TD></TR></TABLE>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">PART I</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Identity of Directors, Senior Management and Advisors</FONT></I></B></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Not applicable.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Offer Statistics and Expected Timetable</FONT></I></B></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Not applicable.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Key Information</FONT></I></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In this annual report, except as otherwise specified, references to &#8220;we&#8221;, &#8220;us&#8221;, &#8220;our&#8221; and &#8220;the Company&#8221; are references to (i) Empresa Distribuidora y Comercializadora Norte S.A., or &#8220;Edenor&#8221;, on a standalone basis prior</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">to</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">March 1, 2011, (ii) Edenor, Empresa Distribuidora El&#233;ctrica Regional S.A. (&#8220;Emdersa&#8221;) and Aeseba S.A. (&#8220;Aeseba&#8221;), between March 1, 2011 and March 31, 2013, (iii) Edenor and Emdersa, between March 1, 2011 and September 30, 2013, and (iv) Edenor on a standalone basis, from October 1, 2013 through the date of filing of this annual report. References to Edenor, Emdersa and/or Aeseba on</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">a standalone basis are made by naming each company as the case may be. For more information, see &#8220;Item 4</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8212;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Information on the Company</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8212;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">History and Development of the Company.&#8221;</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">FORWARD&#8209;LOOKING STATEMENTS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">This annual report includes forward&#8209;looking statements, principally under the captions &#8220;Item 3. Key Information - Risk Factors&#8221;, &#8220;Item 4. Information on the Company&#8221; and &#8220;Item 5. Operating and Financial Review and Prospects&#8221;. We have based these forward&#8209;looking statements largely on our current beliefs, expectations and projections about future events and financial trends affecting our business. Forward&#8209;looking statements may also be identified by words such as &#8220;believes&#8221;, &#8220;expects&#8221;, &#8220;anticipates&#8221;, &#8220;projects&#8221;, &#8220;intends&#8221;, &#8220;should&#8221;, &#8220;seeks&#8221;, &#8220;estimates&#8221;, &#8220;future&#8221; or similar expressions. Many important factors, in addition to those discussed elsewhere in this annual report, could cause our actual results to differ materially from those expressed or implied in our forward&#8209;looking statements, including, among other things:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 78.55pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the treatment of pending obligations after the Integral Tariff Revision (&#8220;RTI&#8221;);</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 78.55pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">uncertainties related to future Government interventions or legal actions;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 78.55pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">general political, economic, social, demographic and business conditions in the Republic of Argentina, or &#8220;Argentina&#8221; and particularly in the geographic market we serve;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 78.55pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the evolution of energy losses and the impact of fines and penalties and uncollectable debt;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 78.55pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the impact of regulatory reform and changes in the regulatory environment in which we operate;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 78.55pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">electricity shortages;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 78.55pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">potential disruption or interruption of our service;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 78.55pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the revocation or amendment of our concession by the granting authority;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 78.55pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">our ability to implement our capital expenditure plan, including our ability to arrange financing when required and on reasonable terms;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 78.55pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">fluctuations in exchange rates, including a devaluation of the Peso;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 78.55pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the impact of high rates of inflation on our costs; and,</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 78.55pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">additional matters identified in &#8220;Risk factors&#8221;.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">2</FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Forward&#8209;looking statements speak only as of the date they were made, and we undertake no obligation to update publicly or to revise any forward&#8209;looking statements after we file this annual report because of new information, future events or other factors. In light of these limitations, undue reliance should not be placed on forward&#8209;looking statements contained in this annual report.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">SELECTED FINANCIAL DATA</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following table presents our selected financial data for each of the years in the three-year period ended December 31, 2018. The selected statement of comprehensive income (loss) and statement of cash flow data for the years ended December 31, 2018, 2017 and 2016 and the selected statement of financial position as of December 31, 2018 and 2017, have been prepared in accordance with IFRS as issued by the IASB and have been derived from our Financial Statements included elsewhere in this annual report. The summary financial data as of and for each of the two years ended December 31, 2015 and 2014 have not been presented as these cannot be provided on a restated basis without unreasonable effort or expense. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our Financial Statements have been restated to reflect the changes in the general purchasing power of the Company&#8217;s functional currency (the Argentine peso), in conformity with the provisions of both IAS 29 &#8220;Financial reporting in hyperinflationary economies&#8221; and General Resolution No. 777-18 of the Argentine Securities Commission (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Comisi&#243;n Nacional de Valores</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> or &#8220;CNV&#8221;). As a result thereof, the Financial Statements are stated in terms of the measuring unit current at the end of the reporting period.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">According to IAS 29, the restatement of financial statements is necessary when the functional currency of an entity is that of a hyperinflationary economy. To define a state of hyperinflation, IAS 29 provides a series of guidelines, including but not limited to (i) analyzing the behavior of population, prices, interest rates and wages faced with the development of price indexes and the loss of the currency&#8217;s purchasing power, and (ii) as a quantitative feature, which in practice, is the most weighted condition, verifying whether the cumulative inflation rate over three years approaches or exceeds 100%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Although general price levels increased significantly in recent years, the cumulative inflation rate over the last three years in Argentina had remained below 100%. However, due to certain macroeconomic factors, the projected three-year inflation in 2018 surpassed 100% and the Argentine Government&#8217;s targets and other available projections indicate that this trend will not be reversed in the short-term.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Therefore, according to IAS 29, the Argentine economy should be regarded as hyperinflationary as from July 1, 2018. Pursuant to IAS 29, the adjustment will be resumed from the date on which it was last made which is February 2003. Additionally, on December 4, 2018 Law No. 27,468 was enacted and repealed the provisions of Executive Order No. 664/03, which did not allow for the filing of inflation-adjusted financial statements. This law states that the provisions of Section 62 of Law No. 19,550 the (&#8220;Argentine Corporations Law&#8221;) regarding the preparation of financial statements to reflect the effects of inflation will continue to apply, consequently reinstating adjustment for inflation. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Taking into consideration the above-mentioned index, in the fiscal years ended December 2018, 2017 and 2016, the inflation rate amounted to 47.7%, 24.8% and 40.9%, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">During 2018, the regulatory and electricity rate environment continued to normalize and we improved the quality of our service and the amount and quality of our investments. However, certain unanticipated actions of the Argentine Government, the Ente Nacional Regulador de la Electricidad (&#8220;ENRE&#8221;) and the Province of Buenos Aires strained the Company&#8217;s ability to generate funds, such as: the lack of recognition of discounts to users with social tariffs for more than Ps.900 million, the deferral of 50% of the CPD that corresponded to apply as of August 1, 2018 in six consecutive monthly installments as of February 1, 2019 for an estimated total of Ps. 1 billion and the non-payment from low-income areas and shantytowns of consumption for more than Ps.1 billion. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In February 2018, electricity rates increased, incorporating the last 18% installment that had been deferred in 2017, together with the 11.99% inflation adjustment of the second half of 2017 and the 2.51% net reduction related to the &#8220;E&#8221; stimulus factor, which provides the transfer of a distributor&#8217;s users expected efficiency gains, and besides reflects the impact of certain investments added to the grid during the previous year. The deferred amounts from 2017 were retroactively applied to be collected in 48 installments were also included. In August 2018, pursuant to applicable regulations, electricity rates increased by 7.93% deferring until February 2019, the remaining 6.51% to complete the inflation adjustment of the first six-month period of 2018.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;Although the regulatory framework in effect is currently being applied, the Argentine Government&#8217;s decision to incorporate rate increases in the price of electricity of 23% in February 2018 and 36% in August 2018, respectively, in addition to the increases previously mentioned , combined with the deterioration of Argentina&#8217;s general economic situation, with household income falling as a result of the significant devaluation and the increasing inflation, gave rise to a public discussion regarding electricity rates. In connection with such discussion, Congress enacted a law to restore electricity rates to their 2017 values and incorporate certain controls over the investments and electricity rates. On May 31, 2018, the Macri administration vetoed this law.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#00b050 face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">See &#8220;Item 5. Operating and Financial Review and Prospects&#8212;Liquidity and Capital Resources&#8212;Sources and Uses of Funds&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our Financial Statements are included in this annual report beginning on page F-1 </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In this annual report, except as otherwise specified, references to &#8220;U.S.$&#8221; and &#8220;Dollars&#8221; are to U.S. Dollars, and references to &#8220;Ps.&#8221;, &#8220;AR$&#8221; and &#8220;Pesos&#8221; are to Argentine Pesos. Solely for the convenience of the reader, we have converted certain amounts included in &#8220;Item 3. Key Information&#8221; and elsewhere in this annual report from Pesos into Dollars using, for the information provided as of December 31, 2018, the seller exchange rate reported by the Banco de la Naci&#243;n Argentina (&#8220;Banco Naci&#243;n&#8221;), as of December 31, 2018. which was Ps.37.70 to U.S.$1.00 unless otherwise indicated. These conversions should not be considered representations that any such amounts have been, could have been or could be converted into U.S. Dollars at that or at any other exchange rate. On April 26, 2019, the exchange rate was Ps.</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face="times new roman"> 45</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">.97, to U.S.$1.00.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal" color=#00b050 face="Times New Roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;As a result of fluctuations in the Dollar Peso exchange rate, the exchange rate at such date may not be indicative of current or future exchange rates. See &#8220;&#8212;Risk Factors&#8212;Factors Relating to Argentina&#8212;Fluctuations in the value of the Peso could adversely affect the Argentine economy and, in turn, adversely affect our results of operations&#8221;. The Federal Reserve Bank of New York does not report a noon buying rate for Pesos. For more information regarding historical exchange rates, see &#8220;Item 3.Key Information&#8212;Exchange Rates.&#8221;</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2017</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2016</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;Ps. </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;Ps. </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Revenue&nbsp;&nbsp; (1)</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1,484.2 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 55,953.6 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 39,602.9 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 25,826.8 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Electric power purchases</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(845.5) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; (31,875.7) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; (20,820.3) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; (11,989.6) </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Subtotal</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">638.7 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 24,077.9 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 18,782.6 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 13,837.2 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Transmission and distribution expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(289.5) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; (10,912.7) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(9,247.1) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; (13,263.9) </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Gross gain</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">349.2 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 13,165.2 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">9,535.5 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">573.3 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Selling expenses</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(133.5) </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(5,032.7) </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(3,567.8) </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(3,379.3) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Administrative expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; (76.2) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(2,872.1) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(2,504.5) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(2,288.0) </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Other operating expense, net</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; (35.0) </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(1,320.8) </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(1,102.7) </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(913.1) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Gain from interest in joint ventures</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 1.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 10.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">- </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Operating profit (loss) before income from provisional remedies higher costs recognition and SE Resolution 32/15</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">104.5 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3,941.2 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2,370.6 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(6,007.1) </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Recognition of income &#8211; provisional remedies &#8211; MEyM Note 2016-04484723</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2,074.2 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Income recognition on account of the RTI - SE Resolution No. 32/15</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">- </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">- </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">- </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">958.3 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Higher costs recognition - SE Resolution No. 250/13 and subsequents Notes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">185.4 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Operating profit (loss)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">104.5 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3,941.2 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2,370.6 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(2,789.2) </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Financial income </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 17.8 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">671.8 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">453.8 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">384.6 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Financial expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(132.0) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(4,976.7) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(2,570.3) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(2,589.2) </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Other financial results</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; (52.1) </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(1,965.3) </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(168.5) </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; (87.3) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Net financial expense </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(166.3) </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(6,270.2) </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(2,285.0) </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(2,291.9) </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Gain on net monetary position</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">225.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">8,503.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">5,505.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">5,469.1 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Profit before taxes</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">163.8 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">6,174.9 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">5,590.7 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">388.0 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Income tax </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; (49.8) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(1,877.4) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(510.1) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(147.3) </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Profit for the year</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">114.0 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">4,297.5 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">5,080.6 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">240.7 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Profit for the year attributable to:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Owners of the Company</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">114.0 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">4,297.5 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">5,080.6 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">240.7 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Profit for the year</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">114.0 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">4,297.5 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">5,080.6 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">240.7 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Other comprehensive income</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Items that will not be reclassified to profit or loss</FONT></I></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Results related to benefit plans</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(0.1) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; (5.6) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 22.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 14.4 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Tax effect of actuarial results on benefit plans</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">- </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 1.7 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; (7.2) </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; (5.0) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Total other comprehensive results</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; (0.1) </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; (3.9) </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 15.0 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 9.4 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Comprehensive income for the year attributable to:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Owners of the parent </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">113.9 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">4,293.6 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">5,095.6 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">250.1 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Comprehensive profit for the year</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">113.9 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">4,293.6 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">5,095.6 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">250.1 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Basic and diluted earnings profit per share:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Basic and diluted earnings profit per share</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.13 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 4.83 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 5.66 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 0.27 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Basic and diluted earnings profit per ADS</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> (2)</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">:</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Basic and diluted earnings profit per ADS from continuing operations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2.56 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">96.43 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 113.45 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 5.58 </FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Columns Ps. in millions of pesos stated in terms of the measuring unit current as of December 31, 2018, except for amounts per share and number of shares or as otherwise indicated</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 19.5pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Revenue from operations is recognized on an accrual basis and derives mainly from electricity distribution. Such revenue includes electricity supplied, whether billed or unbilled, at the end of each year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 19.5pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Each ADS represents 20 Class B common shares.</FONT></P>

<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">5</FONT></P></DIV>

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<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">Statement of financial position</FONT></B></P>

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<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2017</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2016</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;US$ </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;Ps. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;Ps. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;Ps. </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">ASSETS</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Non-current assets </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Property, plant and equipment</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 1,657.2 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 62,474.8 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 57,060.2 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 50,894.8 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Interest in joint ventures</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">8.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">10.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.8 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Other receivables</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">21.2 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 800.7 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">62.7 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">93.0 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Financial assets at fair value through profit or loss</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">81.9 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Total non-current assets</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 1,678.6 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 63,284.3 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 57,133.6 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 51,070.5 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Current assets</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Inventories</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">33.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 1,259.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 649.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 801.7 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Other receivables</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">6.4 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 242.1 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 296.2 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 330.4 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Trade receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 201.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 7,587.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 8,385.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 7,188.5 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Financial assets at fair value through profit or loss</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">89.7 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 3,381.6 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 4,278.0 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 3,674.2 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Financial assets at amortized cost</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">32.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 1,208.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">17.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2.8 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Cash and cash equivalents</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.7 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">27.6 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 122.3 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 476.5 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Total current assets</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 363.6 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 13,707.8 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 13,748.3 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 12,474.1 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">TOTAL ASSETS</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 2,042.2 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 76,992.1 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 70,881.9 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 63,544.6 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">EQUITY</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Share capital and reserve attributable to the owners of the Company </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Share capital</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">23.4 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 883.3 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 898.7 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 897.0 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Adjustment to share capital</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 452.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 17,065.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 17,224.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 17,220.5 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Additional paid-in capital</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">6.4 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 240.6 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 229.9 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 183.6 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Treasury stock</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">23.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">7.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">9.4 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Adjustment to treasury stock</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">6.0 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 225.6 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">66.7 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">70.6 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Cost treasury stock</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(28.4) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; (1,068.8) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; - </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Legal reserve</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">4.1 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 152.8 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 152.8 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 152.8 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Opcional reserve</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">9.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 367.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 367.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 367.1 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Other reserve</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; - </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; - </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; - </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">32.8 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Other comprehensive loss</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(3.6) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; (136.9) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; (132.9) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; (147.9) </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Accumulated losses</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 350.6 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 13,216.6 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 8,979.3 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 3,898.7 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">TOTAL EQUITY</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 821.5 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 30,969.0 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 27,793.8 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 22,684.6 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">LIABILITIES</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Non-current liabilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Trade payables</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">7.6 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 286.2 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 355.7 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 429.2 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Other payables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 202.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 7,624.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 8,910.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 9,403.9 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Borrowings</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 190.8 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 7,192.5 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 6,189.3 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 5,103.5 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Deferred revenue</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">7.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 275.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 287.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 368.5 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Salaries and social security payable</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">4.3 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 162.7 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 176.7 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 173.8 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Benefit plans</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">10.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 385.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 477.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 490.3 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Tax payable</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 213.5 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 8,048.3 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 7,290.2 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 7,538.2 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Tax liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1.3 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Provisions</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">28.4 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 1,070.2 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 883.1 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 629.0 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Total non-current liabilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 664.3 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 25,044.5 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 24,570.2 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 24,137.7 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Current liabilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Trade payables</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 387.5 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 14,609.0 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 13,577.5 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 11,668.8 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Other payables (1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">51.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 1,922.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 546.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 248.3 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Borrowings</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">28.6 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 1,077.5 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 105.1 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">98.9 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Derivative financial instruments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; - </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Deferred revenue</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.1 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">5.3 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">5.0 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1.4 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Salaries and social security payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">46.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 1,742.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 1,801.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 1,902.0 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Benefit plans</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.9 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">32.4 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">46.4 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">61.5 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Tax payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">16.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 617.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 689.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 286.0 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Tax liabilities</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">20.8 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 784.0 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 1,555.5 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 2,293.2 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">4.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 187.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 190.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 162.2 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Total current liabilities</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 556.4 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 20,978.6 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 18,517.9 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 16,722.3 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">TOTAL LIABILITIES</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 1,220.7 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 46,023.1 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 43,088.1 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 40,860.0 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">TOTAL LIABILITIES AND EQUITY</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 2,042.2 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 76,992.1 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 70,881.9 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 63,544.6 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Columns Ps. in millions of pesos stated in terms of the measuring unit current as of December 31, 2018, except for amounts per share and number of shares or as otherwise indicated</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">6</FONT></P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Statement of Cash flows</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2017</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2016</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;US$ </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;Ps. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;Ps. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;Ps. </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Cash flows from operating activities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Profit for the year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,297.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,080.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240.8 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Adjustments to reconcile net (loss) profit to net cash flows from operating activities:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Depreciation of property, plant and equipment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">67.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,561.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,148.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,147.2 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Loss on disposals of property, plant and equipment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244.5 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Net accrued interest</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,296.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,113.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,198.0 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Exchange differences</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,630.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 564.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 911.8 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Income tax</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,877.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147.3 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Allowance for the impairment of trade and other receivables, net of recovery</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 977.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 391.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 433.4 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Adjustment to present value of receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.7) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Provision for contingencies</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 724.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 542.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301.8 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Changes in fair value of financial assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18.6) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (703.1) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (437.6) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (891.8) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Accrual of benefit plans</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194.2 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Gain from interest in joint ventures</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.6) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.1) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Higher costs recognition - SEE Resolution 250/13 and subsequents Notes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (185.4) </FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Income recognition on account of the RTI - SEE Resolution 32/15</FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (958.3) </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Recognition of income &#8211; provisional remedies &#8211; MINEM Note 2016-04484723</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,074.2) </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Net gain from the repurchase of Corporate Bonds</FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.1) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.5) </FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.1) </FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Income from non-reimbursable customer contributions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.1) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.6) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.4) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.5) </FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Other reserve constitution - Share bases compensation plan</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.3 </FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.7 </FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.5 </FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32.8 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Gain on net monetary position</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (225.6) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8,503.9) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,505.1) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,469.1) </FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Changes in operating assets and liabilities: </FONT></B></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Increase in trade receivables </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (56.5) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,131.4) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,623.7) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,503.1) </FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Decrease in other receivables </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 834.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,968.0 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Increase in inventories</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21.7) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (819.9) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (530.1) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (283.0) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Increase in deferred revenue</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86.9 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Increase in trade payables </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,242.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,887.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,853.9 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Increase in salaries and social security payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 565.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 579.8 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Decrease in benefit plans</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.5) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (55.4) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (56.6) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57.0) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(Decrease) Increase in tax liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.7) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (515.7) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (366.7) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,832.4 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Increase in other payables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,220.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 438.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,327.3 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Decrease in provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.6) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (325.2) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (58.9) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (95.9) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Payment of Tax payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23.5) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (886.2) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (390.8) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Net cash flows provided by operating activities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255.4 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,621.1 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,265.9 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,975.0 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=Calibri,sans-serif></FONT></P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">7</FONT></P></DIV>

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<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Statement of Cash flows (continued)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2017</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2016</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;US$ </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;Ps. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;Ps. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;Ps. </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Cash flows from financing activities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Proceeds from borrowings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; 1,285.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; - </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Payment of interests </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; (17.3) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; (652.7) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; (418.5) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; (516.8) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Repurchase of corporate notes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; (10.0) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; (375.5) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; (9.8) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Payment of redemption on corporate notes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; (420.8) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Acquisition of own shares </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; (28.4) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; (1,068.8) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; - </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Net cash flows (used in) generated by financing activities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">(55.7) </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; (2,097.0) </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; 867.4 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; (947.4) </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Decrease in cash and cash equivalents</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">(21.2) </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; (804.4) </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; (375.5) </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; (44.3) </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Cash and cash equivalents at the beginning of year </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">3.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; 122.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; 476.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; 237.6 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Exchange differences in cash and cash equivalents</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">4.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; 156.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; (0.1) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; (9.0) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Result from exposure to inflation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">14.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; 553.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; 21.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; 292.2 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Decrease in cash and cash equivalents</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">(21.3) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; (804.4) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; (375.5) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; (44.3) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Cash and cash equivalents at the end of the year</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">0.7 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; 27.5 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; 122.2 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; 476.5 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Supplemental cash flows information</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Non-cash activities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="48%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Acquisitions of property, plant and equipment through increased trade payables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">(18.0) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; (677.2) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; (585.7) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; (379.1) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="48%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="12%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Decrease of property, plant and equipment through increased other receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">11.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; 439.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; - </FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Columns Ps. in millions of pesos stated in terms of the measuring unit current as of December 31, 2018, except for amounts per share and number of shares or as otherwise indicated</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-JUSTIFY: inter-ideograph">&nbsp;</P>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%; LINE-HEIGHT: 10pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="47%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Year ended December 31,</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2017</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2016</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Operating data</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Energy sales (in GWh):&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">21,172</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">21,584</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face="times new roman">22,253</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; Residential </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">8,948</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">9,143</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">9,709</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; Small Commercial</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1,810</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1,850</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1,819</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; Medium Commercial</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1,668</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1,745</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1,821</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; Industrial</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3,646</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3,687</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3,677</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; Wheeling System<SUP>(1)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3,823</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3,968</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">4,013</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; Public Lighting</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">724</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">709</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">704</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; Shantytowns</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">553</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">483</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">511</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Customers (in thousands)<SUP> (2)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3,040</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2,950</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2,866</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Energy Losses (%)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">18.2%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">17.1%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">17.0%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">MWh sold per employee</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">4,301</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">4,507</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">4,743</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Customers per employee</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">618</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">616</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">611</FONT></P></TD></TR></TABLE></DIV></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;</FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">Wheeling system charges represent our tariffs for large users, which consist of a fixed charge for recognized technical losses and a charge for our distribution margins but exclude charges for electric power purchases, which are undertaken directly between generators and large users.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">We define a user as one meter. We may supply more than one consumer through a single meter. In particular, because we measure our energy sales to each shantytown collectively using a single meter, each shantytown is counted as a single user.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">8</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_11"></A>

<a name="_bclPageBorder11"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">EXCHANGE RATES</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2018, the Argentine Peso experienced a rapid devaluation against major foreign currencies, particularly against the U.S. dollar. According to the exchange rate information published by the Banco de la Naci&#243;n Argentina, the Argentine Peso depreciated by 102.2% against the U.S. dollar during the year ended December 31, 2018 (compared to 17.4% and 21.9% in the years ended December 31, 2017 and 2016, respectively). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following table sets forth the high, low, average and period-end exchange rates for the periods indicated, expressed in Pesos per U.S. Dollar and not adjusted for inflation. When preparing our financial statements, we utilize the selling exchange rates for U.S. Dollars quoted by the Banco Naci&#243;n to translate our U.S. Dollar denominated assets and liabilities into Pesos. There can be no assurance that the Peso will not depreciate or appreciate in the future. The Federal Reserve Bank of New York does not report a noon buying rate for Pesos. For more inform regarding see depreciation see &#8220;&#8212;Risk Factors&#8212;Factors Relating to Argentina&#8212;Fluctuations in the value of the Peso could adversely affect the Argentine economy and, which could, in turn adversely affect our results of operations.&#8221;</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=Calibri,sans-serif>&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Low</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">High</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Average</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Period End</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%" colSpan=10>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(Pesos per U.S. Dollar)</FONT></I></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Year ended December 31,</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10.05pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="42%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2016</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">13.20</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">16.03</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">14.79</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(1)</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">15.89</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="42%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2017</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">15.19</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">19.20</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">16.73</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">18.65</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="42%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">18.41</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">41.25</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">29.26</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(1)</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">37.70</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Month</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="42%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">novembro-18</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">35.40</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">39.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">36.48</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">37.72</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="42%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">dezembro-18</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">36.50</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(2)</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">38.60</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(2)</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">37.83</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">37.70</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="42%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">janeiro-19</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">36.90</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">37.71</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">37.39</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">37.35</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="42%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">fevereiro-19</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">37.17</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(2)</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">39.67</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(2)</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">38.40</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">39.15</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="42%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">mar&#231;o-19</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">39.81</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">43.87</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">41.52</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">43.35</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="42%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">April-19&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">(3)</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">41.62</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(2)</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">45.97</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face="times new roman">(2)</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">43.15</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">45.97</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">Represents the average of the exchange rates on the last day of each month during the period.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">Average of the lowest and highest daily rates in the month.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">(3)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">Represents the corresponding exchange rates from April 1 through April 26, 2019.</FONT></P>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">RISK FACTORS</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Risks Related to Argentina</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Overview </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">We are a stock corporation (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">sociedad an&#243;nima</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">) incorporated under the laws of the Republic of Argentina and all of our revenues are earned in Argentina and all of our operations, facilities, and users are located in Argentina. Accordingly, our financial condition and results of operations depend to a significant extent on macroeconomic, regulatory, political and financial conditions prevailing in Argentina, including growth rates, inflation rates, currency exchange rates, taxes, interest rates, and other local, regional and international events and conditions that may affect Argentina in any manner. For example, slower economic growth or economic recession could lead to a decreased demand for electricity in our concession area or a decline in the purchasing power of our users, which, in turn, could lead to a decrease in collection rates from our users or increased energy losses due to illegal use of our service. Actions of the Argentine Government concerning the economy, including measures with respect to inflation, interest rates, price controls (including tariffs and other compensation of public services), foreign exchange controls and taxes, have had and may in the future have a material adverse effect on private sector entities, including us.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">We cannot assure you that the Argentine Government will not adopt other policies that could adversely affect the Argentine economy or our business, financial condition or results of operations. In addition, we cannot assure you that future economic, regulatory, social and political developments in Argentina will not impair our business, financial condition or results of operations, or cause the market value of our ADSs and Class B common shares to decline.</FONT></P>

<P style="MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)"></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">9</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">A global or regional financial crisis and unfavorable credit and market conditions may negatively affect our liquidity, users, business, and results of operations</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">The effects of a global or regional financial crisis and related turmoil in the global financial system may have a negative impact on our business, financial condition and results of operations, which is likely to be more severe on an emerging market economy, such as Argentina. This was the case in 2008, when the global economic crisis led to a sudden economic decline in Argentina in 2009, accompanied by inflationary pressures, depreciation of the Peso and a drop in consumer and investor confidence.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">The effects of an economic crisis on our users and on us cannot be predicted. Weak global and local economic conditions could lead to reduced demand or lower prices for energy, hydrocarbons and related oil products and petrochemicals, which could have a negative effect on our revenues. Economic factors such as unemployment, inflation and the unavailability of credit could also have a material adverse effect on the demand for energy and, therefore, on our business, financial condition and results of operations. The financial and economic situation in Argentina or in other countries in Latin America, such as Brazil, may also have a negative impact on us and third parties with whom we do, or may do, business. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">In addition, the global economic crisis that began in the fourth quarter of 2008, triggering an international stock market crash and the insolvency of major financial institutions, limited the ability of Argentine companies to access international financial markets as they had in the past or made such access significantly more costly. Once the aforementioned crisis was over, there were periods with low cost financing that Argentina did not take advantage of because of its particular internal situation.</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=#212121 face=arial,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">A similar global or regional financial crisis in the future could limit our ability to access the credit or capital markets at a time when we require financing, thereby impairing our flexibility to react to changing economic and business conditions. For these reasons, any of the foregoing factors could together or independently have an adverse effect on our results of operations and financial condition, and cause the market value of our ADSs to decline.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">The Argentine economy remains vulnerable and any significant decline may adversely affect our business, results of operations, and financial condition </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">The Argentine economy has experienced significant volatility in recent decades, characterized by periods of low or negative growth, high levels of inflation and currency devaluation. Sustainable economic growth in Argentina is dependent on a variety of factors including the international demand for Argentine exports, the stability and competitiveness of the Peso against foreign currencies, confidence among consumers and foreign and domestic investors and a stable rate of inflation, national employment levels and the circumstances of Argentina&#8217;s regional trade partners. The Argentine economy has been volatile since 2011. For example, Argentina&#8217;s economy grew in 2017, but contracted in 2018. The Argentine economy remains vulnerable, as reflected by the following economic conditions:</FONT></P>

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   <P style="TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">according to the revised calculation of 2004 Gross Domestic Product (&#8220;GDP&#8221;) published by the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">Instituto Nacional de Estad&#237;stica y Censos</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">(National Statistics and Census Institute or &#8220;INDEC&#8221;) on June 29, 2016, which forms the basis for the real GDP&nbsp;calculation for every year after 2004, and recent data published by the INDEC in 2019, for the year ended December 31, 2018, Argentina&#8217;s real GDP decreased by 2.5% compared to the same period in 2017. Argentina&#8217;s performance has depended to a significant extent on high commodity prices which, despite having favorable long-term trends, are volatile in the short-term and beyond the control of the Argentine Government and the private sector;</FONT></P></TD></TR></TABLE></DIV>

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   <P style="TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">continued increases in public expenditures have resulted and could continue to result in fiscal deficit and affect economic growth;</FONT></P></TD></TR></TABLE>&nbsp;<BR>

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   <P style="TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">inflation remains high and may continue at those levels in the future; </FONT></P></TD></TR></TABLE><FONT size=2 face=Symbol>&nbsp;<BR></FONT>

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   <P style="TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">investment as a percentage of GDP remains low to sustain the growth rate of the past decade;</FONT></P></TD></TR></TABLE><FONT size=2 face=Symbol><BR></FONT>

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   <P style="TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">several protests or strikes took place during 2018, which adversely affects the stability of the political, social and economic environment and may negatively impact the global financial market&#8217;s confidence in the Argentine economy. We cannot guarantee that these kinds of events will not occur in the future;</FONT></P></TD></TR></TABLE>

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   <P style="TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">energy or natural gas supply may not be sufficient to supply increased industrial activity (thereby limiting industrial development) and consumption;</FONT></P></TD></TR></TABLE><FONT size=2 face=Symbol><BR></FONT>

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   <P style="TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">unemployment and informal employment remain high; and</FONT></P></TD></TR></TABLE>

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   <P style="TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new (w1)">the Argentine Government&#8217;s economic expectations may not be met and the process of restoring the confidence in the Argentine economy may take longer than anticipated.</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new (w1)"></FONT>&nbsp;</P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">As in the recent past, Argentina&#8217;s economy may be adversely affected if political and social pressures inhibit the implementation by the Argentine Government of policies designed to control inflation, generate growth and enhance consumer and investor confidence, or if policies implemented by the Argentine Government that are designed to achieve these goals are not successful. These events could materially adversely affect our financial condition and results of operations, or cause the market value of our ADSs and our Class B common shares to decline.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">In 2018, the Peso experienced a rapid devaluation against major foreign currencies, particularly against the U.S. dollar. According to the exchange rate information published by the Banco de la Naci&#243;n Argentina, the Peso devaluated by 102.2% against the U.S. dollar during the year ended December 31, 2018 (compared to 17.4% and 21.9% in the years ended December 31, 2017 and 2016, respectively). As a result of the Peso&#8217;s increased volatility, the Argentine Government announced several measures to restore market confidence and stabilize its value. Measures implemented by the Central Bank </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">of the Republic of Argentina (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Banco Central de la Rep&#250;blica Argentina,</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> the &#8220;Central Bank&#8221; or &#8220;BCRA&#8221;)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)"> include, among others, an increase of short term interest rates and selling foreign currency reserves. The Argentine Government in turn announced that it would accelerate the proposed reduction of the fiscal deficit. Further, on May 8, 2018, the current administration announced that the Argentine Government would initiate negotiations with the International Monetary Fund (the &#8220;IMF&#8221;) with a view to entering into a stand-by credit facility that would give Argentina access to financing by the IMF. On June 20, 2018, the executive board of the IMF approved the terms of the stand-by arrangement (the &#8220;SBA&#8221;), consisting of a stand-by credit facility for U.S.$50.0 billion, subject to adjustments and compliance with certain political and fiscal performance guidelines by the Argentine Government. On October 26, 2018, a first revision of the SBA concluded with the enlargement of the arrangement for U.S.$5.7 billion. We cannot predict whether the Argentine Government will be able to comply with all terms of the SBA. The ability of the Argentine Government to stabilize the foreign exchange market, restore economic growth and meet the terms of the SBA, is subject to uncertainty. The continued depreciation of the Peso and the failure to meet the terms of the SBA could have a material adverse effect on Argentina&#8217;s economy and, consequently, our cash flows, financial condition and results of operations.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Since October 2018, the Central Bank established an exchange rate band. The band in which the Central Bank would not intervene was initially defined between Ps.34 to U.S.$1.00 to Ps.44 to U.S.$1.00, which is adjusted upwards on a monthly basis. The Central Bank allows the free floating of the currency within this band. These measures implemented by the Central Bank have been complemented with, among others, an increase of short term interest rates and a strict control of the money supply. The intention of the Central Bank is to avoid excessive fluctuations of the exchange rate. The success of these measures is subject to uncertainty and the continued depreciation of the Peso could have a material adverse effect on our financial condition and results of operations.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">We cannot assure you that a decline in economic growth, an increase in economic instability or the expansion of economic policies and measures taken or that may be adopted in the future by the Argentine Government to control inflation or address other macroeconomic developments that affect private sector entities such as us, all developments over which we have no control, would not have an adverse effect on our business, financial condition or results of operations or would not have a negative impact on the market value of our ADSs and Class B common shares.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">The impact of the next congressional and presidential elections on the future economic and political environment of Argentina remains uncertain, but likely to be material</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Since taking office on December 10, 2015, the Macri administration has announced and implemented several significant economic and policy reforms, such as: (i) declaration of a state of emergency for the electricity system and reforms thereto; (ii) reforms affecting the transport and distribution of natural gas ; (iii) reforms concerning the INDEC; (iv) reforms affecting foreign exchange; (v) reforms affecting foreign trade; (vi) the modification of Argentina&#8217;s debt policy; (vii) the correction of </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">monetary imbalances; (viii) the enactment of the Corporate Criminal Liability Law (as defined below); (ix) reform of Argentina&#8217;s capital markets; (x) reform of the pension framework; (xi) the extension of a tax on financial transactions; (xii) tax reform (the &#8220;Tax Reform&#8221;); and (xiii) the implementation of a fiscal consensus (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Pacto Fiscal</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">). As of the date of this annual report, the final impact that the aforementioned measures and any future measures to be taken by the current administration will have on the Argentine economy as a whole, and our business in particular, cannot be fully anticipated. </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">In this order, the measures announced by the National Government during the firsts days of April 2019, stablish that there will be no more rate increases for the rest of the year. The increases that has already been authorized by the Resolution 366/18 for Resident Clients on the periods of May and August, will be absorbed by the National State. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Further, the next presidential and congressional elections in Argentina will be held in October 2019, and their impact on the future economic and political environment is uncertain, but is likely to be material. No assurances can be made as to the policies that may be implemented by a new Argentine administration, or that political developments in Argentina will not adversely affect the Argentine economy and our business, financial condition and results of operations. In addition, we cannot assure you that future economic, regulatory, social and political developments in Argentina will not impair our business, financial condition, or results of operations, or cause the market value of our ADSs and Class B common shares to decline. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">If the high levels of inflation continue, the Argentine economy and our results of operations could be adversely affected</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Historically, inflation has materially undermined the Argentine economy and the Argentine Government&#8217;s ability to create conditions that allow growth. In recent years, Argentina has confronted inflationary pressures, evidenced by significantly higher fuel, energy and food prices, among other factors. From 2011 to date, Argentina experienced increases in inflation as measured by the Wholesale Price Index (the &#8220;WPI&#8221;) that reflected the continued growth in the levels of private consumption and economic activity (including exports and public and private sector investment), which applied an upward pressure on the demand for goods and services, evidenced by significantly higher fuel, energy and food prices, among others. The INDEC resumed publication of the WPI for full year since 2016. The Argentine WPI increased by 18.8% in 2017, and 73.5% in 2018 on a year-over-year comparison. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">According to data published by the INDEC, CPI rates for July, August, September, October, November and December 2018, and January, February and March 2019 were 3.1%, 3.9%, 6.5%, 5.4%, 3.2%, 2.6%, 2.9%, 3.8% and 4.7% respectively. See </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&#8220;&#8212;The credibility of several Argentine economic indexes was called into question, which may lead to a lack of confidence in the Argentine economy and, in turn, limit our ability to access credit and the capital markets</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&#8221; below. The previous administration has implemented programs to control inflation and monitor prices for essential goods and services, including the freezing of prices of supermarket products, and through price support arrangements with private sector companies in several industries and markets. The Argentine Government&#8217;s adjustments to electricity and gas tariffs, as well as the increase in the price of gasoline have affected prices, creating additional inflationary pressure. Recently, the Macri administration announced the implementation of new price control agreements for different basic goods.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">A high inflation rate affects Argentina&#8217;s foreign competitiveness by diluting the effects of the Peso devaluation, negatively impacting employment and the level of economic activity and undermining confidence in Argentina&#8217;s banking system, which may further limit the availability of domestic and international credit to businesses. In turn, a portion of the Argentine debt continues to be adjusted by the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Coeficiente de Estabilizaci&#243;n de Referencia</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> (Stabilization Coefficient, or &#8220;CER&#8221;), a currency index, that is strongly related to inflation. Therefore, any significant increase in inflation would cause an increase in the Argentine external debt and consequently in Argentina&#8217;s financial obligations, which could exacerbate the stress on the Argentine economy. The efforts undertaken by the current administration to reduce inflation have not achieved the desired results. A continuing inflationary environment could undermine our results of operations, adversely affect our ability to finance the working capital needs of our businesses on favorable terms, and it could adversely affect our results of operations and cause the market value of our ADSs&nbsp; and our common shares to decline. </FONT></P>

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<P style="MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">As of July 1, 2018, the Argentine Peso qualifies as a currency of a hyperinflationary economy and we are required to restate our historical financial statements in terms of the measuring unit current at the end of the reporting year, which could adversely affect our results of operation and financial condition</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">As of July 1, 2018, the Peso qualifies as a currency of a hyperinflationary economy and we are required to restate our historical financial statements by applying inflationary adjustments to our financial statements, which could adversely affect our results of operation and financial condition.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Pursuant to IAS 29 &#8220;Financial Reporting in Hyperinflationary Economies&#8221;, the financial statements of entities whose functional currency is that of a hyperinflationary economy must be restated for the effects of changes in a suitable general price index. IAS 29 does not prescribe when hyperinflation arises, but includes several characteristics of hyperinflation. The IASB does not identify specific hyperinflationary jurisdictions. However, in June 2018, the International Practices Task Force of the Centre for Quality (&#8220;IPTF&#8221;), which monitors &#8220;highly inflationary countries&#8221;, categorized Argentina as a country with projected three-year cumulative inflation rate greater than 100%. Additionally, some of the other qualitative factors of IAS 29 were present, providing prima facie evidence that the Argentine economy is hyperinflationary for the purposes of IAS 29. Therefore, Argentine companies using IFRS are required to apply IAS 29 to their financial statements for periods ending on and after July 1, 2018. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Adjustments to reflect inflation, including tax indexation, such as those required by IAS 29, were prohibited by Law No. 23,928. Additionally, Decree No. 664/03, issued by the Argentine Government (&#8220;Decree 664&#8221;), instructed regulatory authorities, such as the Public Registries of Commerce, the Superintendence of Corporations of the City of Buenos Aires and the Argentine Securities Commission (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Comisi&#243;n Nacional de Valores</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)"> or&nbsp; &#8220;CNV&#8221;), to accept only financial statements that comply with the prohibitions set forth by Law No. 23,928. However, on December 4, 2018, Law No. 27,468 (&#8220;Law 27,468&#8221;) abrogated Decree 664 and amended Law No. 23,928 indicating that the prohibition of indexation no longer applies to the financial statements. Some regulatory authorities, such as the CNV and the IGJ, have required that financial statements for periods ended on and after December 31, 2018 that are to be submitted to them should be restated for inflation following the guidelines in IAS 29. However, for purposes of &nbsp;determination of the indexation for tax purposes, Law No. 27,468 substituted the WPI for the CPI, and modified the standards for triggering the tax indexation procedure.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">During the first three years as from January 1, 2018, the tax indexation will be applicable if the variation of the CPI exceeds 55% in 2018, 30% in 2019 and 15% in 2020. The tax indexation determined during any such year will be allocated as follows: 1/3 in that same year, and the remaining 2/3 in equal parts in the following two years. From January 1, 2021, the tax indexation procedure will be triggered under similar standards as those set forth by IAS 29. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">We cannot predict the future impact that the eventual application of tax indexation and related inflation adjustments described above will have on our financial statements or their effects on our business, results of operations and financial condition.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">The credibility of several Argentine economic indexes was called into question, which may lead to a lack of confidence in the Argentine economy and, in turn, limit our ability to access credit and the capital markets</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Prior to 2015, the credibility of the CPI, as well as other indices published by the INDEC were called into question. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">The Fern&#225;ndez de Kirchner administration implemented a new price index on February 13, 2014. Such new price index represented the first national indicator to measure changes in prices of final consumption by households. Unlike the previous price index, which only measured inflation in the urban sprawl of the City of Buenos Aires, the new price index was calculated by measuring prices of goods across the entire urban population of the 24 provinces of Argentina. Although this methodology brought inflation statistics closer to those estimated by private sources, material differences between official inflation data and private estimates remained during 2015. In November 2015, the INDEC suspended the publication of the CPI and the WPI. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">On January 8, 2016, based on its determination that the INDEC had failed to produce reliable statistical information, particularly with respect to CPI, GDP, inflation and foreign trade data, as well as with poverty and unemployment rates, the Macri administration declared a state of administrative </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">emergency for the national statistical system and the INDEC. The INDEC suspended the publication of certain statistical data until a reorganization of its technical and administrative structure to recover its ability to produce reliable statistical information was finalized in June 2016. During the suspension period, the INDEC published CPI figures published by the City of Buenos Aires and the Province of San Luis for reference as an estimated benchmark for national inflation. In June 2016, the INDEC resumed publishing an official inflation rate using a new methodology for calculating the CPI.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">On September 22, 2016, the INDEC resumed publication of its essential goods and services basket assessment. On July 11, 2017, the INDEC began publishing a national CPI (the &#8220;National CPI&#8221;). The National CPI is based on a survey conducted by INDEC and several provincial statistical offices in 39 urban areas including each of Argentina&#8217;s provinces. The official CPI inflation rate for the year ended December 31, 2018 was </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">47.6</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Any future required correction or restatement of the INDEC indexes could result in decreased confidence in Argentina&#8217;s economy, which, in turn, could have an adverse effect on our ability to access international capital markets to finance our operations and growth, and which could, in turn, adversely affect our results of operations and financial condition and cause the market value of our ADSs and Class B common shares to decline.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Argentina&#8217;s ability to obtain financing from international markets could be limited, which may impair its ability to implement reforms and foster economic growth and, consequently, affect our business, results of our operations and prospects growth </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Argentina&#8217;s history of defaults on its external debt and the protracted litigation with holdout creditors, summarized below, may reoccur in the future and prevent Argentine companies such as us from accessing the international capital markets readily or may result in higher costs and more onerous terms for such financing, and may therefore negatively affect our business, results of operations, financial condition, the value of our securities, and our ability to meet our financial obligations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Following the default on its external debt in 2001, Argentina sought to restructure its outstanding debt by offering holders of the defaulted bonds two opportunities to exchange them for newly issued debt securities, in 2005 and again in 2010. Holders of approximately 93% of Argentina&#8217;s defaulted debt participated in the exchanges. Nonetheless, a number of bondholders held out from the exchange offers and pursued legal actions against Argentina in the courts of the United States and several other jurisdictions. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">After almost 15 years of litigation, and following the beginning of Macri Administration, in February 2016 Argentina negotiated and reached settlement agreements with a significant portion of its holdout creditors. As required by the settlement, on March 31, 2016, the Argentine Congress voted to repeal Laws No. 26,017 (known as &#8220;Ley Cerrojo&#8221;) and 26,984 (known as &#8220;Ley de Pago Soberano&#8221;), which prohibited Argentina from offering to the holdouts better conditions than those offered in the debt swaps of 2005 and 2010. On April 13, 2016, Argentina announced that it would proceed with a new bond offering of up to U.S.$12.5 billion to repay the holdouts. After issuing U.S.$16.5 billion of new bonds to international investors, on April 22, 2016 Argentina notified the competent U.S. court that it had made full payment under the settlement agreements with the holdout creditors. Although the size of the claims involved has decreased significantly, litigation initiated by bondholders that have not accepted Argentina&#8217;s settlement offer continues in several jurisdictions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">However, even though Argentina has accessed the international capital markets since the settlement, there continues to be a risk that the country will not attract the foreign direct investment and financing needed to restart the investment cycle and achieve sustainable rates of economic growth. If that risk occurs, Argentina&#8217;s fiscal condition could be adversely affected, which could lead to more inflation and undermine the Argentine Government&#8217;s ability to implement economic policies designed to promote growth. The difficulty of sustaining over time economic growth with reasonable price stability could result in a renewed episode of economic instability. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Further, on May 8, 2018, the current administration announced that the Argentine Government would initiate negotiations with the IMF with a view to entering into a stand-by credit facility that would give Argentina access to financing by the IMF. These negotiations were culminated with the execution of a stand-by agreement that was approved by the IMF Board on June 20, 2018 and a first revision under the </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">mentioned stand-by arrangement that was approved by the IMF Board on October 26, 2018, which included the enlargement of the arrangement for U.S.$5.7 billion.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">In addition, the foreign shareholders of several Argentine companies,&nbsp; together with public utilities and certain bondholders that did not participate in the exchange offers described above, filed claims with the International Centre for Settlement of Investment Disputes (&#8220;ICSID&#8221;) alleging that the emergency measures adopted by the Argentine Government in 2002 do not meet the just and equal treatment requirements of several bilateral investment treaties to which Argentina is a party. Several of these claims have been resolved against Argentina.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Past situations, such as the lawsuits with creditors that did not accept to the debt exchange, the claims before the ICSID, and the economic policy measures adopted by the Argentine Government or any future default of Argentina regarding its financial obligations may harm Argentine companies&#8217; ability to obtain financing. Further, the financial conditions of such access could be disadvantageous to Argentine companies and, therefore, may adversely affect our business, results of operations, financial condition, the value of our securities, and our ability to meet our financial obligations. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Fluctuations in the value of the Argentine Peso could adversely affect the Argentine economy and could in turn adversely affect our results of operations</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">After several years of moderate variations in the nominal exchange rate, the Peso lost more than 50% of its value with respect to the U.S. dollar in 2015 and approximately 22% in 2016 and 21.9% in 2017. In 2018, the depreciation of the Peso with respect to the U.S. Dollar reached approximately 102.2%. We are unable to predict the future value of the Peso against the U.S. Dollar. If the Peso devaluates further, the negative effects on the Argentine economy could have adverse consequences on our business, our results of operations and the market value of our ADSs, including as measured in U.S. Dollars.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">From time to time, the Central Bank may intervene in the foreign exchange market in order to maintain the currency exchange rate. Additional volatility, appreciation or depreciation of the Peso against the U.S. dollar or reduction of the Central Bank&#8217;s reserves as a result of currency intervention could adversely affect the Argentine economy and our ability to service our debt obligations and could affect the value of&nbsp; our ADSs and Class B common shares.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">On the other hand, a significant appreciation of the Peso against the U.S. Dollar also presents risks for the Argentine economy, including the possibility of a reduction in exports (as a consequence of the loss of external competitiveness). Any such increase could also have a negative effect on economic growth and employment, reduce the Argentine public sector&#8217;s revenues from tax collection in real terms, and have a material adverse effect on our business, our results of operations and the market value of our ADSs, as a result of the overall effects of the weakening of the Argentine economy. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Fluctuations in the value of the Peso may also adversely affect the Argentine economy, our financial condition and results of operations. The Peso has been subject to significant devaluation against the U.S. dollar in the past and may be subject to further fluctuation in the future. A depreciation of the Peso against major foreign currencies may also have an adverse impact on our capital expenditure program and increase the Peso amount of our trade liabilities and financial debt denominated in foreign currencies.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=red face="times new (w1)"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">The devaluation of the Peso may have a negative impact on the ability of certain Argentine businesses to service their foreign currency-denominated debt, lead to high inflation, significantly reduce real wages, jeopardize the stability of businesses whose success depends on domestic market demand, including public utilities, and the financial industry and adversely affect the Argentine Government&#8217;s ability to honor its foreign debt obligations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Intervention by the Argentine Government may adversely affect the Argentine economy and, as a result, our business and results of operations</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">In the recent past, the Fern&#225;ndez de Kirchner administration increased its direct intervention in the economy, including through the implementation of expropriation and nationalization measures, price controls and exchange controls.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Notwithstanding the measures adopted by the Macri administration and its planned liberalization of the economy, we cannot assure you that measures that may be adopted by the current or any future </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Argentine Government, such as expropriation, nationalization, forced renegotiation or modification of existing contracts, new taxation policies, changes in laws, regulations and policies affecting foreign trade and investments will not have a material adverse effect on the Argentine economy and, as a consequence, adversely affect our financial condition, our results of operations or cause the market value of our ADSs and Class B common shares to decline.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">The implementation in the future of new exchange controls and restrictions on capital inflows and outflows could limit the availability of international credit and could threaten the financial system, adversely affecting the Argentine economy and, as a result, our business</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Starting in December 2001, the Argentine Government imposed a number of monetary and foreign exchange control measures in an attempt to prevent capital flight and a further depreciation of the Peso. These measures included restrictions on the free disposition of funds deposited with banks, the exchange of Argentine currency into foreign currencies and the transfer of funds abroad without prior approval by the Central Bank were implemented in circumstances where a serious imbalance developed in Argentina&#8217;s balance of payments. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Although several of such exchange controls and transfer restrictions were subsequently suspended or terminated, in June 2015 the Argentine Government issued a decree that established new controls on capital flows, which resulted in a decrease in the availability of international credit for Argentine companies. Through a combination of foreign exchange and tax regulations from 2011 until President Macri assumed office in December 2015, the Fern&#225;ndez de Kirchner administration significantly curtailed access to the foreign exchange market by individuals and private-sector entities. In response, an unofficial U.S. Dollar trading market was developed in which the Peso-U.S. Dollar exchange rate in such market differed substantially from the official Peso-U.S. Dollar exchange rate. See &#8220;Item 10&#8212;Exchange Controls.&#8221; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">As of the date of this annual report, the Macri administration has eliminated all foreign exchange restrictions that were implemented by the Fern&#225;ndez de Kirchner administration. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Notwithstanding the measures adopted by the Macri administration, in the future the Central Bank and Argentine Government could re-introduce exchange controls, impose restrictions on transfers abroad, restrictions on the movement of capital or take other measures in response to capital flight or a significant depreciation of the Argentine Peso, which could limit our ability to access the international capital markets. Such measures could lead to political and social tensions and undermine the Argentine Government&#8217;s public finances, as has occurred in the past, which could have an adverse effect on economic activity in Argentina and, consequently, adversely affect our business and results of operations and cause the market value of our ADSs and Class B common shares to decline. As of the date of this annual report, however, the transfer of funds abroad to pay dividends is permitted to the extent such dividend payments are made in connection with audited financial statements approved by a shareholders&#8217; meeting of the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">The Argentine economy remains vulnerable to external shocks that could be caused by significant economic difficulties of Argentina&#8217;s major regional trading partners, particularly Brazil, or by more general &#8220;contagion&#8221; effects. Such external shocks and &#8220;contagion&#8221; effects could have a material adverse effect on Argentina&#8217;s economic growth, and consequently, our results of operations and financial condition</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Weak, flat or negative economic growth of any of Argentina&#8217;s major trading partners such as Brazil could adversely affect Argentina&#8217;s economic growth. Argentina&#8217;s economy is vulnerable to external shocks. For example, economic slowdowns, especially in Argentina&#8217;s major trading partners, led to declines in Argentine exports in the last few years. Specifically, fluctuations in the price of the commodities sold by Argentina and a significant revaluation of the Peso against the U.S. dollar could harm Argentina&#8217;s competitiveness and affect its exports. In addition, international investors&#8217; reactions to events occurring in one market sometimes demonstrate a &#8220;contagion&#8221; effect in which an entire region or class of investment is disfavored by international investors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">The economy of Brazil, Argentina&#8217;s largest export market and the principal source of imports to Argentina, has experienced heightened negative pressure due to the uncertainties stemming from the ongoing political crisis and extensive corruption investigations. The Brazilian economy contracted by 3.6% during 2016. Although the Brazilian economy slightly expanded by 1% in 2017 and </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">1.1% </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">in 2018, a </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">deterioration of economic conditions in Brazil may reduce demand for Argentine exports and increase demand for Brazilian imports. In October 2018, Jair Bolsonaro was elected president of Brazil. As a result, political uncertainty has increased in Brazil, in relation to future actions that may be taken by the president, which might include substantial economic reforms and changes in Brazil&#8217;s foreign policy, as was proposed during Jair Bolsonaro&#8217;s campaign. A further deterioration of economic conditions in Brazil could reduce the demand for Argentine exports and increase demand for Brazilian imports. There is a possibility that continued uncertainty with respect to Brazil&#8217;s economic and political conditions or the occurrence of an economic and political crisis in Brazil might result in an impact on the Argentine economy, and in turn, have a material adverse effect on our business, financial condition and result of operations.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Financial and securities markets in Argentina are also influenced by economic and market conditions in other markets worldwide. U.S. monetary policy has significant effects on capital inflows and asset price movements in emerging market economies. Increases in U.S. interest rates result in the appreciation of the U.S. dollar and decreases in prices for raw materials, which can adversely affect commodity-dependent emerging economies.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Additionally, a slowing of China&#8217;s GDP growth has led to a reduction in exports to China, which in turn has caused oversupply and price declines in certain commodities. Decreases in exports may have a material adverse effect on Argentina&#8217;s public finances due, among others, to a loss of tax on exports, and cause an imbalance in the country&#8217;s exchange market. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">On June 23, 2016, the United Kingdom voted in favor of exiting the European Union. As of the date of this annual report, the actions that the United Kingdom will take to effectively exit from the European Union or the length of such process are uncertain. The results of the United Kingdom&#8217;s referendum and the initiation of the Brexit process have caused, and are anticipated to continue to cause, volatility in the financial markets, which may in turn have a material adverse effect on our business, financial condition and results of operations. The United Kingdom was due to leave the EU on March 29, 2019 at 11 pm UK time. However, the period for negotiating a Withdrawal Agreement was extended. Brexit could lead to additional political, legal and economic instability in the European Union and produce a negative impact on the commercial exchange of Argentina with that region.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">On November 8, 2016, Donald J. Trump was elected President of the United States and he assumed office in January 2017. The results of the presidential election have created significant uncertainty about the future relationship between the United States and other countries, including with respect to the trade policies, treaties, government regulations and tariffs that could apply to trade between the United States and other nations. Even though President Trump's protectionist measures are not, for the time being, aimed at Argentina, we cannot predict how they will evolve, nor can we predict the effect that the same or any other measure taken by the Trump administration could cause on global economic conditions and the stability of global financial markets. Furthermore, the ongoing trade tensions between United States and China due to tariffs placed on goods traded between them, may have a potential impact in trade-dependent countries such as Argentina.</FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">On October 27, 2017, the regional government of Catalonia declared independence from Spain. In response to this declaration, the Spanish national government rejected the declaration and intervened dissolving the regional parliament and convening new elections to elect new regional authorities. These conflicts in the European Union in general, and in Spain in particular, may have political, regulatory and economic implications on the international markets.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">During August 2018, an increase in inflation and a sustained deficit in current accounts, as well as the protectionist measures taken by the United States which included the doubling of the tariffs on steel and aluminum from Turkey, caused a collapse of the Turkish lira against the Dollar. Such collapse triggered a wave of sales of assets from emerging markets and the significant drop in the value of shares from emerging markets, generating a contagion effect in international markets and several stock exchanges in the world, including Argentina.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Although economic conditions vary from country to country, investors&#8217; perceptions of events occurring in other countries have in the past substantially affected, and may continue to substantially affect, capital flows into and investments in securities from issuers in other countries, including Argentina. International investors&#8217; reactions to events occurring in one market sometimes demonstrate a &#8220;contagion&#8221; effect in which an entire region or class of investment is disfavored by international </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">investors. Argentina could be adversely affected by negative economic or financial developments in other countries, which in turn may have an adverse effect on our financial condition and results of operations. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Argentina could be adversely affected by negative economic or financial developments in other emerging and developed countries, which in turn may have material adverse effect on the Argentine economy and, indirectly, on our business, financial condition and results of operations, and the market value of our ADSs and Class B common shares.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">The application of certain laws and regulations could adversely affect our results of operations and financial condition</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Law No. 26,854, which regulates the procedure applicable to injunctions that are requested against or by the Argentine Government or any of its decentralized entities, was promulgated on April&nbsp;30, 2013 as part of a judicial reform bill approved by the Argentine Congress. The principal changes implemented pursuant to Law No. 26,854 include: (i) prior to issuing a ruling on injunctions requested against the Argentine Government or decentralized entities, judges must request a report on the relevant matters from the competent administrative agency (the "Preliminary Report"), within five days in ordinary proceedings and three days in abbreviated proceedings and in amparo actions. Also, judges are authorized to request an opinion on the matter from the relevant representative of the General Prosecuting Office, (ii) judges are permitted to order interim measures before ruling on the injunction request, in the event that "exceptional circumstances, objectively insurmountable" are present. Such interim measures are effective until the competent administrative authority has produced the Preliminary Report or until the term for producing such report has expired, and (iii) injunctions that are ordered against the Argentine Government or its decentralized entities must have a "reasonable term of effectiveness" (a maximum term of six months if the injunction is granted within the framework of an ordinary judicial procedure or three months if it is an abbreviated proceeding or an amparo action). In addition, Law No.&nbsp;26,855, which became effective on May&nbsp;27, 2013, modified the structure and functions of the Argentine Consejo de la Magistratura (judicial council), which has the authority to appoint judges, present charges against them and suspend or remove them. As of the date of this annual report, several aspects of this legislation have been struck down as unconstitutional by the Argentine Supreme Court.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=red face="times new (w1)"> </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">On August 7, 2014, Law No. 26,944 on State Responsibility was enacted to regulate the liability of the Argentine Government and public officers, including state liability for unlawful and lawful actions Such law governs the responsibility of the Argentine Government regarding the damages that its activity or inactivity may cause to individuals&#8217; properties or rights. Additionally, Law No. 26,944 establishes that the Argentine Government&#8217;s responsibility is objective and direct, that the provisions of the civil and commercial codes are not applicable to the actions of the Argentine Government in a direct or subsidiary manner and that no dissuasive financial penalties may be imposed on the Argentine Government, its agents or officers. Additionally, Law No. 26,944 provides that the Argentine Government shall not be liable for the damages caused by public services concessionaires.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">On September 18, 2014, the Argentine Congress enacted Law No. 26,991 amending Law No. 20,680 (the &#8220;Supply Law&#8221;), which became effective on September 28, 2014, to increase control over the supply of goods and provision of services. The Supply Law applies to all economic processes linked to goods, facilities and services which, either directly or indirectly, satisfy basic consumer needs (&#8220;Basic Needs Goods&#8221;) and grants a broad range of powers to its enforcing agency. It also grants the enforcing agency the power to order the sale, production, distribution or delivery of Basic Needs Goods throughout Argentina in case of a shortage of supply. The Supply Law includes the ability of the Argentine Government to regulate consumer rights under Article 42 of the Constitution and permits the creation of an authority to maintain the prices of goods and services (the &#8220;Observer of Prices of Goods and Services&#8221;). The Supply Law, as amended: (i) requires the continued production of goods to meet basic requirements; (ii) creates an obligation to publish prices of goods and services produced and borrowed; (iii) allows financial information to be requested and seized; and (iv) increases fines for legal entities and individuals. Additionally, on September 18, 2014 the Argentine Congress enacted Law No. 26,993, amending, among other laws, Law No. 25,156, which provides (i) the creation of a preliminary system where consumers may request a settlement of their complaints with companies, (ii) the incorporation of a new branch within the Judicial Power, namely the &#8220;National Courts on Consumer Relations&#8221; and (iii) the amendment of Law No. 24,240 (the &#8220;Consumer Defense Law&#8221;). Such reforms and creation of the Observer of Prices of Goods and Services could adversely affect our operations. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">On October 1, 2014, the Argentine Congress approved the reform, update and unification of the National Civil and Commercial codes. A single new National Civil and Commercial Code became effective on August 1, 2015. In addition, more recently the Argentine Congress has passed certain laws such as those reforming the pension system and establishing corporate criminal liability for certain corrupt practices and a tax law reform (see &#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">The impact of congressional and presidential elections on the future economic and political environment of Argentina remains uncertain, but likely to be material</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">The implementation of the aforementioned legislation had modified Argentina&#8217;s legal system. Future changes in applicable laws and regulations (including as a result of a change in government administration), administrative or judicial proceedings, including potential future claims by us against the Argentine Government, cannot be predicted and we cannot assure you that such changes will not adversely affect our business, financial condition and results of operations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Current investigations being conducted on corruption in Argentina could have an adverse impact on the development of the Argentine economy and on investor confidence</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">As of the date of this annual report, several Argentine businessmen, mainly related to the public works, and former government officials of the former Fern&#225;ndez de Kirchner administration are being investigated for inappropriate gifts and unlawful association. On September 17, 2018, prosecution for unlawful association began against the former president of Argentina, Cristina Fern&#225;ndez de Kirchner, and several businessmen and the Argentine court with jurisdiction over the process ordered an attachment on some of their assets worth Ps. 4 billion.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Depending on the results of such investigations and the time it takes to complete them, the companies involved could face, among other consequences, a decrease in their credit rating, claims from their investors, as well as restrictions on financing through capital markets. These adverse effects could hinder the ability of these companies to meet their financial obligations on time. In relation to the above, the lack of future financing for these companies could affect the realization of the projects or works that are currently in execution.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Likewise, the effects of these investigations or any future investigation could affect the levels of investment in infrastructure in Argentina, as well as the continuation, development and completion of public works projects and public-private participation (PPP) projects, which could ultimately lead to lower growth of the Argentine economy.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">We cannot estimate the impact that these investigations could have on the Argentine economy. Similarly, the duration of the corruption investigations cannot be predicted, nor can it be determined what other companies might be involved or how far-reaching the effects of these investigations might be, particularly in the energy sector, or if there will be any other future investigations in this or other industry, which may negatively impact the Argentine economy. In turn, the decrease in investor confidence resulting from any of these, among other issues, could have a significant adverse effect on the growth of the Argentine economy, which could, in turn, harm our business, our financial condition and the results of our operations, and affect the trading price of our Class B common shares and ADSs.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Any downgrade in the credit rating or rating outlook of Argentina could adversely affect both the rating and the market price of our ADS and our Class B common shares</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Argentina&#8217;s long-term debt denominated in foreign currency is currently rated &#8220;B2&#8221; by Moody&#8217;s, &#8220;B&#8221; by S&amp;P and &#8220;B&#8221; by Fitch. Although Moody&#8217;s currently maintains a stable outlook, on November 7, 2018, Fitch revised its outlook of Argentina&#8217;s long-term and short-term sovereign credit rating from stable to negative, primarily as a result of the sharply weaker economic activity and uncertain prospects for multiyear fiscal consolidation and market financing availability as IMF funds are utilized, posing risks to sovereign debt sustainability. In addition, on November 13, 2018, S&amp;P downgraded Argentina&#8217;s long-term and short-term sovereign credit ratings from &#8220;B+&#8221; to &#8220;B,&#8221; primarily as a result of an erosion of the Argentine debt profile, the economic growth trajectory and the dynamics of inflation against the backdrop of the implementation of a challenging economic adjustment program. There can be no assurance that Argentina&#8217;s credit rating or rating outlook will not be downgraded in the future, which could have an adverse effect both on the rating and the market price of our ADS and Class B common shares.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Risks Relating to the Electricity Distribution Sector</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">The Argentine Government has intervened in the electricity sector in the past, and may continue intervening</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Historically, the Argentine Government has exerted a significant influence on the economy, including the energy sector, and companies such as us that operate in such sector have done so in a highly regulated context that aims mainly at guaranteeing the supply of domestic demand. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">To address the Argentine economic crisis in 2001 and 2002, the Argentine Government adopted the Public Emergency Law and other regulations, which made a number of material changes to the regulatory framework applicable to the electricity sector. These changes severely affected electricity generation, distribution and transmission companies and included the freezing of nominal distribution margins, the revocation of adjustment and inflation indexation mechanisms for tariffs, a limitation on the ability of electricity distribution companies to pass on to the user increases in costs due to regulatory charges and the introduction of a new price-setting mechanism in the wholesale electricity market (the &#8220;WEM&#8221;) which had a significant impact on electricity generators and generated substantial price differences within the market. From time to time, the Argentine Government intervened in this sector by, for example, granting temporary nominal margin increases, proposing a new social tariff regime for residents of poverty-stricken areas, removing discretionary subsidies, creating specific charges to raise funds that were transferred to government-managed trust funds that finance investments in generation and distribution infrastructure and mandating investments for the construction of new generation plants and the expansion of existing transmission and distribution networks. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">On December 17, 2015, the Argentine Government issued Decree No. 134/15 declaring the emergency of the national electricity sector which was in effect until December 31, 2017, and instructing the ME&amp;M to adopt any measure the ME&amp;M deemed necessary regarding the generation, transmission and distribution segments, to adjust the quality and guarantee the provision of electricity. The emergency declaration was not renewed.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">During 2017, the Argentine Government, through the relevant agencies enacted several resolutions to establish the penalties regime and adjust tariffs. On February 1, 2017, the RTI process was completed and a new tariff scheme for the following five year period was enacted. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Notwithstanding the recent measures adopted, we cannot assure you that certain other regulations or measures that may be adopted by the Argentine Government will not have a material adverse effect on our business and results of operations or on the market value of our shares and ADSs, or that the Argentine Government will not adopt emergency legislation similar to the Public Emergency Law or other similar regulations in the future that may increase our obligations, including increased taxes, unfavorable alterations to our tariff structures or remuneration scheme and other regulatory obligations, compliance with which would increase our costs and may have a direct negative impact on our results of operations and cause the market value of our ADSs and Class B common shares to decline. See &#8220;Item 4. Information on the Company&#8212;Our Business Overview&#8212;Edenor Concession.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">The Argentine Government signed an agreement with the Province of Buenos Aires and the City of Buenos Aires for the transfer of the public service of electricity distribution.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Pursuant to Law No. 27,467, which enacted the 2019 Federal Budget of Expenditures and Resources, the Executive Branch was instructed to promote the transfer of Edenor&#8217;s jurisdiction to the jurisdiction of the Province of Buenos Aires and the City of Buenos Aires as from January 1, 2019 and the creation of a new oversight body. On February 28, 2019, the Argentine Government, the Province of Buenos Aires and the City of Buenos Aires entered into an agreement for the transfer of the public service of electricity distribution duly awarded to Edenor under the Concession Agreement (as defined below) entered into by the Argentine Government (including the Concession Agreement), to the joint jurisdiction of the Province of Buenos Aires and the City of Buenos Aires. Pursuant to such agreement, the Province of Buenos Aires and the City of Buenos Aires will create a new entity in lieu of the ENRE, in charge of controlling and regulating the distribution service. It was also agreed that the Federal Government shall be the sole responsible for any and all debts and credits relating to the distribution service awarded to Edenor which cause is prior to February 28, 2019. As of the date of this annual report there are certain major issues related to such transfer still to be defined, including,&nbsp; among others, the continuation of the existing Concession Contract as is; whether the federal legal and regulatory framework shall continue to apply or not; and the solution of claims and debts between Edenor and the Federal Government resulting from the Contractual Transition Period ended on January 31, 2016. An </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">agreement addressing those matters is expected to be entered into between the Company and the Federal Government, the Province of Buenos Aires and the City of Buenos Aires within the next months. We cannot assure that such transfer or any action or omission from the transferees following the consummation of such transfer will not have an adverse effect on our business, financial condition or results of operations or would not have a negative impact on the market value of our ADSs and Class B common shares.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">&nbsp;There is uncertainty as to what other measures the Argentine Government may adopt in connection with tariffs on public services and their impact on the Argentine economy</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">As explained in other risk factors in this annual report, following the economic crisis of 2001-2002, the subsequent freeze on electricity rates in Pesos and the significant devaluation of the Argentine Peso against the U.S. Dollar, there was a lack of investment in the distribution capacities of electricity and, at the same time, demand for electricity increased substantially.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">In response, the Macri administration announced several measures, including the revision of subsidy policies, Decree No. 134/2015 of December 16, 2015, which placed the national electricity system in a state of emergency until December 31, 2017 and Decree No. 367/2016 of February 16, 2016, which instructed the ministries, including the ME&amp;M to continue the procedures related to the renegotiation of contracts related to the provision of public services and their RTI, among which are the distribution of electricity.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">On February 1, 2017, the RTI process was </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">completed. Through Resolution No. 63/17 (amended by ENRE Resolutions No. 82/17 and No. 92/17), the ENRE approved a rate of return for us of 12.46% before taxes. The resulting income was determined by applying the Net Replacement Value (&#8220;NRV&#8221;) methodology, over a slightly lower base capital than the one we had submitted in our proposal, reaching an amount of Ps.34 billion. The difference with our proposal was mainly explained by the fact that the ENRE excluded the fully depreciated assets from the regulatory net asset base. Moreover, the ENRE stated that our acknowledged remuneration as of December 2015 was Ps.12.5 billion, which adjusted to February 2017 reached to Ps.17.2 billion. The ENRE also established a non-automatic mechanism to adjust our tariffs, as it had done under the original Concession Agreement and the Adjustment Agreement (as defined below), &nbsp;in order to preserve the economic and financial sustainability of the concession in the event of price fluctuations in the economy. This mechanism has a biannual basis and includes a combined formula of wholesale and consumer price indexes (WPI, CPI and salaries increases) which trigger the adjustment of tariffs when the result is above 5%. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Edenor filed an administrative appeal (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">recurso de reconsideraci&#243;n</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">) against ENRE&#180;s Resolution No. 63/17. On October 25, 2017, the ENRE, through Resolution No. 524/17, rejected the appeal filed by Edenor. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">On January 31, 2018, the ENRE issued Resolution No. 33/18 which approved the new distribution cost for Edenor to be applied as from February 1, 2018 and the new tariff scheme.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Furthermore, such resolution approved the new CPD adjustments (last stage of 17% according to Resolution. No 63/17, including the inflation adjustment of 11.9% for the period July 2017-December 2017 and a stimulus factor &#8220;E&#8221; of negative 2.51%) and determined the deferred income to be recovered in 48 instalments for a total amount of Ps.6,343.4 million. Additionally, it reported that the price of the average tariff reached Ps.2.4627/ KWh.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp;Notwithstanding the measures adopted recently, there is uncertainty as to what measures the Argentine Government may adopt in connection with tariffs, whether tariffs will be updated from time to time to reflect an increase in operating costs, and their impact on the Argentine economy. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Electricity distributors were severely affected by the emergency measures adopted during the economic crisis, many of which remain in effect </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Distribution tariffs include a regulated margin that is intended to cover the costs of distribution and provide an adequate return over the distributor&#8217;s asset base. Under the Convertibility Regime, which established a fixed exchange rate of one Peso per U.S. Dollar, distribution tariffs were calculated in U.S. Dollars and distribution margins were adjusted periodically to reflect variations in U.S. inflation indexes. </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">However the Public Emergency Law, which came into effect in January 2002, froze all distribution margins, revoked all margin adjustments provisions in distribution concession agreements and converted distribution tariffs into Pesos at a rate of Ps.1.00 per U.S.$1.00. These measures, coupled with the effect of high inflation and the devaluation of the Peso, led to a decline in distribution revenues and an increase of distribution costs in real terms, which could no longer be recovered through adjustments to the distribution margin. This situation, in turn, led many public utility companies, including us and other important distribution companies, to suspend payments on their commercial debt (which continued to be denominated in U.S. Dollars despite the pesification of revenues), effectively preventing these companies from obtaining further financing in the domestic or international credit markets and making additional investments. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">In the past, the Argentine Government granted temporary and partial relief to some distribution companies, including limited increases in distribution margins, a temporary cost adjustment mechanism which was not fully implemented and the ability to apply certain additional charges to users. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New (W1)">Although as of the date of this annual report, the Argentine Government completed the process after RTI for distributors and the declaration of emergency expired and was not renewed. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">We cannot assure you that these recent measures will be sufficient to address the structural problems created for our Company by the economic crisis and in its aftermath. Our inability to cover the costs or to receive an adequate return on our asset base may further adversely affect our financial condition and results of operations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Electricity demand may be affected by tariff increases, which could lead distribution companies, such as us, to record lower revenues</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">From 2013 through 2018, electricity demand in Argentina increased by 6%, which in part reflects the relative low cost, in real terms, of electricity to users due to the freezing of distribution margins, the establishment of subsidies in the purchase price of energy and the elimination of the inflation adjustment provisions in distribution concessions, coupled with the devaluation of the Peso and inflation through 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">We cannot make any assurance that recent increases or any future increases in the cost of electricity will not have a material adverse effect on electricity demand or result in a decline in collections from users. In this respect, we cannot assure you that these measures or any future measure will not lead electricity companies, like us, to record lower revenues and results of operations, which may, in turn, have a material adverse effect on the market value of our ADSs. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New (W1)">If the demand for </FONT></I></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">energy is increased suddenly, the difficulty in increasing the capacity of distribution companies in a short or medium term, </FONT></I></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New (W1)">could adversely </FONT></I></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">affect the Company</FONT></I></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New (W1)">, which in turn could result in </FONT></I></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">customer complaints</FONT></I></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New (W1)"> and </FONT></I></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">substantial fines for any interruptions</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">In recent years, the increase in electricity demand was greater than the structural increase in electricity distribution capacities, which led to power shortages and disruptions, in certain occasions. A sustained increase in electricity demand could generate future shortages. In addition, the condition of the Argentine electricity market has provided little incentive to generators and distributors to further invest in increasing their generation and distribution capacity, respectively, which would require material long-term financial commitments. Although there were several investments in generation during 2017 and 2018, which would increase the installed capacity power in the coming years, the highest density of investments was concentrated in the Greater Buenos Aires area. It is still necessary to make several investments in the transmission and distribution system to guarantee the delivery of electricity to the user and reduce the frequency of interruptions. During December 2013, an increase in demand for electricity resulted in energy shortages and blackouts in Buenos Aires and other cities around Argentina. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Additionally, according to Argentine law, distribution companies, such as us, are responsible to their users for any disruption in the supply of electricity. Consequently, customers can direct their claims to the distribution companies. Also, distribution companies are subject to fines and penalties for service disruptions caused by energy shortages, unless the respective Argentine authorities determine that energy shortages constitute force majeure events. As a result, we could face user claims and fines and penalties </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">for service disruptions caused by energy shortages unless the relevant Argentine authorities determine that energy shortages constitute force majeure. Additionally, disruptions in the supply of electricity could expose us to intervention by the Argentine Government, which warned of such possibility during the blackouts of December 2013. &nbsp;We cannot assure that we will not experience a lack in the supply of energy or that such claims, fines, penalties or government intervention could have a materially adverse effect on our financial condition and results of operations, and cause the market value of our ADSs and Class B common shares to decline. </FONT></P>

<P style="MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT></I></B>&nbsp;</P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 9.35pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Risks Relating to Our Business </FONT></I></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 9.35pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We operate our business pursuant to our Concession Agreement granted by the Argentine Government, the revocation or termination of which would have a material adverse effect on our business.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">We conduct our business pursuant to our Concession Agreement granted by the Argentine Government. Such agreement contains several requirements regarding the operation of our business and compliance with laws and regulations. Compliance with our obligations under our Concession Agreement is, in certain cases, secured by a pledge of our shares in favor of the Argentine Government. Accordingly, upon the occurrence of specified events of default under our Concession Agreement, the Argentine Government would be entitled to foreclose on its pledge of our Class A common shares to a third party. Such sale would have a severe negative impact on our ability to operate a material portion of our business, and as a result, our results of operations would be materially adversely affected. Finally, our Concession Agreement also generally provides for termination in the case of our insolvency or bankruptcy. If our Concession Agreement is terminated or if the Argentine Government forecloses its pledge over Class A common&nbsp; shares, we may not be able to continue to operate as a going concern, and in turn our consolidated results of operations would be materially adversely affected </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">and the market value of our Class B common shares and ADSs could decline.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 9.35pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">If we are not able to effectively hedge our currency risk in full and a devaluation of the Argentine Peso occurs, our results of operations and financial condition could be materially adversely affected</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">Our revenues are mainly collected in Pesos, although the remuneration scheme (i) set forth by the Electric Energy Secretariat (&#8220;SEE&#8221;) Resolution No. 1/19 establishes U.S. Dollar denominated prices, but the &nbsp;payment is made in Pesos by applying the Central Bank&#8217;s exchange rate effective on the day before the expiration date, and (ii) for other contracts with </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New (W1)">Compa&#241;&#237;a Administradora del Mercado Mayorista El&#233;ctrico Sociedad An&#243;nima</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"> (&#8220;CAMMESA&#8221;) established U.S. Dollar -denominated prices but the payment is made in Pesos by applying the Central Bank&#8217;s exchange rate effective on the last business day of the month of the applicable transaction, adjusted through credit or debit notes, as appropriate, to consider the Central Bank&#8217;s exchange rate of the day before the expiration date, in accordance with CAMMESA&#8217;s procedures. As a result,</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New (W1)"> we are </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">exposed to an exchange rate risk between the collection date and the payment date (in the event of CAMMESA does not pay at the date) of U.S. Dollars-denominated financial indebtedness. In addition, a significant portion of our existing financial indebtedness is denominated in U.S. Dollars, which exposes us to the risk of loss from the devaluation of the Peso</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New (W1)">. During 2018, our hedging contracts did not cover all of our exposure to such depreciation. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">If we are not able to effectively hedge all or a significant portion of our currency risk exposure, a devaluation of the Peso, may significantly increase our debt service burden, which, in turn, may have a material adverse effect on our financial condition and results of operations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">Downgrades in our credit ratings could have negative effects on our funding costs and business operations</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">Credit ratings are assigned to the Company. The credit ratings are based on information furnished by us or obtained by the credit rating agencies from independent sources and are also influenced by the credit ratings of Argentine Government bonds and general views regarding the Argentine financial system as a whole. The credit ratings are subject to revision, suspension or withdrawal by the credit rating agencies at any time. A downgrade, suspension or withdrawal in our credit ratings could result in, among others, the following: (i) increased funding costs and other difficulties in raising funds; (ii) the need to provide additional collateral in connection with financial market transactions; and (iii) the termination or cancellation of existing agreements. As a result, our business, financial condition and results of operations could be materially and adversely affected. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our business is subject to risks arising from natural disasters, catastrophic accidents and terrorist attacks. Additionally, our businesses are subject to the risk of mechanical or electrical failures and any resulting unavailability may affect our ability to fulfill our contractual commitments and thus adversely affect our business and financial performance</FONT></I></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face="Times New Roman">The electric power distribution infrastructure that we rely on, may be damaged by flooding, fires, earthquakes and other catastrophic disasters arising from natural or accidental or intentional human causes. We could experience severe business disruptions, significant decreases in revenues based on lower demand arising from catastrophic events, or significant additional costs to us not otherwise covered </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face="Times New Roman">by business interruption insurance clauses. There may be an important time lag between a major accident, catastrophic event or terrorist attack and our definitive recovery from our insurance policies, which typically carry non-recoverable deductible amounts, and in any event are subject to caps per event. In addition, any of these events could cause adverse effects on the energy demand of some of our customers and of consumers generally in the affected market. Some of these considerations, could have a material adverse effect on our business, financial condition and our result of operations. </FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face="Times New Roman">Additionally, our assets are subject to the risk of mechanical or electrical failures and may experience periods of unavailability affecting our ability to fulfill our contractual commitments. Any unplanned unavailability of our assets may adversely affect our financial condition or results of operations and our ability&nbsp; to fulfill our contractual commitments, so we could be subject to fines and penalties.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Our operations could cause environmental risks and any change in environmental laws could increase our operating costs</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Some of our operations are subject to environmental risks that could arise unexpectedly and cause material adverse effects on our results of operations and financial condition. In addition, the occurrence of any of these risks could lead to personal injury, loss of life, environmental damage, repair and expenses, equipment damage and liability in civil and administrative proceedings. We cannot assure you that we will not incur additional costs related to environmental issues in the future, which could adversely affect our results of operations and financial condition. In addition, we cannot ensure that our insurance coverage is sufficient to cover the losses that could potentially arise from these environmental risks.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">In addition, we are subject to a broad range of environmental legislation, both in Argentina. Local, provincial and national authorities in Argentina may implement new environmental laws and regulations and may require us to incur higher costs to comply with new standards. The imposition of more stringent regulatory and permit requirements in relation to our operators in Argentina could significantly increase the costs of our activity.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">We cannot predict the general effects of the implementation of any new environmental laws and regulations on our financial condition and results of operations.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)"> </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Failure or delay to negotiate further improvements to our tariff structure, including increases in our distribution margin, and/or to have our tariffs adjusted to reflect increases in our distribution costs in a timely manner or at all, affected our capacity to perform our commercial obligations and could also have a material adverse effect on our ability to perform our financial obligations</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)"> </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Since the execution of the agreement entered into between us and the Argentine Government in February 2006 relating to the adjustment and renegotiation of the terms of our concession (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Acta Acuerdo sobre la Adecuaci&#243;n del Contrato de Concesi&#243;n del Servicio P&#250;blico de Distribuci&#243;n y Comercializaci&#243;n de Energ&#237;a El&#233;ctrica</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> or </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">the &#8220;Adjustment Agreement&#8221;) and as required by them, we were engaged in an RTI with the ENRE through February 1, 2017. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">The Adjustment Agreement contemplated a cost adjustment mechanism for the transitional period during which the RTI process was being conducted. This mechanism, known as the Cost Monitoring Mechanism (&#8220;CMM&#8221;), required the ENRE to review our actual distribution costs every six months (in May and November of each year) and adjust our distribution margins to reflect variations of 5% or more in our distribution cost base. We could also request that the ENRE apply the CMM at any time that the variation in our distribution cost base was at least 10% or more. Any adjustments, however, were subject to the ENRE&#8217;s assessment of variations in our costs, and the ENRE&#8217;s approval of adjustments were not sufficient to cover our actual incremental costs in a timely manner. During such time, even when the ENRE approved adjustments to our tariffs, there was a lag between the time when we actually experienced increases in our distribution costs and the time when we received increased income following the corresponding adjustments to our distribution margins pursuant to the CMM. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">As a result of the foregoing, during the years ended December 31, 2014, 2012 and 2011, we recorded negative operating results and net results, and thus our working capital and liquidity levels were negatively affected (even in 2013), primarily as a result of the delay in obtaining tariff increases to reflect increases in our distribution costs, coupled with a constant increase in operating costs to maintain </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">adequate service levels all of which affected our capacity to perform our commercial obligations. In this context and in light of the situation that affected the electricity sector, the ENRE issued Resolution No. 347/12 in November 2012, which established the application of fixed and variable charges that allowed the Company to obtain additional revenue as from November 2012 through 2016. However, changes made by Resolution No. 250/13 and Notes No. 6,852/13, No. 4,012/14, No. 486/14 and No. 1,136/14 of the SE and additional revenue obtained through Resolution No. 347/12 were insufficient to make up for our operating deficit in 2014, due to the constant increase in operating costs.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">In March 2015, Resolution No. 32/15 of the former SE granted us a temporary increase in income through funds provided by CAMMESA applicable retroactively as from February 1, 2015 through February 1, 2016, to cover costs and investments associated with the regular provision of the public service of distribution of energy on account of the RTI. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">In January 2016, the ME&amp;M issued Resolution No. 7/16, pursuant to which the ENRE implemented a VAD adjustment to the tariff schedule on account of the future RTI in effect as of February 1, 2016. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">In addition, such resolution: (i) abrogated the PUREE; (ii) repealed Resolution No. 32/15 as from the date the ENRE resolution implementing the new tariff schedule becomes effective; (iii) discontinued the application of mechanisms that imply the transfer of funds from CAMMESA in the form of loan agreements with CAMMESA; (iv) ordered the implementation of the actions required to terminate the trusts created pursuant to Resolution No. 347/12 of the ENRE and (v) prohibited the distribution of dividends in accordance with Section 7.04 of the Adjustment Agreement. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt; TEXT-INDENT: 35.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">However, pursuant to Resolution No. 7/16, the ENRE issued Resolution No. 1/16 establishing a new tariff structure, which remained in force (with certain suspensions as a result of injunctions, which are no longer in effect) until February 2017, when the RTI process was completed. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt; TEXT-INDENT: 35.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Prior to the completion of the RTI process, several regulatory mechanisms, programs or changes were implemented from time to time by the ENRE to adjust our tariffs to reflect increased costs. Any requested adjustments were usually subject to the ENRE&#8217;s assessment of variations in our costs, and not sufficient to cover our actual incremental costs in a timely manner.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt; TEXT-INDENT: 35.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">On April 1, 2016, the ENRE issued Resolution No. 55/16, which approved the program for the review of the distribution tariff scheme, establishing the criteria and methodologies for completing the RTI process. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt; TEXT-INDENT: 35.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">On September 5, 2016, pursuant to Resolution No. 55/16, we submitted our rate schedule proposal for the following five-year period. On October 28, 2016, a public hearing was held to provide information and listen to the public opinion on the RTI. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">The RTI was completed on February 1, 2017, on which date the ENRE issued Resolution No. 63/17, through which it approved a new tariff scheme that established our new distribution added value (VAD) for the following five-year period. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">For more information, see &#8220;Item 5&#8212;Operating and Financial Review and Prospects&#8212;Integral Tariff Revision&#8221;.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> On January 31, 2018, the ENRE issued Resolution No. 33/18 approving the new distribution cost for Edenor applicable as from February 1, 2018 and the new tariff scheme applicable to Edenor. On July 31, 2018, the ENRE issued Resolution No. 208/18, pursuant to which it approved, the CPD for January 2018 through June 2018 of which 7.93% was applied as of August 1, 2018, and 6.51% in six consecutive monthly installments as of February 1, 2019. The CPD amounted to 15.85%.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">However, if we are not able to recover all future cost increases and have them reflected in our tariffs, and/or if there is a significant lag of time between when we incur the incremental costs and when we receive increased income we may be unable to comply with our financial obligations, we may suffer liquidity shortfalls and we may need to restructure our debt to ease our financial condition, any of which, individually or in the aggregate, could have a material adverse effect on our business and results of operations and may cause the value of our ADSs and Class B common shares to decline.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Our distribution tariffs may be subject to challenges by Argentine consumer and other groups</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">In the recent years, our tariffs have been challenged by Argentine consumer associations, such as the action brought against us in December 2009, by an Argentine consumer association (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Uni&#243;n de </FONT></I>


<I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Usuarios y Consumidores</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">) seeking to annul certain retroactive tariff increases, which was ultimately dismissed by the Argentine Supreme Court of Justice on October 1, 2013.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">In May 2016, we were notified by several courts of the Province of Buenos Aires of certain injunctions granted to individual and collective users against Resolution No. 6/16 and Resolution No. 1/16 issued by the ENRE (which authorized our new tariff schedule as from February 2016). Consequently, the then applicable tariff schedule, which included the WEM prices established by Resolution No. 6/16, were not applied during certain periods in 2016 (i) to the entire concession area as a result of the injunctions issued in the &#8220;Abarca&#8221; case and (ii) to the districts of &#8220;Pilar&#8221; and &#8220;La Matanza&#8221;, where injunctions remained in effect until October 24 and November 11, 2016, respectively, when they expired. Therefore, as of those dates, tariff increases have been applied to all users</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">If any future legal challenge were successful and prevented us from implementing any tariff adjustments granted by the Argentine Government, we could face a decline in collections from our users, and a decline in our results of operations, which could have a material adverse effect in our financial condition and the market value of our ADSs and Class B common shares.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">We have been, and may continue to be, subject to fines and penalties that could have a material adverse effect on our financial condition and results of operations</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">We operate in a highly regulated environment and have been, and in the future may continue to be, subject to significant fines and penalties imposed by regulatory authorities, including for reasons outside our control, such as service disruptions attributable to problems at generation facilities or in the transmission network that result in a lack of electricity supply. Since 2001, the amount of fines and penalties imposed on our Company has increased significantly. As of December 31, 2018, 2017 and 2016, our accrued fines and penalties totaled Ps.6,933 million, Ps.6,133 million and Ps.6,511 million, respectively (taking into account adjustments made to fines and penalties following the ratification of the Adjustment Agreement and recent regulation). See &#8220;Item 4. Information on the Company&#8212;Our Business Overview&#8212;Fines and Penalties.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">On October 19, 2016, pursuant to Note No. 123,091 the ENRE established the average rate values (Ps./KWh) to be applied as from December 2012, for calculating the penalties payable to the Argentine Government. In accordance with the terms of the Concession Agreement, such values should correspond to the average sale price of energy charged to users. Since the amounts set forth in the note were not consistent with the principle contained in our Concession Agreement, on November 1, 2016, the Company submitted a claim to the ENRE requesting that the amounts in Note No. 129,061 be modified to reflect the amounts contained in the Concession Agreement. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">As of the date of this annual report, we had received the response from the ENRE (Note No. 129,061), which clarified that the increases or adjustments are not applicable, and only the values paid by the users should be considered. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">On February 1, 2017, the ENRE issued Resolution No. 63/17, through which it approved new parameters related to the quality standards, with the purpose of achieving an acceptable quality level by the end of the 2017-2021 period. In this regard, the ENRE established a penalty regime to be applied in the event of non-compliance with the requisite quality rates.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">On March 29, 2017, through Note No. 125,248 the ENRE established a new methodology for the calculation of fines and penalties, determining that they must be valued according to the KWh values in effect as of the first day of the six-month period during which the event giving rise to the penalty occurred or the KWh values in effect as of the day of the occurrence of the event in the case of penalties arising from specific events. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">In addition, fines and penalties, accrued and not imposed during the transition period of the Adjustment Agreement must be updated using the CPI that the Central Bank uses to elaborate the Multilateral Real Exchange Rate Index (&#8220;TCRM&#8221;), corresponding to the month prior to the six-month period during which the event giving rise to the penalty occurred or the month prior to that on which the specific penalty event occurred, till the previous month of the day on which the penalty was imposed. Those fines and penalties accrued and imposed since the date of issuance of the Note No. 120,151 through the completion of the RTI on February 1, 2017 (i.e., the period between April 2016 and February 2017) must also be updated using the CPI.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Furthermore, we cannot assure that we will have the ability to comply with the quality standards set forth by Resolution No. 63/17. In the case of penalties which had been imposed but are still unpaid, </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">the 30-day interest rate of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Banco Naci&#243;n</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)"> corresponding to commercial discounts applies, as from the day when the penalty was imposed through the date of payment.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Despite the issuance of Resolution No. 63/17, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">the treatment to be given to the penalties and reductions is still pending settlement.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif> </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">We cannot assure you that we will not incur significant fines in the future, which could have a material adverse effect on our financial condition, our results of operations and the market value of our ADSs and Class B common shares. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">If we are unable to control our energy losses, our results of operations could be adversely affected </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Our concession does not allow us to pass through to our users the cost of additional energy purchased to cover any energy losses that exceed the loss factor contemplated by our concession, which is, on average, 10%. As a result, if we experience energy losses in excess of those contemplated by our concession, we may record lower operating profits than we anticipate. Prior to the 2001 and 2002 economic crisis in Argentina, we were able to reduce the high level of energy losses experienced at the time of the privatization down to the levels contemplated (and reimbursed) under our concession. However, during the last years, our level of energy losses, particularly our non-technical losses, started to grow again, in part as a result of the increase in poverty levels and, in turn, in the number of delinquent accounts and fraud. Although we continue to make investments to reduce energy losses, these losses continue to exceed the average 10% loss factor contemplated by the concession and, based on the current tariff schedule and thr economic turmoil, we do not expect these losses to decrease in the near term. Our energy losses amounted to </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">18.2</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">% in 2018, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">17.1</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">% in 2017 and 17.0% in 2016. We cannot assure you that our energy losses will not continue to increase in future periods, which may lead to lower margins and could adversely affect our financial condition, our results of operations and the market value of our Class B common shares and ADSs.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">The Argentine Government could foreclose on its pledge over our Class A common shares under certain circumstances, which could have a material adverse effect on our business and financial condition</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Pursuant to our Concession Agreement and the provisions of the Adjustment Agreement, the Argentine Government has the right to foreclose on its pledge over our Class A common shares and sell these shares to a third party buyer if:</FONT></P>

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   <P style="TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">the fines and penalties incurred in any given year exceed 20% of our gross energy sales, net of taxes, which corresponds to our energy sales;</FONT></P></TD></TR></TABLE><FONT size=2 face=Symbol>&nbsp;<BR></FONT>

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   <P style="TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">we repeatedly and materially breach the terms of our concession and do not remedy these breaches upon the request of the ENRE;</FONT></P></TD></TR></TABLE><FONT size=2 face=Symbol><BR></FONT>

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   <TD vAlign=top width="95%" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">our controlling shareholder creates any lien or encumbrance over our Class A common shares (other than the existing pledge in favor of the Argentine Government);</FONT></TD></TR></TABLE><FONT size=2 face=Symbol><BR></FONT>

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   <TD vAlign=top width="95%" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">our controlling shareholder fails to obtain the ENRE&#8217;s approval in connection with the disposition of our Class A common shares;</FONT></FONT></FONT></TD></TR></TABLE><FONT size=2 face=Symbol><BR></FONT>

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   <TD vAlign=top width="95%" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">our shareholders amend our articles of incorporation or voting rights in a way that modifies the voting rights of the Class A common shares without the ENRE&#8217;s approval; or</FONT></FONT></FONT></FONT></TD></TR></TABLE><FONT size=2 face=Symbol><BR></FONT>

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   <TD vAlign=top width="95%" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">we, or any existing shareholders or former shareholders of EASA who have brought a claim against the Argentine Government in the ICSID do not desist from such ICSID claims following completion of the RTI and the approval of a new tariff regime. </FONT></FONT></FONT></FONT></FONT></TD></TR>

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   <TD vAlign=top width="95%" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">&nbsp;</FONT></FONT></FONT></FONT></FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">On February 1, 2017, the ENRE issued Resolution No. 63/17 establishing the new tariff scheme resulting from the completion of the RTI process, for the following five-year period. In accordance with the provisions of the Adjustment Agreement, Electricidad Argentina S.A. (&#8220;EASA&#8221;) (currently merged into Pampa Energ&#237;a S.A.) and </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">EDF International S.A. (&#8220;EDFI&#8221;) </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">withdrew their ICSID claim, and on March 28, 2017, the ICSID acknowledged the discontinuance of the procedure.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In 2018, our fines and penalties remained below 20% of our gross energy sales. See &#8220;Item 4. Information on the Company&#8212;Our Concession&#8212;Fines and Penalties.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">If the Argentine Government were to foreclose on its pledge of our Class A common shares, pending the sale of those shares, the Argentine Government would also have the right to exercise the voting rights associated with such shares. In addition, the potential foreclosure by the Argentine Government on its pledge over our Class A common shares could be deemed to constitute a change of control under the terms of our Senior Notes due 2022. See &#8220;&#8212;We may not have the ability to raise the funds necessary to finance a change of control offer as required by the Senior Notes due 2022.&#8221; If the Argentine Government forecloses on the pledge of our Class A common shares, our results of operations and financial condition could be significantly affected and the market value of our Class B common shares and ADSs could also be affected.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Default by the Argentine Government could lead to termination of our concession, and have a material adverse effect on our business and financial condition</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">If the Argentine Government breaches its obligations in such a way that we cannot comply with our obligations under our Concession Agreement or in such a way that our service is materially affected, we may request the termination of our concession, after giving the Argentine Government a 90 days&#8217; prior notice, in writing. Upon termination of our concession, all our assets used to provide the electricity distribution service would be transferred to a new state-owned company to be created by the Argentine Government, whose shares would be sold in an international public bidding procedure. The amount obtained in such bidding would be paid to us, net of the payment of any debt owed by us to the Argentine Government, plus an additional compensation established as a percentage of the bidding price, ranging from 10% to 30%, depending on the management period in which the sale occurs. Any such default could have a material adverse effect on our business and financial condition.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">We may be unable to import certain equipment to meet the growing demand for electricity, which could lead to a breach of our Concession Agreement and could have a material adverse effect on the operations and financial position </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Certain restrictions on imports that may be adopted in the future by the Argentine Government could limit or delay our ability to purchase capital goods that are necessary for our operations (including carrying out specific projects). Under our concession, we are obligated to satisfy all of the demand for electricity originated in our concession area, maintaining at all times certain service quality standards that have been established for our concession. If we are not able to purchase significant capital goods to satisfy all of the demand or suffer unexpected delays in the import process, we could face fines and penalties which may, in turn, adversely affect our activity, financial position, results of operations and/or the market value of our ADSs and Class B common shares.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">We employ a largely unionized labor force and could be subject to an organized labor action, including work stoppages that could have a material effect on our business</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">As of December 31, 2018, approximately 83% of our employees were union members. Although our relations with unions are currently stable and we have had an agreement in place with the two unions representing our employees since 1995, we cannot assure you that we will not experience work disruptions or stoppages in the future, which could have a material adverse effect on our business and revenues. We cannot assure you that we will be able to negotiate salary agreements or labor conditions on the same terms as those currently in effect, or that we will not be subject to strikes or work stoppages before or during the negotiation process. If we are unable to negotiate salary agreements or if we are subject to demonstrations or work stoppages, our results of operations, financial conditions and the market value of our ADSs and Class B common shares could be materially adversely affected.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">We could incur material labor liabilities in connection with our outsourcing that could have an adverse effect on our business and results of operations</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">We outsource a number of activities related to our business to third-party contractors in order to maintain a flexible cost base. As of December 31, 2018, we had approximately 7,397 third-party employees under contract. Although we have very strict policies regarding compliance with labor and social security obligations by contractors, we are not in a position to ensure that contractors will not initiate legal actions to seek indemnification from us based upon a number of judicial rulings issued by </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">labor courts in Argentina which have recognized joint and several liability between the contractor and the entity to which it is supplying services under certain circumstances. We cannot make any assurances that such proceedings will not be brought against us or that the outcome of such proceedings would be favorable to us. If we were to incur material labor liabilities in connection with our outsourcing, such liabilities could have an adverse effect on our financial condition, our results of operations and the market value of our Class B common shares and ADSs. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Our performance is largely dependent on recruiting and retaining key personnel </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Our current and future performance and the operation of our business are dependent upon the contributions of our senior management and our skilled team of engineers and other employees. We depend on our ability to attract, train, motivate and retain key management and specialized personnel with the necessary skills and experience. There is no guarantee that we will be successful in retaining and attracting key personnel and the replacement of any key personnel who were to leave could be difficult and time consuming. The loss of the experience and services of key personnel or the inability to recruit suitable replacements and additional staff could have a material adverse effect on our business, financial condition and results of operations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)"><EM>We are involved in various legal proceedings which could result in unfavorable decisions </EM>for us<EM> </EM><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new (w1)">which could in turn have a material adverse effect on our financial position and results of operations</FONT></B></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">We are party to a number of legal proceedings, some of which have been pending for several years. We cannot be certain that these claims will be resolved in our favor, and responding to the demands of litigation may divert our management&#8217;s time and attention and our financial resources <FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new (w1)">and unfavorable decisions may have a material adverse effect on our financial position and results of operations.&nbsp;</FONT> See &#8220;Item 8. Legal Proceedings.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">We may be unable to collect all or a portion of our claim against RDSA or Aseguradores de Cauciones, which could in turn have a material adverse effect on our financial position and results of operations </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">In connection with the purchase and construction of real estate property from Ribera Desarrollos S.A. (the &#8220;Seller&#8221; or &#8220;RDSA&#8221;) for a total of U.S.$46 million (equivalent to Ps.439.3 million using the effective exchange rate at the time of the execution of the purchase agreement), we have initiated an arbitration process as a result of a breach of contract claim filed against RDSA for damages, and were involved in a mandatory conciliation proceeding (mediaci&#243;n obligatoria) with Aseguradores de Cauciones S.A (the &#8220;Insurer&#8221; or &#8220;Aseguradores de Cauciones&#8221;), in order to collect the mentioned amount plus interest under the surety bond issued by the Insurer, which guaranteed RDSA&#8217;s obligations, which proceeding ended in failure. Under Argentine law, such conciliation proceeding is a condition to pursuing collection proceedings in a court of law. As of the date of this annual report, RDSA had filed a voluntary petition for reorganization (similar to a Chapter 11 proceeding in the United States) and certain regulatory action of the Insurance Regulatory Agency (Superintendencia de Seguros de la Naci&#243;n) had imposed a restriction on the Insurer&#8217;s ability to make dispositions over its assets until a certain liquidity deficiency is solved; it is therefore uncertain if we will be able to collect the claimed amounts in full or at all (See &#8220;Item 4&#8212;Information on the Company&#8212;Property, Plant and Equipment&#8212;Termination of agreement on real estate property&#8221;). In the event we are unable to collect from RSDA or Aseguradores de Cauciones, such situation may have a material adverse effect on our financial position and results of operations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">In the event of an accident or other event not covered by our insurance, we could face significant losses that could materially adversely affect our business and results of operations</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">As of December 31, 2018, our physical assets were insured for up to U.S.$1,603.9 million. However, we do not carry insurance coverage for losses caused by our network or business interruption, including for loss of our concession. See &#8220;Item 4. Information on the Company&#8212;Our Business&#8212;Insurance.&#8221; Although we believe our insurance coverage is commensurate with standards for the distribution industry, no assurance can be given of the existence or sufficiency of risk coverage for any particular risk or loss. If an accident or other event occurs that is not covered by our current insurance policies, we may experience material losses or have to disburse significant amounts from our own funds, which may have a material adverse effect on our financial condition and results of operations and the market value of our Class B common shares and ADSs.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">A substantial number of our assets are not subject to attachment or foreclosure and the enforcement of judgments obtained against us by our shareholders may be substantially limited</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">A substantial number of our assets are essential to the public service we provide. Under Argentine law, as interpreted by the Argentine courts, assets which are essential to the provision of a public service are not subject to attachment or foreclosure, whether as a guarantee for an ongoing legal action or in aid of enforcement of a court judgment. Accordingly, the enforcement of judgments obtained against us by our shareholders may be substantially limited to the extent our shareholders seek to attach those assets to obtain payment on their judgment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">The loss of exclusivity to distribute electricity in our service area may be adversely affected by technological or other changes in the energy distribution industry, which would have a material adverse effect on our business</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Although our concession grants us the exclusive right to distribute electric energy within our service area, this exclusivity may be revoked in whole or in part if technological developments would make it possible for the energy distribution industry to evolve from its present condition as a natural monopoly into a competitive business. In no case does the complete or partial revocation of our exclusive distribution rights entitle us to claim or to obtain reimbursement or indemnity. Although, to our knowledge, there are no current projects to introduce new technologies in the medium or long-term which may reasonably modify the composition of the electricity distribution business, we cannot assure you that future developments will not enable competition in our industry that would adversely affect the </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">exclusivity right granted by our concession. Any total or partial loss of our exclusive right to distribute electricity within our service area would likely lead to increased competition and result in lower revenues, which could have a material adverse effect on our financial condition, our results of operations and the market value of our Class B common shares and ADSs.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">A potential nationalization or expropriation of 51% of our capital stock, represented by the Class A shares, may limit the capacity of the Class B common shares to participate in the board of directors</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">As of the date of this annual report, the ANSES owned shares representing 26.8%</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">of our capital stock and appointed five Class B directors in our last shareholders&#8217; meeting. The remaining directors were appointed by the Class A shares. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">If the Argentine Government were to expropriate 51% of our capital stock, represented by our Class A shares, the Argentine Government would be the sole holder of the Class A shares and the ANSES would hold the majority of the Class B shares. Certain strategic transactions require the approval of the holders of the Class A shares. Consequently, the Argentine Government and the ANSES would be able to determine substantially all matters requiring approval by a majority of our shareholders, including the election of a majority of our directors, and would be able to direct our operations.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">If the Argentine Government nationalizes or expropriates 51% of our capital stock, represented by our Class A shares, our results of operations and financial condition could be adversely affected and this could cause the market value of our ADSs and Class B common shares to decline</FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">. </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">We may not have the ability to raise the funds necessary to repay our commercial debt with CAMMESA, our major supplier </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">As of December 31, 2018, we owed approximately Ps.11.9 billion to CAMMESA (including interest accrued as of December 31, 2018).</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">This commercial debt is due and unpaid and we have not secured any waivers from CAMMESA. If CAMMESA requested that we repay such debt in a single payment, we may be unable to raise the funds necessary to repay it and, consequently, we could be exposed to a cash attachment, which could in turn result in our filing for a voluntary reorganization proceeding (&#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">concurso preventivo</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">&#8221;), which could cause the market value of our ADSs and Class B common shares to decline. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">On April 26, 2017, we were notified through Note No 2016-01193748 that the ME&amp;M decided that the SEE with the support of the Under-Secretariat for Tariff Policy Coordination and the ENRE, would be responsible for determining (within a period of 120 days) whether any pending obligations under the Adjustment Agreement remained outstanding as of the effective date of the applicable electricity tariff schedules resulting from the implementation of the RTI process. If any such obligations remained outstanding, the treatment to be given to those obligations was also to be determined by the SEE as described above. The Company has submitted the information requested by the ME&amp;M as part of its efforts to comply with these requirements. However, as of the date of this annual report, due to the fact that a definitive decision on the treatment of these obligations is still pending, the Company started negotiations with the SEE thereon.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=red face="times new (w1)"> </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">All of our outstanding financial indebtedness contains bankruptcy, reorganization proceedings and expropriation events of default, and we may be required to repay all of our outstanding debt upon the occurrence of any such events</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">As of the date of this annual report, U.S.$161.6 million of our financial debt was represented by our Senior Notes due 2022 (the &#8220;Senior Notes due 2022&#8221;). Under the indenture for the Senior Notes due 2022, certain expropriation and condemnation events with respect to us may constitute an event of default, which, if declared, could trigger the acceleration of our obligations under the notes and require us to immediately repay all such accelerated debt. In addition, all of our outstanding financial indebtedness contains certain events of default related to bankruptcy and voluntary </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">concurso preventivo</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">. If we are not able to comply with certain payment obligations as a result of our current financial situation and if the requirements set forth in the Argentine Bankruptcy Law No. 24,522 are met, any creditor, or even us, could file for our bankruptcy, or we could file for a voluntary </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">concurso preventivo</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">. In addition, all of our outstanding financial indebtedness also contains cross-default provisions or cross-acceleration provisions that could cause all of our debt to be accelerated if the debt containing expropriation or bankruptcy and/or </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">reorganization proceeding events of default goes into default or is accelerated. In such a case, we would expect to actively pursue formal waivers from the corresponding financial creditors to avoid such potential situation, but in case those waivers are not timely obtained and immediate repayment is required, we could face short-term liquidity problems, which could adversely affect our results of operations and cause the market value of our ADSs and Class B common shares to decline. </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">We may not have the ability to raise the funds necessary to finance a change of control offer as required by the Senior Notes due 2022</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">As of the date of this annual report, U.S.$161.6 million of our financial debt is represented by the Senior Notes due 2022. Under the indenture for the Senior Notes due 2022, if a change of control occurs, we must offer to repurchase any and all such notes that are outstanding at a purchase price equal to 100% of the aggregate principal amount of such notes, plus any accrued and unpaid interest thereon and additional amounts, if any, through the purchase date. We may not have sufficient funds available to us to make the required repurchases of the Senior Notes due 2022 upon a change of control. If we fail to repurchase such notes in circumstances that may constitute an event of default under the indenture, which may in turn trigger cross-default provisions in other of our debt instruments then outstanding, our results of operations could be adversely affected and the market value of our ADSs and Class B common shares could decline.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">The New York Stock Exchange and/or the Buenos Aires Stock Exchange may suspend trading and/or delist our ADSs and Class B common shares, upon the occurrence of certain events relating to our financial situation </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">The New York Stock Exchange (&#8220;NYSE&#8221;) and/or the Buenos Aires Stock Exchange (&#8220;BASE&#8221;) may suspend and/or cancel the listing of our ADSs and Class B common shares, respectively, in certain circumstances, including upon the occurrence of certain events relating to our financial situation. For example, the NYSE may decide such suspension or cancellation if our shareholders&#8217; equity becomes negative.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">The NYSE may in its sole discretion determine on an individual basis the suitability for continued listing of an issue in the light of all pertinent facts. Some of the factors mentioned in the NYSE Listed Company Manual, which may subject a company to suspension and delisting procedures, include: &#8220;unsatisfactory financial conditions and/or operating results&#8221;, &#8220;inability to meet current debt obligations or to adequately finance operations,&#8221; and &#8220;any other event or condition which may exist or occur that makes further dealings or listing of the securities on the NYSE inadvisable or unwarranted in the opinion of NYSE.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">The BASE may cancel the listing of our Class B common shares if it determines that our shareholders&#8217; equity and our financial and economic situation do not justify our access to the stock market or if the NYSE cancels the listing of our ADSs. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">We cannot assure you that the NYSE and/or the BASE will not commence any suspension or delisting procedures in light of our financial situation, including if our shareholders&#8217; equity becomes negative. A delisting or suspension of trading of our ADSs or Class B common shares by the NYSE and/or the BASE, respectively, could adversely affect our results of operations and financial conditions and cause the market value of our ADSs and Class B common shares to decline.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Changes in weather conditions or the occurrence of severe weather (whether or not caused by climate change or natural disasters), could adversely affect our operations and financial performance.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Weather conditions may influence the demand for electricity, our ability to provide it and the costs of providing it. In particular, severe weather may adversely affect our results of operations by causing significant demand increases, which we may be unable to meet without a significant increase in operating costs. This could strongly impact the continuity of our services and our quality indicators. For example, the exceptional thunderstorms that occurred in April and December of 2013 and a heat wave that occurred in December of 2013 affected the continuity of our services, both in the low voltage and medium voltage networks. See &#8220;Item 4. Information on the Company&#8212;Business Overview&#8212;Quality Standards&#8211;Edenor&#8217;s Concession&#8221;. Furthermore, any such disruptions in the provision of our services could expose us to fines and orders to compensate those users affected by any such power cuts, as has occurred in the past (see &#8220;Item 4. Information on the Company&#8212;Business Overview&#8212;Quality </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Standards&#8212;Fines and Penalties&#8221;). Our financial condition, results of operations and cash flows could therefore be negatively affected by changes in weather conditions and severe weather. </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Cybersecurity events, such as a cyber-attack could adversely affect our business, financial condition, results of operations and cash flows</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">We depend on the efficient and uninterrupted operation of internet-based data processing communication and information exchange platforms and networks , including administrative and business related systems (such as Supervisory Control and Data Acquisition (&#8220;SCADA&#8221;) and DCS Software, Inc. (&#8220;DCS&#8221;)). Cybersecurity risks have generally increased in recent years as a result of the proliferation of new technologies and the increased sophistication and activities of cyber-attacks. Through part of our grid and other initiatives, we have increasingly connected equipment and systems to the internet. Due to the critical nature of our infrastructure and the increased accessibility enabled through connection to the internet, we may face a heightened risk of cybersecurity incidents such as computer break-ins, phishing, identity theft and other disruptions that could negatively affect the security of information stored in and transmitted through our computer systems and network infrastructure. In the event of a cyber-attack, we could have our business operations disrupted, property damaged and user information stolen; experience substantial loss of revenues, response costs and other financial loss; and be subject to increased regulation, litigation and damage to our reputation. In addition, while we have not experienced any loss related to cybersecurity events, contingency plans in place may not be sufficient to cover liabilities associated with any such events and therefore, applicable insurance coverage may be deemed inadequate, preventing us from receiving full compensation for the losses sustained as a result of such a disruption. Although we intend to continue to implement security technology devices and establish operational procedures to prevent disruption resulting from, and counteract the negative effects of cybersecurity incidents within the next three years, it is possible that not all of our current and future systems are or will be entirely free from vulnerability and these security measures will not be successful. Accordingly, cybersecurity is a material risk for us and a cyber-attack could adversely affect our business, results of operations and financial condition.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)"> </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Risks relating to our ADSs Class B common shares </FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Restrictions on the movement of capital out of Argentina may impair the ability of holders of ADSs to receive dividends and distributions on, and the proceeds of any sale of, the Class B common shares underlying the ADSs, which could affect the market value of the ADSs</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">The Argentine Government may impose restrictions on the conversion of Argentine currency into foreign currencies and on the remittance to foreign investors of proceeds from their investments in Argentina. Argentine law currently permits the Argentine Government to impose this kind of restrictions temporarily in circumstances where a serious imbalance develops in Argentina&#8217;s balance of payments or where there are reasons to foresee such an imbalance. Beginning in December 2001, the Argentine Government implemented an unexpected number of monetary and foreign exchange control measures that included restrictions on the free disposition of funds deposited with banks and on the transfer of funds abroad, including dividends, without prior approval by the Central Bank, some of which could be reinstated in the future.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=red face="times new (w1)"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Although the transfer of funds abroad in order to pay dividends no longer requires Central Bank approval to the extent such dividend payments are made in connection with audited financial statements approved by a shareholders&#8217; meeting, future restrictions on the movement of capital to and from Argentina such as those that previously existed could, if reinstated, impair or prevent the conversion of dividends, distributions, or the proceeds from any sale of shares, as the case may be, from Pesos into U.S. Dollars and the remittance of such U.S. Dollars abroad. Also, certain of our indebtedness includes covenants limiting the payment of dividends. We cannot assure you that the Argentine Government will not take similar measures in the future. In such a case, the depositary for the ADSs may hold the Pesos it cannot otherwise convert for the account of the ADS holders who have not been paid. In addition, any future adoption by the Argentine Government of restrictions on the movement of capital out of Argentina may affect the ability of our foreign shareholders and holders of ADSs to obtain the full value of their shares and ADSs, and may adversely affect the market value of our Class B common shares and ADSs.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Our shareholders&#8217; ability to receive cash dividends may be limited</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Our shareholders&#8217; ability to receive cash dividends may be limited by the ability of the depositary to convert cash dividends paid in Pesos into U.S. Dollars. Under the terms of our deposit </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">agreement with the depositary for the ADSs, the depositary will convert any cash dividend or other cash distribution we pay on the common shares underlying the ADSs into U.S. Dollars, if it can do so on a reasonable basis and can transfer the U.S. Dollars to the United States. If this conversion is not possible or if any government approval is needed and cannot be obtained, the deposit agreement allows the depositary to distribute the foreign currency only to those ADS holders to whom it is possible to do so. If the exchange rate fluctuates significantly during a time when the depositary cannot convert the foreign currency, shareholders may lose some or all of the value of the dividend distribution.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Under Argentine law, shareholder rights may be fewer or less well-defined than in other jurisdictions</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Our corporate affairs are governed by our by-laws and by Argentine corporate law, which differ from the legal principles that would apply if we were incorporated in a jurisdiction in the United States, such as the States of Delaware or New York, or in other jurisdictions outside Argentina. In addition, the rights of holders of the ADSs or the rights of holders of our Class B common shares under Argentine corporate law to protect their interests relative to actions by our board of directors may be fewer and less well-defined than those under the laws of those other jurisdictions. Although insider trading and price manipulation are illegal under Argentine law, the Argentine securities markets are not as highly regulated or supervised as the U.S. securities markets or markets in some other jurisdictions. In addition, rules and policies against self-dealing and regarding the preservation of shareholder interests may be less well-defined and enforced in Argentina than in the United States, putting holders of our Class B common shares and ADSs at a potential disadvantage.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Holders of ADSs may be unable to exercise voting rights with respect to the Class B common shares underlying the ADSs at our shareholders&#8217; meetings</FONT></I></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Shares underlying the ADSs are held by the depositary in the name of the holder of the ADS. As such, we will not treat holders of ADSs as one of our shareholders and, therefore, holders of ADSs will not have shareholder rights. The depositary will be the holder of the Class B common shares underlying the ADSs and holders may exercise voting rights with respect to the Class B common shares represented by the ADSs only in accordance with the deposit agreement relating to the ADSs. There are no provisions under Argentine law or under our by-laws that limit the exercise by ADS holders of their voting rights through the depositary with respect to the underlying Class B common shares. However, there are practical limitations on the ability of ADS holders to exercise their voting rights due to the additional procedural steps involved in communicating with these holders. For example, holders of our Class B common shares will receive notice of shareholders&#8217; meetings through publication of a notice in an official gazette in Argentina, an Argentine newspaper of general circulation and the daily bulletin of the BASE, and will be able to exercise their voting rights by either attending the meeting in person or voting by proxy. ADS holders, by comparison, do not receive notice directly from us. Instead, in accordance with the deposit agreement, we provide the notice to the depositary. If we ask it to do so, the depositary will mail to holders of ADSs the notice of the meeting and a statement as to the manner in which instructions may be given by holders. To exercise their voting rights, ADS holders must then instruct the depositary as to voting the Class B common shares represented by their ADSs. Due to these procedural steps involving the depositary, the process for exercising voting rights may take longer for ADS holders than for holders of Class B common shares and Class B common shares represented by ADSs may not be voted as the holders of ADSs desire. Class B common shares represented by ADSs for which the depositary fails to receive timely voting instructions may, if requested by us, be voted at the corresponding meeting either in favor of the proposal of the board of directors or, in the absence of such a proposal, in accordance with the majority.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Our shareholders may be subject to liability for certain votes of their securities</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Because we are a limited liability corporation, our shareholders are not liable for our obligations. Shareholders are generally liable only for the payment of the shares they subscribe. However, shareholders who have a conflict of interest with us and who do not abstain from voting at the respective shareholders&#8217; meeting may be liable for damages to us, but only if the transaction would not have been approved without such shareholders&#8217; votes. Furthermore, shareholders who willfully or negligently vote in favor of a resolution that is subsequently declared void by a court as contrary to the law or our by-laws may be held jointly and severally liable for damages to us or to other third parties, including other shareholders.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Provisions of Argentine securities laws could deter takeover attempts and have an adverse impact on the price of our shares and ADSs</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)">Argentine securities laws contain provisions that may discourage, delay or make more difficult a change in control of our Company, such as the requirement, upon the acquisition of a certain percentage of our capital stock, to launch a tender offer to acquire a certain percentage of our capital stock, which percentage ranges from 10% to 100% depending on several factors.. These provisions may delay, defer or prevent a transaction or a change in control that might otherwise be in the best interest of our shareholders and may adversely affect the market value of our shares and ADSs</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Information on the Company</FONT></I></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: normal" face="times new roman bold">History and Development of the Company</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Empresa Distribuidora y Comercializadora Norte S.A.(Distribution and Marketing Company of the North S.A.), or Edenor, is a public service company incorporated as a </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">sociedad an&#243;nima</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> (stock corporation) under the laws of Argentina. Our principal executive offices are located at Avenida del Libertador 6363, Ciudad de Buenos Aires, C1428ARG, Argentina, and our general telephone number at this location is +54 11 4346 5000.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We were incorporated on July 21, 1992, under the name Empresa Distribuidora Norte Sociedad An&#243;nima, as part of the privatization of the Argentine state&#8209;owned electricity utility, Servicios El&#233;ctricos del Gran Buenos Aires S.A. (SEGBA). The Company&#8217;s term of duration is 95 years. In anticipation of its privatization, SEGBA was divided into three electricity distribution companies, including our company, and four electricity generation companies, and on May 14, 1992, the Argentine Ministry of Economy and Public Works and Utilities approved the public sale of all of our company&#8217;s Class A common shares, representing 51% of the capital stock of our company.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">A group of international investors, which included EDF International S.A. (a wholly owned subsidiary of &#201;lectricit&#233; de France S.A.), presented a bid for our Class A common shares through Electricidad Argentina S.A. (&#8220;EASA&#8221;), an Argentine company. EASA was awarded the bid and, in August 1992, EASA and the Argentine Government entered into a stock purchase agreement relating to the purchase of our Class A common shares. In addition, on August 5, 1992, the Argentine Government granted us a concession to distribute electricity on an exclusive basis within our concession area for a period of 95 years (the &#8220;Concession Agreement&#8221;). On September 1, 1992, EASA acquired our Class A common shares and became our controlling shareholder. See &#8220;Item 7. Major Shareholders and Related Party Transactions - Acquisition by Central T&#233;rmica Loma de la Lata S.A&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In June 1996, our shareholders approved the change of our name to Empresa Distribuidora y Comercializadora Norte S.A. (EDENOR S.A.) to more accurately reflect the description of our core business. The amendment to our by&#8211;laws related to our name change was approved by the ENRE and registered with the Public Registry of Commerce (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Inspecci&#243;n General de Justicia</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">, the &#8220;IGJ&#8221;) in 1997.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2001, EDFI acquired, in a series of transactions, all of the shares of EASA held by EASA&#8217;s other shareholders, ENDESA Internacional, YPF S.A., which was the surviving company of Astra, and SAUR. As a result, EASA became a wholly&#8211;owned subsidiary of EDFI. In addition, EDFI purchased all of our Class B common shares held by these shareholders, increasing its direct and indirect interest in us to 90%.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On January 6, 2002, the Argentine Congress enacted the Public Emergency Law, which authorized the Argentine Government to implement certain measures to overcome the country&#8217;s economic crisis. Under the Public Emergency Law, the Argentine Government altered the terms of our concession and the concessions of other public utility services by renegotiating tariffs, freezing distribution margins and revoking price adjustment mechanisms, among other measures.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In September 2005, Dolphin Energ&#237;a and IEASA acquired an indirect controlling stake in our company from EDFI. Dolphin Energ&#237;a and IEASA were at the time of such acquisition controlled by the principals of Grupo Dolphin, an Argentine advisory and consulting firm that carries out private equity activities. On September 28, 2007, Pampa Energ&#237;a S.A. (&#8220;Pampa Energ&#237;a&#8221;, &#8220;PESA&#8221; or &#8220;Pampa&#8221;) acquired all the outstanding capital stock of Dolphin Energ&#237;a and IEASA from the then current shareholders of these companies, in </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">exchange for common stock of Pampa Energ&#237;a. </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=Calibri,sans-serif>&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">As a result of several </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">acquisitions made by Pampa since 2006, it is currently the largest independent energy integrated company in Argentina and, directly and/or through its subsidiaries and joint controlled companies, Pampa participates in the electricity and gas value chains. </FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">35</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In April 2007, we completed the initial public offering of our Class B common shares, in the form of shares and American depositary shares, or ADSs. We and certain of our shareholders sold 18,050,097 ADSs, representing 361,001,940 Class B common shares, in an offering in the United States and elsewhere outside Argentina, and our Employee Stock Participation Program sold 81,208,416 Class B common shares in a concurrent offering in Argentina. Our ADSs are listed in the NYSE under the symbol &#8220;EDN,&#8221; and our Class B common shares are listed on the BASE under the same symbol. We received approximately U.S.$61.4 million in proceeds from the initial public offering, before expenses, which we used to repurchase a part of our then outstanding debt. Following the initial public offering, Pampa continues to hold 51% of our common shares, and approximately 19% are held by the public. See &#8220;Item 7. Major Shareholders and Related Party Transactions&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On November 20, 2008, the Argentine Congress passed a law unifying the Argentine pension and retirement system into a system publicly administered by the ANSES and eliminating the retirement savings system previously administered by private pension funds under the supervision of a Governmental agency. In accordance with this law, private pension funds transferred all of the assets administered by them under the retirement savings system to the ANSES. As of the date of this annual report, ANSES held 242,999,553 of our Class B common shares, representing 26.81% of our capital stock.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal" face="Times New Roman"> </FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Parent Company Merger Process</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The merger by absorption between Central T&#233;rmica Loma de la Lata S.A. (&#8220;CTLL&#8221;), as merging and surviving company, and EASA, or parent company, and IEASA S.A. (&#8220;IEASA&#8221;) - EASA&#8217;s majority shareholder &#8211; as the merged/absorbed companies, began in March 2017. On January 19, 2018, CTLL&#8217;s shareholders approved the merger and CTLL&#8217;s board of directors became responsible for the management of EASA and IEASA, in accordance with the provisions of Section 84 of the Argentine Corporations Law.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On September 22, 2017, PESA&#8217;s board of directors approved the merger of Bodega Loma la Lata S.A. (&#8220;BLL&#8221;), Central T&#233;rmica G&#252;emes S.A (&#8220;CTG&#8221;), CTLL (the acquiring company of EASA), Eg3 Red S.A. (&#8220;EG3 Red&#8221;), Inversora Diamante S.A. (&#8220;INDISA&#8221;), Inversora Nihuiles S.A (&#8220;INNISA&#8221;), Inversora Piedra Buena S.A. (&#8220;IPB&#8221;), Pampa Participaciones II S.A (&#8220;PPII&#8221;), Transelec, and Petrolera Pampa S.A. (&#8220;PEPASA&#8221;), as the acquired or absorbed companies, into PESA, as the acquiring or absorbing company, under the terms of tax neutrality (tax-free reorganization) pursuant to Section 77 and following sections of the Income Tax Law. The effective date of the merger was established as October 1, 2017, as from which date the transfer to the acquiring company of the totality of the acquired companies&#8217; equity took effect, with all the latter&#8217;s rights and obligations, assets and liabilities were incorporated into the acquiring company&#8217;s equity; subject to the corporate approvals required under the applicable regulations and the registration with the Public Registry of Commerce of both the merger and the dissolution without liquidation of the acquired companies. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On August 24, 2018, the Company was notified of the registration by the IGJ of: (i) the merger of EASA (the parent company of Edenor) and IEASA. (the parent company of EASA), with and into CTLL, as the absorbing and surviving company of both; and (ii) the merger with and into Pampa, as the absorbing and surviving company, of CTLL, BLL, CTG, Eg3 Red, INNISA, INDISA, IPB, PPII and PEPASA, as the absorbed companies. As a result thereof, Pampa became the direct controlling company of Edenor.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman bold"></FONT></B>&nbsp;</P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: normal" face="times new roman bold">Business Overview</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We believe we are the largest electricity distribution company in Argentina and one of the largest in Latin America in terms of number of users and electricity sold (both in GWh and in Pesos) in 2018. We hold a concession to distribute electricity on an exclusive basis to the northwestern part of the greater Buenos Aires metropolitan area and in the northern part of the City of Buenos Aires, comprising an area of 4,637 square kilometers and a population of approximately 8.5 million people. As of December 31, 2018, Edenor served 3.04 million users. The following table shows the percentage of the electricity produced and sold by generating companies that was purchased by us in the periods indicated:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Year</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 27.75pt; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Electricity demand</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Edenor demand</FONT></B></P></TD>

   <TD style="WIDTH: 3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Edenor&#180;s demand as % of total demand</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2016</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">133,111</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">26,838</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">20.2%</FONT></P></TD></TR>

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   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2017</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">132,426</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">25,950</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">19.6%</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">132,925</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">25,906</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">19.5%</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">Source: </FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">CAMMESA</FONT></P>

<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">(1)</FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; Demand in the Mercado El&#233;ctrico Mayorista Sistema Patag&#243;nico (Patagonia wholesale electricity market, or MEMSP).</FONT></P>

<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">(2)</FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; Calculated as electricity purchased by us and our wheeling system users.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Edenor Concession</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Edenor&#8217;s concession currently expires on August 31, 2087, for a term of 95 years, and may be extended for one additional 10-year period if Edenor requests the extension at least 18 months before expiration. The term of the concession is divided into management periods: a first period of 15 years and subsequent periods of ten years each. At the end of each management period, the Class &#8220;A&#8221; shares representing 51% of the share capital of Edenor, currently held by Pampa, must be offered for sale through a public bidding. If Pampa makes the highest bid, it will continue to hold the Class &#8220;A&#8221; shares, and no further disbursements will be necessary. On the contrary, if Pampa is not the highest bidder, then the bidder who makes the highest bid shall pay Pampa the amount of the bid in accordance with the conditions of the public bidding. The proceeds from the sale of the Class &#8220;A&#8221; shares will be delivered to Pampa after deducting any amounts receivable to which the grantor of the concession may be entitled. The first management period commenced on February 1, 2017 and is estimated to end on March 1, 2022.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Company has the exclusive right to render electric power distribution and sales services within the concession area to all the users who are not authorized to obtain their power supply from the WEM, thus being obliged to supply all the electric power that may be required in a timely manner and in accordance with the established quality levels. In addition, the Company must allow free access to its facilities to any WEM agents whenever required, under the terms of the Concession. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">No specific fee must be paid by the Company under the Concession Agreement during the term of the concession.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On January 6, 2002, the Argentine Government enacted Law No. 25,561 pursuant to which U.S. Dollar adjustment clauses, as well as any other indexation mechanism stipulated in the contracts entered into by the Argentine Government, including those related to public utilities, were declared null and void as from such date. The applicable prices and rates were converted into Argentine Pesos at a rate of Ps.1 to U.S.$1. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Company is subject to the terms of its Concession Agreement and the provisions of the regulatory framework comprised Laws Nos. 14,772, 15,336 and 24,065, resolutions and regulatory and supplementary standards issued by certain authorities. Thus, the Company is responsible for the distribution and sale of electricity as a public service with a satisfactory quality level pursuant to the requirements set forth in the aforementioned Concession Agreement and regulatory framework.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Failure to comply with the established guidelines may result in the application of fines, based on the economic damage suffered by the user at the time service was provided in an unsatisfactory manner, which will be determined in accordance with the methodology stipulated in the Concession Agreement. The ENRE is the regulatory authority responsible for enforcing the pre-established guidelines.</FONT></P>

<P style="MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">37</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Geographic Exclusivity</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our concession gives us the exclusive right to distribute electricity within our concession area during the term of our concession. Under our concession, neither the national nor the provincial or local Governments may grant further concessions to operate electricity distribution services within our concession area. In that respect, we are obligated to satisfy all of the demand for electricity originated in our concession area, maintaining at all times a service quality standard that has been established in our Concession Agreement. This geographic exclusivity may be terminated in whole or in part by the Argentine Government if technological changes make it possible for the energy distribution industry to evolve from its present condition as a natural monopoly into a competitive business. However, the Argentine or the Provincial Government may only exercise its right to alter or terminate our geographical exclusivity at the end of each management period under our concession, by prior written notice at least six-months before the expiration of the corresponding management period.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 12pt 0in; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The electricity distribution and sale service is provided exclusively to all the users connected to the network within the area comprised the following:</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 12pt 0in; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Region I: City of Buenos Aires, the area encompassing Dock "D", &#8220;unnamed street&#8221;, path of the future Autopista Costera (coastline highway), extension of Pueyrred&#243;n Ave., C&#243;rdoba Ave., Ferrocarril San Mart&#237;n railway tracks, General San Mart&#237;n Ave., Zamudio, Tinogasta, General Paz Ave. and R&#237;o de La Plata river, and Province of Buenos Aires, the districts of San Mart&#237;n, Tres de Febrero, San Isidro and Vicente L&#243;pez.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 12pt 0in; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;Region II: Province of Buenos Aires, the districts of Mor&#243;n, Ituzaing&#243;, Hurlingham, Merlo, Marcos Paz, Las Heras and La Matanza.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 12pt 0in; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;Region III: Province of Buenos Aires, the districts of San Fernando, Tigre, Escobar, Malvinas Argentinas, San Miguel, Jos&#233; C. Paz, Pilar, Moreno and General Rodr&#237;guez.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=red face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our Obligations</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We are obligated to supply electricity upon request by the owner or occupant of any property in our concession area. We are entitled to charge for the electricity supplied at rates that are established by tariffs set with the prior approval of the ENRE under applicable regulations. Pursuant to our concession, we must also meet specified service quality standards relating to:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 78.55pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the time required to connect new users;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 78.55pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">voltage fluctuations;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 78.55pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">interruptions or reductions in service; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 78.5pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the supply of electricity for public lighting and to certain municipalities.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our concession requires us to make the necessary investments to establish and maintain the quality of service standards and to comply with the stringent minimum public safety standards as specified in our concession. We are also required to furnish the ENRE with all information requested by it and must obtain the ENRE&#8217;s prior consent for the disposition of assets that are assigned to the provision of our electricity distribution services. The ENRE also requires us to compile and submit various types of reports regarding the quality of our service and other technical and commercial data, which we must periodically report to the ENRE.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pursuant to Law No. 27,467, which enacted the 2019 Federal Budget of Expenditures and Resources, the Executive Branch was instructed to promote the transfer of Edenor&#8217;s jurisdiction to the jurisdiction of the Province of Buenos Aires and the City of Buenos Aires as from January 1, 2019 and the creation of a new oversight body.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On February 28, 2019, the Argentine Government, the Province of Buenos Aires and the City of Buenos Aires entered into an agreement for the transfer of the public service of electricity distribution, duly awarded under the Concession Agreement by the Argentine Government to Edenor, from the jurisdiction of the Argentine Government to the Province of Buenos Aires and the City of Buenos Aires. The Company was not a party to such agreement, and, is analyzing the scope and implications thereof.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">38</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We are obligated to allow certain third parties (namely, other agents and large users) to access any available transportation capacity within our distribution system upon payment of a wheeling fee. Consequently, we must render the distribution service on an uninterrupted basis to satisfy any reasonable demand. We are prohibited from engaging in practices that limit competition or result in monopolistic abuses.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Under our concession, we may also be required to continue rendering services after the termination of the Concession Agreement term upon the request of the Argentine Government, but for a period not to exceed 12 months.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In addition, Clause 22.1 of the Adjustment Agreement required us, our shareholders and former shareholders to suspend all claims and legal proceedings (including arbitration actions) in administrative, state or federal courts located in Argentina or abroad, that were related to measures adopted with respect to the Concession Agreement, derived from the emergency situation declared by the Public Emergency Law. After the completion of the RTI, we and our shareholders and former shareholders were also obligated to completely waive and desist from all of the above-mentioned claims and legal proceedings. All proceedings related to circumstances supervening the above described situations, or that were not related to the consequences of the Public Emergency Law, were expressly excluded. If our shareholders or former shareholders had not desisted from these claims, the Argentine Government would have the right to foreclose on the pledge of our Class A common shares and sell these shares to a third-party buyer. If the Company or any shareholder or former shareholder re-established or initiated a new claim, we would have the obligation to hold the Argentine Government harmless in respect of amounts it could be required to pay pursuant to such claims. EDFI and Pampa suspended all such claims against the Argentine Government as part of the Adjustment Agreement and, in connection with its sale of its controlling stake in Edenor, EDFI agreed to withdraw its claims against the Argentine Government before the ICSID at the request of Dolphin Energ&#237;a S.A.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On February 1, 2017, the ENRE issued Resolution No. 63/17 which established the new tariff scheme as a result of the completion of the RTI process, which will apply to the following five-year period. Pursuant to the provisions of the Adjustment Agreement, Pampa (See &#8220;Item 7. Major Shareholders and Related Party Transactions&#8212;Parent Company Merger Process&#8221;) </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">and EDFI withdrew their ICSID claim, and on March 28, 2017, the ICSID acknowledged the discontinuance of the proceedings.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In accordance with our concession, our controlling shareholder, Pampa, has pledged its 51% stake in the Company to the Argentine Government to secure obligations under our concession. The Adjustment Agreement required that the pledge be extended to secure our obligations under such agreement. The Argentine Government may foreclose on its pledge over the Class A shares and sell them in a public bidding process if certain situations occur. See &#8220;Item 4. Information on the Company&#8212;Business Overview&#8212;Foreclosure on the Pledge of Our Class A common shares or Revocation of Our Concession&#8221;.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Quality Standards </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Service quality</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pursuant to our concession, we are required to meet specified quality standards with respect to the technical quality of the product delivered (electricity) and the technical quality of the service provided. The quality standards relating to the technical product refer to the electricity&#8217;s voltage levels. Edenor&#8217;s concession requires that the voltage level that we deliver be 3x380/220 V; 13.2 kV; 33kV; 132 kV; 220 kV. Edenor&#8217;s concession provides that admissible disruptions gaps in the voltage level may not exceed the following:</FONT></P>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0pt 0pt 0.1in; TEXT-INDENT: -0.1in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">High voltage</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="24%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">&#8209;5.0% to &nbsp;+5.0%</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt 0.1in; TEXT-INDENT: -0.1in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">Overhead network (medium or low voltage) </FONT></P></TD>

   <TD style="HEIGHT: 12.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in" vAlign=bottom width="24%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">&#8209;8.0% to &nbsp;+8.0%</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt 0.1in; TEXT-INDENT: -0.1in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">Buried network (medium or low voltage)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="24%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">&#8209;5.0% to &nbsp;+5.0%</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in" vAlign=bottom width="76%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt 0.1in; TEXT-INDENT: -0.1in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">Rural</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in" vAlign=bottom width="24%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">&#8209;10.0% to +10.0%</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 12pt 0in; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">A fine is imposed under Edenor&#8217;s concession for disruption gaps in voltage levels that exceed the such limits for 3.0% or more of the total amount of time that electricity is provided. The amount of the fine depends on the magnitude of the gaps. As the gaps&#8217; percentage increases (or decreases) from the </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">nominal contracted tension level, the rate of the fine per KWh increases. These fines are credited to the affected user&#8217;s bill.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The quality standards of the product set forth in Edenor&#8217;s concession refer to the frequency and duration of the interruptions. The following table sets forth the standards set forth in our concession with respect to the frequency and duration of interruptions per user during the current management period:</FONT></P>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PAGE-BREAK-AFTER: avoid; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt" face="times new roman">Category of user </FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in" vAlign=bottom width="33%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PAGE-BREAK-AFTER: avoid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9pt" face="times new roman">Frequency of interruptions (maximum number of interruptions per six month period)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in" vAlign=bottom width="33%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PAGE-BREAK-AFTER: avoid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 2pt; LINE-HEIGHT: 9pt; PADDING-RIGHT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="times new roman">Duration of interruption (maximum amount of time per interruption) <SUP>(1)</SUP></FONT></B></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt 0.1in; TEXT-INDENT: -0.1in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">High voltage</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">2 hours</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in" vAlign=bottom width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt 0.1in; TEXT-INDENT: -0.1in"><FONT lang=DE style="FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">Medium voltage</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in" vAlign=bottom width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt"><FONT lang=DE style="FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in" vAlign=bottom width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt"><FONT lang=DE style="FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">3 hours</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt 0.1in; TEXT-INDENT: -0.1in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">Low voltage: (small and medium demand)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">10 hours</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in" vAlign=bottom width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt 0.1in; TEXT-INDENT: -0.1in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">Large demand</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in" vAlign=bottom width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in" vAlign=bottom width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">6 hours</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">_______________________</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">Interruptions of less than three minutes are not recorded.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Furthermore, pursuant to the Adjustment Agreement, we agreed to comply with a medium delivery standard (System Average Interruption Duration Index (&#8220;SAIDI&#8221;) and System Average Interruption Frequency Index (&#8220;SAIFI&#8221;)) that reflected our actual average delivery standards during the period from 2001 through 2003. This medium delivery standard required us to comply with a maximum number of interruptions per semester, on average, of 2,761 and a maximum duration of interruption, on average, of 5,386 hours. If we do not meet the delivery standards required by our concession, as set forth in the table above, but are otherwise in compliance with the medium delivery standard under the Adjustment Agreement, we may withhold payment of any fines that may be imposed under our concession for this failure and use this amount of unpaid fines for our capital expenditures. If we fail to comply with this measure, we will be required to pay the fines to the affected users.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In addition to establishing district and community-based service quality controls, a quality improvement track with additional requirements was implemented, including interruption frequency limits, an admissible interruption duration as well as the cost of non-delivered energy. Additionally, an automatic penalty mechanism was implemented to have the discounts resulting from deviations from the established limits credited to users within a term of 60 days as from the end of the six-month control period. As for the amounts of the definitive penalties, the ENRE&#8217;s decision concerning the information submitted for each six-month period is required. In accordance with the provisions of Sub-Appendix XVI to ENRE Resolution No. 63/17, the Company is required to submit, in a term of 60 calendar days, the calculation of global indicators, interruptions for which force majeure was alleged, the calculation of individual indicators, and will determine the related discounts, crediting the amounts thereof within 10 business days. In turn, the ENRE will examine the information submitted by the Company, and in the event that the crediting of such discounts were not verified, will impose a fine payable to the Argentine Government, equivalent to twice the value that should have been recorded. As of the date annual report, the Company has complied with the provisions of the aforementioned resolution in relation to the six-month period ended August 31, 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Through Resolution No. 198/18, the ENRE established supplementary penalties of 300 or 600 KWh per consumer based on the Feeder Six-month Period Track Factor </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(Factor de Sendero Semestral del Alimentador - FSSA)</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> and the Consumer Six-month Period Track Factor </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(Factor de Sendero Semestral del Usuario - FSSU)</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> as from the fourth six-month period of the RTI&#8217;s five-year period, which commenced in September 2018. The penalties that may eventually be applied will have to be calculated and reported to the ENRE by Edenor in a term of 120 calendar days as from the end of the six-month control period and deposited in an escrow account.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Regulatory requirements in terms of both product quality and service quality have been implemented for the five-year period 2017-2021, as set forth in ENRE Resolution No 63/17. The most relevant changes relating to product quality consist of: (1) the unification of the levels of voltage including an admissible disruption gap of 5% for high voltage and 8% for medium and low voltage; (2) the update of the cost of energy supplied under bad conditions (&#8220;CESMC&#8221;), which will increase to reflect the registered voltage offset (the CESMC will be updated depending on the VAD increases that may occur); (3) the calculation of a factor to be applied over the CESMC to establish the discounts to be allocated to each affected user, with semi-annual increases in such five-year period; and (4) the </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">determination of an increase mechanism for user compensation in the case of a continued event or incident.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">40</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_43"></A>




<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In connection with the technical service quality, the most relevant changes pursuant to ENRE Resolution No. 63/17 consist of: (1) the update of the cost of energy not supplied in conditions (&#8220;CENS&#8221;) according to the user&#8217;s category, which simultaneously will be subject to any VAD increases that may occur; (2) the exclusion of penalties application in the event of electrical outages caused by severe climate events that affect between 100,000 and 400,000 users within 24 hours, provided that the service is reestablished within the terms pursuant to ENRE Resolution No. 63/17; (3) the incorporation of quality tracks that set expected values for the SAIDI and SAIFI indicators, which satisfaction will determine the application of factors to be applied over the CENS to establish discounts to be allocated to users. These factors are related to the duration of the electrical outage and increase in subsequent semi-annual periods of the five-year period; and, (4) the determination of adjustment rates differentiated by district/commune over the mentioned factors. In all cases, the evolution of these quality tracks drive the SAIDI/SAIFI indexes to the values defined as medium grade quality reference in the concession contract at the end of the five-year period. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pursuant to our concession, the ENRE may fine us if one of our users suffers more than the maximum number of interruptions specified for its category (excluding interruptions of less than 3 minutes) or suffers interruptions for a longer period than as specified for its category. We pay these fines by granting credits to the affected users in their electricity bills within a 60-day period after the ending of the six-month control period. Fines are calculated at a rate per KWh that varies depending on the particular tariff or price schedule that is applicable to the user. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following table sets forth the frequency and duration (SAIDI and SAIFI) of interruptions our service in the periods indicated</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="47%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Year ended December 31,</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Per customers</FONT></I></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2017</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2016</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Average frequency of interruptions </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(times)</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">6.94</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">9.02</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">8.67</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Average duration of interruption</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"> (hours)&nbsp; </FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">22.65</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">27.55</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">25.84</FONT></P></TD></TR></TABLE></DIV>

<DIV align=left>&nbsp;</DIV>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In addition, to meet quality levels, we must comply with certain operational requirements related to the quality of our commercial services, safety in the public highways, data gathering and processing (including through reports that must be submitted to ENRE for supervision and control) and other contractual requirements related to our environmental management plan and the claims filed with ENRE by users which have been resolved after the established period.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Product quality</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of December 31, 2018,product quality regulations that established a quality track for the RTI&#8217;s five-year period (2017-2021) remain effective, and establish voltage deviation limits for Medium Voltage (&#8220;MV&#8221;) and Low Voltage (&#8220;LV&#8221;) supplies at a unified value of 8%, 5% exclusively for High Voltage (&#8220;HV&#8221;), and the cost of energy delivered in bad conditions at incremental values throughout the track for both voltage levels and disturbances.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Furthermore, pursuant to certain regulations, all measurements in points selected by the ENRE and in network disturbances that have shown deviations for which penalties had been imposed at the beginning of the RTI&#8217;s five-year period were remeasured within the maximum period of two years as from that date the RTI was completed.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Fines and Penalties</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Under the terms of our concession, the ENRE may impose fines and penalties if we fail to comply with our obligations.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Fines relating to our failure to meet any of the quality and delivery standards described above are payable by granting credits or bonuses to our users to offset a portion of their electricity charges. Since 1996, we have operated a central information system that allows us to directly credit users who are affected by these quality or delivery deficiencies in the amount of the applicable fines.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">41</FONT></P>

<DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_44"></A>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Fines and penalties that are not directly related to services rendered to our users are owed to the ENRE, including fines imposed on us by the ENRE for any network installations found to create a safety or security hazard in a public space, such as streets and sidewalks. In addition, the ENRE may fine us for furnishing it inconsistent required technical information. Fines paid to the ENRE are deposited in the Third-Party Reserve Fund of the ENRE</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Reserva de Fondos de Terceros del ENRE</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">) in an account held with Banco Naci&#243;n. Payments accumulate in the account until the amount deposited reaches Ps.5.6 million at which point, with the ENRE&#8217;s authorization, the amount is proportionally distributed among our users.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following table shows the adjustments to Edenor&#8217;s standalone accruals for ENRE fines and penalties, including current fines and penalties and adjustments to past fines due to increases in our tariffs pursuant to the Adjustment Agreement, for the periods specified:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="47%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Year ended December 31,</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="47%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(in millions of Pesos)</FONT></I></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2017</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2016</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Accruals at beginning of year&nbsp; </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10.05pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">6,163.2 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10.05pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10.05pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; 6,511.2 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10.05pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10.05pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; 2,646.0 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10.05pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">ENRE Fines and Penalties</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10.05pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; 3,681.2 </FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10.05pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10.05pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; 1,169.3 </FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10.05pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10.05pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; 5,046.1 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Quality of Technical Service </FONT></I></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; 1,506.1 </FONT></I></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT></I>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; 356.2 </FONT></I></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT></I>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; 2,815.7 </FONT></I></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Quality of Technical Product </FONT></I></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; 222.6 </FONT></I></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; (0.8)</FONT></I></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; 756.1 </FONT></I></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Quality of Commercial Service </FONT></I></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; 958.0 </FONT></I></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT></I>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; 178.5 </FONT></I></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT></I>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; 81.9 </FONT></I></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Public Safety </FONT></I></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; 630.9 </FONT></I></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; 361.7 </FONT></I></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; 1,114.5 </FONT></I></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Transport Technical Function </FONT></I></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; (1.5)</FONT></I></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT></I>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2.7 </FONT></I></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT></I>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">0.2 </FONT></I></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Reporting Violations </FONT></I></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; 142.8 </FONT></I></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; 228.3 </FONT></I></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; 201.1 </FONT></I></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Non-compliance with the investment plan</FONT></I></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; </FONT></I><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">138.7 </FONT></I></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT></I>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; - </FONT></I></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT></I>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; - </FONT></I></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Others </FONT></I></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; 83.6 </FONT></I></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; 42.7 </FONT></I></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; 76.6 </FONT></I></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10.05pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;Payments of the year</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">(524.5)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10.05pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">(161.6)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10.05pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">(178.7)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Quality of Technical Service </FONT></I></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">(401.2)</FONT></I></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">(107.0)</FONT></I></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">(166.2)</FONT></I></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Quality of Technical Product </FONT></I></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; (13.9)</FONT></I></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT></I>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; (6.4)</FONT></I></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT></I>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; - </FONT></I></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Quality of Commercial Service </FONT></I></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; (32.1)</FONT></I></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; (48.2)</FONT></I></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; (12.5)</FONT></I></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Public Safety </FONT></I></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; (77.3)</FONT></I></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT></I>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; - </FONT></I></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT></I>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; - </FONT></I></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Result from exposure to inflation for the year</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10.05pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT></B><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">(2,386.9)</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10.05pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10.05pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">(1,355.7)</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10.05pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10.05pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">(1,002.2)</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10.05pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Accruals at year-end </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10.05pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; 6,933.0 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10.05pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; 6,163.2 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10.05pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; 6,511.2 </FONT></B></P></TD></TR></TABLE><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">Note: The facts or events that generated the amounts charged in each period may have occurred in prior periods and not necessarily in the period in which the charge is made. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our fines and penalties imposed on us by the ENRE amounted to Ps.3,116.5 million and Ps.856.7 million as of December 31, 2018 and 2017, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">As of December 31, 2018, total accrued fines and penalties imposed on us amounted to Ps.6,933.0 million, of which Ps.4,311.4 million (including accrued interest) corresponded to penalties accrued but not yet imposed on us and Ps.2,621.6 million (including accrued interest) correspond to penalties imposed on us but not yet paid. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Additionally, pursuant to Note No. 125,248 dated March 29, 2017, the ENRE set the new penalty determination and adjustment mechanisms in relation to the control procedures, the service quality assessment methodologies, and the penalty system applicable as from February 1, 2017 for the 2017 &#8211; 2021 period established by ENRE Resolution No. 63/17, providing for the following:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 55.7pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman">i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman">Penalty values shall be determined on the basis of the KWh value, the average electricity rate, the cost of energy not supplied or other economic parameter at the value in effect at the first day of the control period or the value effective on the date of the penalizable event for penalties arising from specific events.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 55.7pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman">ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman">For all penalizable events that occurred during the transition period (the period between the signing of the Adjustment Agreement and the effective date of the RTI) for which a penalty has not been imposed, penalties shall be adjusted by the CPI used by the Central Bank to produce the multilateral real exchange rate index (&#8220;ITCRM&#8221;) for the month prior to the end of the control period or for the month prior to the date of occurrence of the penalizable event for penalties arising from specific events, until the date on which the penalty is imposed. This mechanism is also applicable to the events penalized after April 15, 2016 </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman">(ENRE Note No. 120,151) and until the effective date of the RTI. This adjustment will be part of the penalty&#8217;s principal amount.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 55.7pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman">iii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman">Unpaid penalties will accrue interest at the Banco Naci&#243;n lending rate for thirty-day discount transactions from the date of the resolution to the date of actual payment, as interest on late payment. In the case of penalties relating to customer service, the calculated amount shall be increased by 50%.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0in 55.7pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman">iv)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman">Penalties imposed after February 1, 2017 will be valued at the KWh value or the cost of energy not supplied on the first day of the control period or on the day on which the penalty is imposed for penalties arising from specific events. Those penalties will not be adjusted by the CPI, applying the interest on late payment. Moreover, an additional fine equivalent to twice the amount of the penalty will be determined if payment is not made in a timely manner and proper form.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Pursuant to ENRE regulations, many of the penalties imposed in KWh must be valued at the date the penalizable event occurred; the effects of these modifications have been quantified by the Company and recognized as of December 31, 2018. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">In accordance with the provisions of Sub-Appendix XVI to ENRE Resolution No. 63/17, the Company is required to submit, within a term of 60 calendar days, the calculation of global indicators, interruptions for which force majeure was alleged, the calculation of individual indicators and will determine the related discounts, crediting the amounts thereof within ten business days. In turn, the ENRE will examine the information submitted by the Company, and in the event that the crediting of such discounts was not verified, will impose a fine, payable to the Argentine Government, for an amount equivalent to twice the value of the original amount that should have been recorded. As of the date of this annual report, the Company has complied with the provisions of ENRE Resolution No. 63/17 in relation to the six-month period ended August 31, 2018 and we are preparing the information in relation to the six-month period ended February 28, 2019, which we will be presented before its expiration date.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Furthermore, through certain resolutions concerning penalties relating to the quality of the commercial and technical service, the ENRE has provided for the application of increases and adjustments, applying for such purpose a criterion different from the one applied by the Company. In this regard, the ENRE implemented an automatic penalty mechanism so that the discounts on account of deviations from the established limits may be credited to users within a term of 60 days as from the end of the six-month control period.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">In fiscal year 2018, the ENRE regulated and/or issued several new penalty procedures, including: </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 30pt; TEXT-INDENT: -12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=wingdings>&#252;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman">ENRE Resolution No. 118/18: Regulating the compensation for extraordinary service provision interruptions.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 30pt; TEXT-INDENT: -12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=wingdings>&#252;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman">ENRE Resolution No. 170/18: Regulating the penalty system for deviations from the investment plan, a procedure whereby real investments are compared to the annual investment plan submitted by the Company, and the investment plan carried out for the 5-year rate period is assessed against the Five-year period plan proposed in the RTI.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 30pt; TEXT-INDENT: -12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=wingdings>&#252;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman">ENRE Resolution No. 198/18: New supplementary penalty system of technical service quality, which penalizes deviations from quality parameters at the feeder level.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 30pt; TEXT-INDENT: -12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=wingdings>&#252;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman">ENRE Resolution No. 91/18: Through the filing of charges against Edenor, the ENRE informs Edenor about the penalty system to be applied for failure to comply with meter-reading and billing time periods.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Disruptions</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Due to the disruption in the provision of service in our concession area resulting from a power outage during a heat-wave that occurred between December 20 and December 31, 2010, the ENRE issued Resolution No. 32/11 in February 2011 pursuant to which we were fined for Ps.1.1 million in nominal currency, equivalent to Ps.5.9 million in current currency and ordered to compensate users who had been affected by power cuts for approximately Ps.21.2 million in nominal currency, equivalent to Ps.113.3 in current currency. We filed a direct appeal with the Appellate Court in Contentious and Administrative Federal Matters No. 1, requesting that such resolution be declared null and void. </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Additionally, we filed a petition for the granting of injunctive relief aimed at suspending the application of the fine imposed until a decision on the direct appeal is rendered. On April 28, 2011, the court denied the request for injunctive relief. As a result, we filed a federal extraordinary appeal (&#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Recurso Extraordinario Federal</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8221;) which was subsequently rejected. We then filed another appeal (&#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Recurso de queja por apelaci&#243;n denegada</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8221;) with the Supreme Court requesting that the rejected extraordinary federal appeal be sustained. During 2014, the Appellate Court in Contentious and Administrative Federal Matters No. 1, denied the direct appeal requesting such resolution be declared null and granted the extraordinary appeal on the grounds that the matter corresponded to the scope and interpretations of a federal rule but not as to the arbitrariness of the judgment claimed by Edenor. Consequently, we then filed an appeal (&#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Recurso de queja por apelaci&#243;n denegada</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8221;) requesting that both appeals be considered jointly. As of December 31, 2018, due to ENRE Resolution No. 32/11 Edenor registered a provision of Ps.66.4 million in its financial statements. Given that framework of the &#8220;Agreement&#8221; with the ENRE is no longer in effect, the procedure is &#8220;suspended&#8221; and the Company cannot estimate the date on which the litigation will end.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On November 15, 2012, the Company was notified of ENRE Resolution No. 336/12, pursuant to which the Area of Application and Administration of Standards in charge of enforcing the ENRE&#8217;s regulations&nbsp; was instructed to immediately initiate a sanction proceeding whereby the distribution companies Edenor and Edesur S.A. (&#8220;Edesur&#8217;&#8217;) were required to: (a) determine the users affected by the power cuts which occurred as a consequence of failures between October 29 and November 14, 2012; (b) determine the discounts to be recognized for each of the affected users; and (c) credit such discounts towards the final discounts that would result from the evaluation of the technical service quality relating to the six-month control period. As of December 31, 2018, pursuant to Resolution No. 336/12 of the ENRE, the Company registered a provision of Ps.44.1 million in its financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Consequently, we then filed an appeal (&#8220;Recurso de queja por apelaci&#243;n denegada&#8221;) requesting that both appeals be considered jointly. As of December 31, 2018, due to ENRE Resolution No. 32/11 Edenor registered a provision of Ps.66.4 million in its financial statements. Given that framework of the agreement with the ENRE is no longer in effect, the procedure is &#8220;suspended&#8221; and the Company cannot estimate the date on which the litigation will end.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Foreclosure on the Pledge of Our Class A common shares or Revocation of Our Concession</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pursuant to the terms of the Adjustment Agreement, the Argentine Government may foreclose on the pledge of Edenor Class A common shares and sell them in a public bidding process if any of the following events occurs:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Edenor incurs penalties in excess of 20% of our gross energy sales, net of taxes (which corresponds to our energy sales) in any given year;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pampa, fails to obtain the ENRE&#8217;s approval in connection with the disposition of our Class A common shares;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">material and repeated breaches of the Concession are not remedied upon request by the ENRE;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pampa creates any lien or encumbrance on our Class A common shares (other than the existing pledge in favor of the Argentine Government);</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pampa or Edenor obstruct the sale of the Class A common shares at the end of any management period according to the terms of the Concession;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">our shareholders amend our articles of incorporation or voting rights in a way that modifies the voting rights of the Class A common shares without the ENRE&#8217;s prior approval; or</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">our shareholders or former shareholders fail to desist from any ICSID claim brought against the Argentine Government following the completion of the RTI process and the approval of a new tariff regime.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On February 1, 2017, the ENRE issued Resolution No. 63/17 establishing the new tariff scheme which resulted from the completion of the RTI process, applicable to the following five-year period. Pursuant to the provisions of the Adjustment Agreement, EASA and EDFI withdrew their ICSID claim, and on March 28, 2017, the ICSID recognized the discontinuance of the procedure. See &#8220;Item 7. Major Shareholders and Related Party Transactions&#8221;.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Upon the occurrence of any of these events, the Argentine Government will have the right to foreclose on the pledge of our Class A common shares and exercise the voting rights of the Class A common shares until the transfer of such shares to a new purchaser occurs, at which time Pampa will receive the proceeds of such transfer, net of a specified penalty payable to the Argentine Government.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In addition, under the terms of our concession, the Argentine Government has the right to revoke our concession if we enter into bankruptcy and the Argentine Government decides that we may not continue rendering services, in which case all of our assets will be transferred to a new state&#8209;owned company that will be sold in an international public bidding process. At the conclusion of this bidding process, the purchase price would be delivered to the bankruptcy court in favor of our creditors, net of any debt owed by us to the Argentine Government. Any residual proceeds would be distributed among our shareholders.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Periodic bidding for control of Edenor</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Before the end of each management period under our concession, the ENRE will arrange for an international public bidding procedure to be conducted for the sale of 51% of our capital stock and voting rights in similar conditions to those under which Pampa acquired its stake. Pampa (or its successor) will be entitled to participate in the bid. The person or group offering the highest price will acquire the stock and will pay the offered price to Pampa. If Pampa is the highest bidder or if Pampa&#8217;s bid equals the highest bid, it will retain 51% of our stock, but no funds will need to be paid to the Argentine Government and Pampa will have no further obligation with respect to its bid. There is no restriction as to the amount Pampa may bid. In the event Pampa fails to submit a bid or its bid is lower than the highest bid, the Class A common shares will be transferred to the highest bidder and the price paid by the purchaser (except for any amounts owed to the Argentine Government) will be delivered to Pampa. See &#8220;Item 7. Major Shareholders and Related Party Transactions&#8212;Parent Company Merger Process.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The first management period was set to expire on August 31, 2007. We presented a request for a five-year extension of the initial management period in May 2007 and on July 5, 2007, the ENRE, pursuant to the Resolution No. 467/07 of the ENRE, agreed to extend the initial management period for an additional five years from the date that the new tariff structure was adopted under the RTI. The remaining 10-year periods will run from the expiration of the extension of the initial management period.</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal" face=calibri,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The first management period is estimated to end on March 1, 2022.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Default of the Argentine Government</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">If the Argentine Government breaches its obligations in such a way that we cannot comply with our obligations under our concession or in such a way that our distribution service is materially affected, we may request the termination of our concession, after giving the Argentine Government a 90 days&#8217; prior notice. Upon termination of our concession, all our assets used to provide our electricity distribution service will be transferred to a new state&#8209;owned company to be created by the Argentine Government, which shares will be sold in an international public bidding procedure. The amount obtained in such bidding will be paid to us, net of the payment of any debt owed by us to the Argentine Government, plus compensation established as a percentage of the bidding price, ranging from 10% to 30% depending on the management period in which the sale occurs.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Edenor Network</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of December 31, 2018, the system through which the Company supplies electricity comprises 79 HV/HV, HV/HV/MV and HV/MV transformer substations, which represents 17,783 MVA of installed power and 1,527 kilometers of 220 kV, 132 kV and 27.5 kV high-voltage networks. The MV/LV and MV/MV distribution system comprises 18,024 MV/LV transformers, which represents 8,404 MVA of installed power, 11,054 kilometers of 33 and 13.2 kV medium-voltage lines, and 27,118 kilometers of 380/220 V low-voltage lines.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P><FONT lang=PT-BR><BR clear=all></FONT>

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<a name="_bclPageBorder48"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">The table below shows the most significant data related to the transmission and distribution system for the last five years: </FONT>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P><FONT lang=PT-BR>

<P align=center>
<IMG border=0 src="pg46.gif"></P></FONT>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Electricity is conveyed from points of interconnection with the Argentine Interconnection System (&#8220;SADI&#8221;), 500 kV-220 kV Rodr&#237;guez Substation, 220 kV Ezeiza Substation, and from the local power plants, mainly Puerto and Costanera. In turn, the transmission network links these nodes with Casanova, Colegiales, Malaver, Matheu, Mor&#243;n, Rodr&#237;guez, Talar and Zappalorto 220 kV head substations, and with Matanza, Ramos Mej&#237;a, Agronom&#237;a, Puerto Nuevo, Edison, Pilar, and Malvinas 132 kV head substations. Additionally, other local thermal-generation power plants are linked to Pilar, Zappalorto and Matheu Substations.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The transmission and distribution system, together with Edesur S.A. and Edelap S.A.&#8217;s systems, form the Greater Buenos Aires system that is operated by SACME, a company jointly controlled by the Company and Edesur S.A. SACME is responsible for the management of the high-voltage regional distribution in the Buenos Aires metropolitan area, coordinating, controlling and supervising the operation of the generation, transmission and distribution network in the CABA and the Buenos Aires metropolitan area, including coordination with the SADI in the Company&#8217;s and Edesur&#8217;s concession areas.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Company distributes energy from the high/medium voltage substations through the primary 13.2kV and 33kV system to a secondary 380/220 V low-voltage system, distributing the electricity to final users with varied voltage levels depending on their requirements. In exceptional cases, certain users are supplied with power at higher voltages.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">46</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following main works were performed in 2018:</FONT></P>

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<P style="MARGIN: 0in 0in 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT></I>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Transmission structure: </FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our transmission network&#8217;s structure comprises high voltage (HV: 500, 220 and 132 kV) lines and/or cables that link non-radial operation substations, the interconnection points and the generation. The main development criterion of this network is its adaptability in order to meet the planned demand according to its geographical distribution, considering the various possible generation scenarios and the eventual unavailability of facilities comprising the network. The Company&#8217;s HV transmission network takes power mainly from the SADI through the Rodr&#237;guez Substation, Ezeiza Substation, Puerto Nuevo and Nuevo Puerto thermal power plants, and Costanera Substation; additionally, it exchanges power with other companies at transmission and distribution level.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2018, to improve service quality and meet the growth in demand, the following significant works were carried out in the HV network, among others:</FONT></P>

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   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2 face=Symbol>&#183;</FONT></P></TD>

   <TD vAlign=top width="95%" align=left>

   <P style="MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 8pt" align=left><FONT size=2>Putting into service the expanded 220/132 kV Ezeiza Substation with a 300 MVA transformer and two new 132 kV cable output fields, and two new 132 kV electrical transmission lines that link this substation with the El Pino Substation.</FONT></P></TD></TR>

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   <TD vAlign=top width="5%" align=right>

   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2 face=Symbol>&#183;</FONT></P></TD>

   <TD vAlign=top width="95%" align=left>

   <P style="MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 8pt" align=left><FONT size=2>Putting into service a new 132 kV electrical transmission line that links the Casanova and the San Justo Substations<FONT style="FONT-SIZE: 10pt" face="Times New Roman">.</FONT></FONT></P></TD></TR>

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   <TD vAlign=top width="5%" align=right>

   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2 face=Symbol>&#183;</FONT></P></TD>

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   <P style="MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 8pt" align=left><FONT size=2>Replacement of a 5 km-long section of the 132 kV three-phase oil-paper cable with the 132 kV XLPE-type dry cable from the electrical transmission lines that link the Puerto Nuevo, Melo and Colegiales Substations. </FONT></P></TD></TR>

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   <TD vAlign=top width="5%" align=right>

   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2 face=Symbol>&#183;</FONT></P></TD>

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   <P style="MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 8pt" align=left><FONT size=2>Continuation of expansion works of the 500/220 kV Rodr&#237;guez Substation to increase its capacity by 800 MVA. The expanded substation is expected to be put into service in 2019.</FONT></P></TD></TR>

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   <TD vAlign=top width="5%" align=right>

   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2 face=Symbol>&#183;</FONT></P></TD>

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   <P style="MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 8pt" align=left><FONT size=2>Continuation of works on the new 220 kV electrical transmission line that will link Malaver and Edison Substations and of the latter&#8217;s expansion through the installation of a 220/132 kV - 300 MVA transformer.</FONT></P></TD></TR>

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   <TD vAlign=top width="5%" align=right>

   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2 face=Symbol>&#183;</FONT></P></TD>

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   <P style="MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 8pt" align=left><FONT size=2>Commencement of works to link the Jos&#233; C. Paz Substation with the Mor&#243;n &#8211; Matheu Substations&#8217; 132 kV electrical transmission lines.</FONT></P></TD></TR>

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   <TD vAlign=top width="5%" align=right>

   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2 face=Symbol>&#183;</FONT></P></TD>

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   <P style="MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 8pt" align=left><FONT size=2>Commencement of works on two new 132 kV electrical transmission lines that will link the Malaver and the Munro Substations, replacing a 17 km-long section of a three-phase oil-paper cable.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 56.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">Subtransmission Structure </FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our substransmission network is the link between HV (HV/HV) head substations and the substations where voltage is transformed from high to medium (HV/MV), adopting generally the 132 kV voltage level. The overhead network (double radial deviation or double loop deviation) and the underground network (in &#8220;simple circuit&#8221; loops or double loop deviation) are considered as the basic structure of the subtransmission network.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2018, some of the main works performed were:</FONT></P>

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   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2 face=Symbol>&#183;</FONT></P></TD>

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   <P style="MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 8pt" align=left><FONT size=2>Completion of the new Aguas and Pantanosa Substations.</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="5%" align=right><FONT size=2 face=Symbol>

   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2 face=Symbol>&#183;</FONT></P></FONT></TD>

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   <P style="MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 8pt" align=left><FONT size=2>Completion of the renovation and expansion works of the 132/13.2 kV 3 x 40 MVA Urquiza Substation.</FONT></P></TD></TR>

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   <TD vAlign=top width="5%" align=right><FONT size=2 face=Symbol>

   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2 face=Symbol>&#183;</FONT></P></FONT></TD>

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   <P style="MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 8pt" align=left><FONT size=2>Expansion of the 132/13.2 kV Benavidez Substation, replacing a 40 MVA transformer for a 80 MVA transformer.</FONT></P></TD></TR>

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   <TD vAlign=top width="5%" align=right><FONT size=2 face=Symbol>

   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2 face=Symbol>&#183;</FONT></P></FONT></TD>

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   <P style="MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 8pt" align=left><FONT size=2>Replacement of transformers in the Victoria, Colegiales, El Pino, Malaver and La Matanza Substations.</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="5%" align=right><FONT size=2 face=Symbol>

   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2 face=Symbol>&#183;</FONT></P></FONT></TD>

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   <P style="MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 8pt" align=left><FONT size=2>Continuation of works on the new Jose C. Paz and Aeroclub Substations.</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="5%" align=right><FONT size=2 face=Symbol>

   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2 face=Symbol>&#183;</FONT></P></FONT></TD>

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   <P style="MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 8pt" align=left><FONT size=2>Commencement of works on the new Ara San Juan and Libertad Substations and on the 33/13.2 kV Dique Luj&#225;n and El Cruce Step-down Centers.</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="5%" align=right><FONT size=2 face=Symbol>

   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2 face=Symbol>&#183;</FONT></P></FONT></TD>

   <TD vAlign=top width="95%" align=left>

   <P style="MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 8pt" align=left><FONT size=2>Acquisition of land to build the future Mart&#237;nez, Gar&#237;n and Trujui Substations. Additionally, a plot of land to build the future Oro Verde Substation was assigned to the
   </FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 56.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT></P>

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<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Company by the National office</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=red face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">in charge of the development, planning and conservation or routes (Vialidad Nacional).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Distribution Structure:</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The distribution network comprises all the equipment, medium voltage (13.2 and 33 kV) lines and cables that link subtransmission substations with medium and medium/low-voltage transformer centers. The network&#8217;s basic structure consists of open normal operation feeders forming rings with other feeders of another busbar of the same substation or with neighboring substations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2018, the following works were performed, among others:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 56.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Installation of 51 feeders in new and existing substations. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 56.75pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Installation of 513 new medium/low-voltage transformer centers and 507 power increases, which resulted in a net increase of installed power of 403 MVA.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Network improvement </FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">The improvements made to the networks in 2019 comprised all voltage levels. The most significant improvements are:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 56.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">High-voltage network: replacement of 132 kV and 220 kV disconnectors. Replacement of 132 and 220 kV line protection switchboards.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 56.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Medium-voltage network: replacement of circuit breakers in substations and installation of internal arc protections in switchboards. Putting into service a new switchboard in Migueletes substation and continuation of assembly works for a new switchboard in the Del Viso substation. Significant replacement of old technology in the underground network, change of medium and low-voltage transformers, and change of equipment in transformer centers.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 56.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Low-voltage network: replacement of the underground and overhead network. Reinforcement of the network with product quality problems.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.3pt 12pt 0in; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Information Technology and Telecommunications</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Company operates in a dynamic industry with many business challenges. To meet these challenges, the Company has continued to make progress through the strategic transformation of its Information Technology and Telecommunications function.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">This function, in addition to leveraging the efficiency of the business&#8217; processes, also aims to boost the deployment of the Company&#8217;s digital vision, which Edenor is currently developing, accompanied by Boston Consulting Group (BCG).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.3pt 12pt 0in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Faced with the challenges posed by the changes associated with the dynamic industry, the technological development and the digital transformation process, and the Information Technology and Telecommunications function&#8217;s strategic role, an in-depth review of the function&#8217;s operation model was conducted and a multi-year plan, which began implementation in 2019, was prepared with the consulting firm Bain &amp; Company. The focus of the plan is the restructuring of the organization and its main processes; the incorporation and dissemination of new practices and working methodologies such as methods that increase agility; the incorporation and/or development of new digital capabilities/skills in the team; and moving towards a technological design that is sufficiently developed and flexible to address the Company&#8217;s current and future challenges. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Digital design, innovation and processes</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Company launched the design solution function with the aim of designing and implementing models that not only accelerate implementation times of technological solutions but also increase the system&#8217;s availability and sustainability.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.3pt 12pt 0in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In this regard, the Company began to implement the new Red Hat Fuse distributed integration </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">platform, which is projected to &nbsp;enable improvements to the performance of the Company&#8217;s key processes, achieve a more flexible and secure integration with external agents, and lay the foundations for responding to the challenge posed to integration by the constant evolution of applications and the increasing frequency with which they are developed.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.3pt 12pt 0in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Additionally, the potential of blockchain technology began to be explored, identifying various potential uses capable of contributing value to the Company, with the aim to continue development in 2019 so that the technology delivers more value.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.3pt 12pt 0in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Furthermore, the first approaches to incubators and startups were made with an aim to establish a line of communication with the innovation ecosystem, which will contribute to having a map of solutions potentially integrable to the Company&#8217;s business.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.3pt 12pt 0in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Moreover, the process transformation function, a key role for building the digital vision, began to be developed. Such function will seek to develop and promote the business process management (BPM) practice in order to optimize business processes and promote their transverse management, using methodologies such as Lean and Six Sigma, among others, and technological tools, such as process mining and robotic process automation (RPA). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.3pt 12pt 0in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">With the aim of ensuring that the quality requirements of applications are met, the quality of solutions practice was expanded. Methodologies, processes and tools were incorporated, facilitating the performance of tests and detecting failures at an early stage to reduce to a minimum the number of defects in delivered products. Additionally, software testing tasks and repetitive production tasks were automated, saving more than 20,000 hours of manual work.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.3pt 12pt 0in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2017, the Visi&#243;n 360 program was launched consisting of a series of projects that incorporate new user relationship technologies that aim to have a unique vision of the user, regardless of the channel of contact, under the omnichannel concept. Consistent with such projects, a project was launched to technologically upgrade the Oracle CC&amp;B billing and commercial management platform. At the same time, in order to minimize waiting times, automatic take-a-turn ticket dispensers were installed in our commercial offices. As part of the Visi&#243;n 360 program, the Company continued developing projects under an omnichannel strategy of a single view with multiple contact channels.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.3pt 12pt 0in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">To improve user experience, the new Avaya omnichannel platform contact center was deployed in 2018. This technology enables the integration of all communication channels with a complete view of our user.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.3pt 12pt 0in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">During 2018, a complete technological upgrade of the Oracle CC&amp;B commercial and billing platform was carried out, which contributed to the optimization of customer response times, the reduction of staff manual tasks and the improvement of interaction with external entities. This new platform, which includes a meter data management module, is projected to properly address the management of smart meters in the near future.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Technical and operating processes</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.3pt 12pt 0in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">To improve the quality of its technical service, in 2018, certain functionalities of the Company&#8217;s system were extended and optimized to improve both the management of interruptions and the life cycle of distribution transformers.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.3pt 12pt 0in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Additionally, in 2018,</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=red face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">new functionalities were implemented in the ArcGis geographical information platform, extending the geo-visualization capabilities of the operation. In 2019, the platform&#8217;s potential will continue to be developed with the incorporation of management functionalities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Support processes</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.3pt 12pt 0in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">During 2018, to improve the efficiency of the Company&#8217;s support processes, different market-leading technologies were incorporated.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.3pt 12pt 0in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2018, one of the efficiency improvement initiatives consisted of the digitalization of the interaction process with suppliers through the implementation of SAP Ariba, which enables suppliers to register and enter their information themselves. It is expected that other functionalities of this module </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">will be incorporated for the improvement of this process.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.3pt 12pt 0in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Additionally, in 2018, the SAP Warehouse Management was reinforced to optimize the traceability of supplies to improve planning of operational work.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2018, new technological components that promote interaction and collaboration of the work force were implemented and includ the installation of self-management devices in the Company&#8217;s different operating areas as well as the implementation of an enterprise social network (SAP Jam) that facilitates collaboration at all levels and across all areas of the Company</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Data management</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.3pt 12pt 0in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Data management continued to be strengthened through the development of analytical tools and practices to obtain important information, with a view to the deployment of information models that allow for self-management and promote the development of analytical skills in business areas.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.3pt 12pt 0in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The implementation of the data map and governance model continued, deepening the understanding of the relationships and the systems where they are located, in addition to their life cycle&#8217;s responsibilities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.3pt 12pt 0in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In this regard, progress was made with the analysis and selection of a master data management (MDM) platform that will enable the setting of responsibilities for the updating of master data and the establishment of quality metrics and criteria, to ensure the reliability of information.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.3pt 12pt 0in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Additionally, in the analytical field, a use discovery methodology was employed, which promoted the cross-business vision through the data. One of the cases developed was related to the analysis of the impact works have on the quality of the service, with an aim to correlate different variables to detect scenario analysis.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.3pt 12pt 0in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Another use was related to the development of a predictive model, which, based on a combination of predictor data, artificial intelligence and machine learning, enables increased accuracy of energy fraud detection and loss appropriation. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Cybersecurity</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.3pt 12pt 0in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Following the guidelines defined in 2017 related to the multi-year cybersecurity plan in critical infrastructure, in 2018 the implementation of cybersecurity-related projects escalated, achieving a network segmentation design that is aligned with best market practices (ISA-99).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.3pt 12pt 0in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Additionally, the Company interacted with different domestic and international companies and civil and governmental institutions related to the electric power market, presenting its experiences in addressing these issues and learning from the experiences of other Latin-American countries. These interactions led the Company to promote the development of a common cybersecurity regulatory framework for electric power generation, transmission and distribution companies. Such initiative is currently being promoted in conjunction with other companies and institutions of the electricity sector.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.3pt 12pt 0in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Furthermore, with the aim of improving the level of compliance with SOX requirements, we have implemented a new tool that enables us to assign approval management and privileges through pre-designed workflows. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Infrastructure</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.3pt 12pt 0in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">To prepare for the development of a future smart grid, in 2018 the Company increased both the capacity and the extension of its optical fiber network, reaching a total of nearly 1,300 Km in service. This initiative impacted the communication of substations, buildings and commercial offices, enhancing the performance of the network as a whole.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.3pt 12pt 0in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">To increase productivity, development began of advanced monitoring practices incorporating Splunk and Knoa technologies in the first stage. By monitoring the infrastructure and the activity of the 1,500 users that perform works on the street and a significant number of desk users, we project to increase the availability of applications, optimize performance and proactively detect future failures and improvement opportunities.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.3pt 12pt 0in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">With the aim to keeping the processing technologies that support our applications updated and to achieving a faster response to changes and better performance, the consolidation of critical applications to a new private cloud architecture and the migration of the Company&#8217;s remaining applications to a public cloud began. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Users </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">The following graph shows the evolution of our user base over the last five years:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P>

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<IMG border=0 src="pg52.gif">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of December 31, 2018, Edenor served 3,040,339 users. We define a &#8220;user&#8221; as one meter. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I></B>&nbsp;</P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Edenor classifies its users pursuant to the following tariff categories:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 42.55pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Residential (T1-R1 to T1-R9): residential users whose peak capacity demand is less than 10kW. In 2018, this category accounted for approximately 42.3% of our electricity sales.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 42.55pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Small commercial (T1-G1 to T1-G3): commercial users whose peak capacity demand is less than 10kW. In 2018, this category accounted for approximately 8.5% of our electricity sales. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 42.55pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Medium commercial (T2): commercial users whose peak capacity demand is equal to or greater than 10kW but less than 50kW. In 2018, this category accounted for approximately 7.9% of our electricity sales.</FONT></P>

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   <P style="MARGIN-BOTTOM: 8pt" align=left><FONT size=2>Industrial (T3): industrial users whose peak capacity demand is equal to or greater than 50kW. This category is applied to high-demand users according to the voltage at which each user is connected. The voltage ranges included in this category are the following: (i) Low Voltage (LV): voltage less than or equal to 1 kV; (ii) Medium Voltage (MV): voltage greater than 1kV but less than 66 kV; and (iii) High Voltage (HV): voltage equal to or greater than 66kV. In 2018, this category accounted for approximately 17.2% of our electricity sales. This category does not include users who purchase their electricity directly through the WEM under the wheeling system.</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 8pt" align=left><FONT size=1>&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Wheeling System: large users who purchase their electricity directly from generation or broker companies through the WEM. These tariffs follow the same structure as those applied under the Industrial category described above. As of December 31, 2018, the total number of such large users was 699, and this category represented approximately 26.1% of our electricity sales.</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 8pt" align=left><FONT size=2>Others: public lighting (T1-PL) and shantytown users whose peak capacity demand is less than 10kW. In 2018, this category accounted for approximately 6% of our electricity sales. See &#8220;Framework Agreement (Shantytowns)&#8221;.</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">We aim to maintain an accurate categorization of our users to charge the appropriate tariff to each user. In particular, we focus on our residential tariff categorizations to both minimize the number of </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">commercial and industrial users who are classified as residential users and identify residential users whose peak capacity demand exceeds 10 kW and therefore do not qualify as residential users.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We rely on the following measures to detect incorrectly categorized users:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 42.55pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">reporting carried out by our employees tasked with reading meter information to identify observed commercial activities which are being performed by residential users,</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 42.55pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">conducting internet surveys to identify advertisements for commercial services (such as medical or other professional services) that are linked to a residential user&#8217;s address, and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 42.55pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">analyzing user demand to determine whether we should further evaluate the peak capacity demand of a given user whose use might exceed 10kW.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Reading, Billing and Collecting</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Company bills its users based on their tariff categories. Residential users and small business users are billed a fixed monthly charge and a variable charge based on each unit of energy consumed. The savings in energy consumption obtained by users are calculated by comparing the current consumption with the consumption of the registered user during the same period in 2015. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On January 29, 2016, pursuant to Resolution No. 1/16, the ENRE established a monthly billing scheme providing for bimonthly consumption reading. On February 1, 2017, the ENRE issued Resolution No. 63/17, which established a new tariff scheme that maintains the billing methodology of Resolution No. 1/16.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2017, the implementation of the remote meter reading system for the tariff 3 (high demand) and tariff 2 (medium demand) user segments gradually began.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As part of the measures aimed at the restructuring of the electricity sector after the RTI became effective, a system was implemented for the monthly billing of the consumption measured every two months, dividing for such purpose the bimonthly consumption into two similar monthly periods with a view to providing T1 (small demand) users with more timely information regarding their consumption and facilitating payment.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Additionally, to measure the amount of actual readings for which service is billed, limits of estimated readings have been established in order to maximize user billing on actual readings. The Concession Agreement initially stipulated that the maximum limit of estimates was 8% of the total bills issued. As from the effective date of the RTI, a maximum of 2% of estimated bills over the total number of bills issued for each electricity rate category has been set as a global indicator. The Company complied with this indicator and improved it to an average of less than 1% in 2017. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">With more than 17 million annual readings, our meter reading process has an effectiveness percentage in which 98.26 % of the meter readings are billed in first instance, which subsequently directly impacts the quality of the billing: less than 0.09 % of the readings have given rise to a complaint and approximately 1 in 11,128 readings has an error that must be corrected in the billing process.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As a result of our meter reading and billing processes, other commercial processes have become more regularized; bill distribution tasks have become more organized, due dates and cash flows have become more predictable. Technological adaptations, such as remote meter readings, the changes to meter reading procedures, and the opening of new contact channels to coordinate meter readings have contributed to an improvement in the number of the meter readings that could not be billed in first instance, avoiding estimated consumption. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2018, estimated consumption cases accounted for only 0.46% of total consumption billed.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our residential and small commercial users are divided into subcategories based on their consumption, as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Residential (Tariff 1-R or T1-R)</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 58.45pt; TEXT-INDENT: -15.9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Tariff 1-R1: monthly energy consumption less than or equal to 300 KWh;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 58.45pt; TEXT-INDENT: -15.9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Tariff 1-R2: monthly energy consumption greater than 301 KWh and less than or equal to 650 KWh;</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 58.45pt; TEXT-INDENT: -15.9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Tariff 1-R3: monthly energy consumption greater than 651 KWh and less than or equal to 800 KWh;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 58.45pt; TEXT-INDENT: -15.9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Tariff 1-R4: monthly energy consumption greater than 801 KWh and less than or equal to 900 KWh;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 58.45pt; TEXT-INDENT: -15.9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Tariff 1-R5: monthly energy consumption greater than 901 KWh and less than or equal to 1000 KWh;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 58.45pt; TEXT-INDENT: -15.9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Tariff 1-R6: monthly energy consumption greater than 1001 KWh and less than or equal to 1200 KWh;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 58.45pt; TEXT-INDENT: -15.9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Tariff 1-R7: monthly energy consumption greater than 1201 KWh and less than or equal to 1400 KWh;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 58.45pt; TEXT-INDENT: -15.9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Tariff 1-R8: monthly energy consumption greater than 1401 KWh and less than or equal to 2800 KWh; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 58.5pt; TEXT-INDENT: -15.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Tariff 1-R9: monthly energy consumption greater than 2800 KWh.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Social Tariff</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The social tariff applies to the same subcategories of residential rates, for which there is no variable charge for the first 150 KWh of monthly consumption until November 2017. Since December 2017, mechanisms for discounts based on consumption (150 KWh/month at the price) of Stabilized Energy Price (&#8220;PEE&#8221;) energy, and the second 150 KWh/month at 50% of the PEE) and are differentiated according to whether they generate savings over the same period of 2015, provided for in Resolution of the ENRE No. 603/17. However, since the beginning of 2019, bonuses for savings have been eliminated.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">To qualify for the social tariff, users must comply with one of the following characteristics:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 0.5in; TEXT-INDENT: 6.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">retirees or pensioners who receive two gross minimum wages or less;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 0.5in; TEXT-INDENT: 6.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">workers in employment relationships that earn two gross minimum wages or less;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 58.5pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">self-employed individuals falling in categories that correspond to annual income which monthly break out reaches two minimum gross wages or less;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 0.5in; TEXT-INDENT: 6.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">grantees of social programs;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 0.5in; TEXT-INDENT: 6.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">registered in the self-employed (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">monotributista</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">) social category;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 58.5pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">grantees of non-contributory pensions with gross income equal to or less than two minimum wages;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 0.5in; TEXT-INDENT: 6.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">grantees of unemployment insurance;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 0.5in; TEXT-INDENT: 6.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">domestic service incorporated into the relevant special social security scheme;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 0.5in; TEXT-INDENT: 6.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">holders of the Lifetime Pension for Veterans of the South Atlantic War;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 0.5in; TEXT-INDENT: 6.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">persons with a disability certificate issued by a competent authority; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 58.5pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">persons suffering or living with another person suffering from an illness whose treatment involves electrodependence (in this case, the variable charge for the first 600 KWh monthly consumption is free).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Small commercial (Tariff 1-G):</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 0.5in; TEXT-INDENT: 6.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Tariff 1-G1: bimonthly energy demand less than or equal to 1600 KWh;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 58.5pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Tariff 1-G2: bimonthly energy demand greater than 1600 KWh but less than or equal to 4000 KWh; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 58.5pt; TEXT-INDENT: -16pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Tariff 1-G3: bimonthly energy demand greater than 4000 KWh.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Medium Commercial (Tariff 2):</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Medium commercial users (demand greater than 10 kW but less than 50 kW - Tariff T2) are billed on a monthly basis, as follows: (1) a fixed charge per invoiced issued; (2) a fixed charge per each </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8220;scope of supply&#8221; of kW capacity agreed; (3) a fixed charge based on a maximum kW capacity (applicable to the maximum capacity registered during the billing period); (4) a variable charge based on each unit of energy consumed, without hour discrimination; and, (5) if applicable, a cos phi surcharge.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Industrial (Tariff 3):</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Industrial users (demand equal or greater than 50 kW - Tariff T3) are billed on a monthly basis, as follows: (1) a fixed charge per invoice issued; (2) a fixed charge per each &#8220;scope of supply&#8221; of kW capacity agreed for low, medium or high voltage, with or without electricity consumption; (3) a fixed charge based on a maximum kW capacity registered, in low, medium or high voltage, applicable to the maximum capacity registered during the billing period; (4) a charge resulting from the electricity supplied in the voltage corresponding to the provision, in accordance with the consumption registered in each of the tariff timetables: &#8220;peak&#8221;, &#8220;night-time&#8221; and &#8220;remaining hours&#8221;; (5) if the supply is carried out in continuous current, a surcharge equivalent to a percentage of the price of the rectified electricity; and (6), if it is applicable, a cos phi surcharge.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Public Lighting (AP):</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Public lighting users are billed a monthly variable energy charge based on each unit of energy consumed. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The table below shows the number of Edenor users per tariff category as of December 31, for the years 2018, 2017 and 2016, respectively:</FONT></P>

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<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="47%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">As of December 31,</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2017</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2016</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">T1R</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2,677,693 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2,580,003 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2,497,386 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">T1G</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">322,479 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">328,715 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">327,198 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">T2</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">31,993 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">33,426 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">34,662 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">T3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 6,876 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 6,874 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 6,856 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Wheeling system </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 679 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 706 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 714 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Other* </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 619 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 605 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 434 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Total</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3,040,339 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2,950,329 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2,867,250 </FONT></B></P></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.1pt" face="times new roman">*&nbsp;Represents public lighting and shantytown users.</FONT></DIV>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">All of the meters are read with portable meter&#8209;reading terminals, either with manual access or optical reading (in the case of electronic meters for T2, T3 and certain T1users). The systems validate the readings, and any inconsistent reading is checked and/or corrected before billing. Estimates of user usage were significantly reduced as a result of this new billing system. Once the invoices are printed, independent contractors in each operating area, that are subject to strict controls, distribute them.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Slow-Paying Accounts and Past Due Receivables</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pursuant to the Concession Agreement, certain procedures were established to reduce delinquency and enable collection, overseen with strict observance by the Commercial Department.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Municipal accounts make up a significant number of our arrear&#8217;s accounts. The methods of collection on such arrears vary for each municipality. One method of collection is to withhold from the municipalities certain taxes collected from the public by us on behalf of the municipalities and using such taxes to offset any past due amounts owed to us by such municipalities. Another method of collection is to enter into refinancing agreements with the municipalities. Such methods significantly reduce the number of arrears accounts.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our past due receivables increased from Ps.1,536.4 million as of December 31, 2017 to Ps.1,971.1 million as of December 31, 2018 in nominal currency. This increase was mainly due to the tariff increase established by ENRE Resolution No. 63/17. The tariff increase directly affected the amounts owed by users with debtor behavior, as their unpaid charges are calculated based on the tariff in </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">force as of the date of the infringement. Likewise, past due receivables could be measured as an equivalent of billing days, and taking into consideration this measure, an increase from 11.36 to 11.64 days is observed. </FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">56</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Throughout 2018, several actions were performed to reduce the past due receivables, including:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 1in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">suspension of the electricity supply service to users with significant outstanding balances; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 1in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">special notices prompting payment;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 1in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">personalized calls to negotiate and prompt payment;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 1in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">management and follow-up plans;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 1in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">more flexible payment plans; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 1in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">management of inactive accounts.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 1in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following graph shows Edenor&#180;s delinquent balances as of December 31, of each year:</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center>
<IMG border=0 src="pg57.gif"></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We also supply energy to low-income areas pursuant to the framework agreement with the Argentine Government and the Province of Buenos Aires, for which certain payments are still owed to us. See &#8220;Framework Agreement (Shantytowns).&#8221; </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Losses </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Energy losses are equivalent to the difference between energy purchased and energy sold, and may be classified as technical and non-technical losses. Technical losses represent the energy that is lost during transmission and network distribution as a consequence of natural heating of the transformers and conductors that transmit the electricity from the generating plants to the users. The non-technical energy losses represent the remainder of our energy losses mainly due to the illegal use of its services and administrative and technical errors. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Energy losses require us to purchase additional energy to satisfy apparent demand, thereby increasing costs. Furthermore, illegally tied-in users typically consume more electricity than the average level of consumption for their category. We are unable to recover from users the cost of electricity purchased beyond the average loss factor set at 10% pursuant to our concession. Therefore, the reduction of energy losses reduces the amount of energy we have to purchase to satisfy apparent demand but cannot invoice, and increases the amount of electricity actually sold. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">At the time of the privatization of the electricity sector in 1992, our total energy losses were approximately 26.54%. At that time, our non-technical losses were estimated at 17%, of the energy purchased; with over half of that amount due to fraud and illegal use of our service. In response to the high level of losses, we implemented a loss reduction plan in 1992, which emphasized accurate measurement of energy consumption through periodic inspections, reduction of administrative errors, regularization of shantytowns, reduction of illegal direct connections, provision of services to shantytowns and reduction of technical losses. </FONT><FONT lang=EN style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#212121 face=inherit>However, from time to time, the Company has </FONT>


<FONT lang=EN style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#212121 face=inherit>experienced an increase in non-technical losses as economic crises have impaired the ability of its users to pay their bills, and an increase in technical losses relative to the increase in the volume of energy that the Company supplied during such periods.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">57</FONT></P></DIV>

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&nbsp; <A name="page_60"></A>




<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our goal is to maintain our energy losses at an optimal level, while also considering the cost of reducing such losses and the level at which we are reimbursed for the cost of these losses under our concession. Our procedures for maintaining an optimal level of losses are focused on improving collections to ensure that users pay for all the energy that they consume and making investments in our network to control technical losses. To reduce the theft of electricity we have implemented vigilance and special technologies, such as networks that cannot be reached using normal ladders, shields close to the electricity posts, concentric cables, shielded meters and suspension of electricity service, among other remedies. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Moreover, we are testing other programs including teaching low-income users how to ration their consumption, providing them with the option of paying in installments and the installation of 48,560 integrated meters (MIDEs) in 2017, allowing the user to purchase fractional energy. In 2018, the plan aimed at normalizing clandestine consumers, inactive users and chronic delinquent users remained in force, substantially increasing the installation of MIDE energy integrated meters by 92,902 out of a total 142,728 meters.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In Regions II and III, new shantytowns were formed while existing shantytowns continued to grow. In 2018, the increase in total losses was mainly due to the theft of energy in these areas. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Additionally, in 2018 a new type of multiple concentric network (&#8220;MULCON&#8221;) was designed to leverage the MIDE meter&#8217;s functionalities increasing damage resistance. Due to positive results, it is being implemented in neighborhoods with high fraud rates.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following table illustrates our estimates of the approximate breakdown between technical and non-technical energy losses experienced in our concession area for the periods indicated:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="64%" colSpan=9>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Year ended December 31, </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2017</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2016</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2015</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2014</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Technical losses</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">8.4%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">8.8%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">9.6%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">11.1%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">10.8%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Non technical losses</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">9.8%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">8.3%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">7.4%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3.8%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3.5%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Total losses</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">18.2%</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">17.1%</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">17.0%</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">14.9%</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">14.3%</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Framework Agreement (Shantytowns)</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On January 10, 1994, the Company, among Edesur S.A., the Argentine Government and the Government of the Province of Buenos Aires entered into a Framework Agreement, whose purpose was to establish the guidelines under which the Company was to supply electricity to low-income areas and shantytowns (the &#8220;Framework Agreement&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In accordance with the terms of our concession and given the nature of public service that the law grants for the distribution of electricity, the Company is required to supply electricity to all users within the concession area, including low-income areas and shantytowns located within our concession area. In October 2003, Edenor, Edesur and Edelap entered into a framework agreement with the Argentine Government and the Province of Buenos Aires (the &#8220;2003 Framework Agreement&#8221;) to regulate the supply of electricity to low-income areas and shantytowns. Under the 2003 Framework Agreement, the Company has the right to receive compensation for the services provided to shantytowns from funds collected from residents of each relevant shantytown, the Municipality in which it is located and, if there is a shortfall, by a special fund supported by the Argentine Government and the Government of the Province of Buenos Aires. The Argentine Government and the Province of Buenos Aires contribute an amount equal to 21% and 15.5% of such compensation, respectively, net of taxes, paid by those users with payment problems and meter irregularities, which are transferred to distributors such as Edenor as compensation. On June 23, 2008, Edenor entered into an amendment to the 2003 Framework Agreement (the &#8220;Amended 2003 Framework Agreement&#8221;) with the Argentine Government, the Province of Buenos Aires and the other national electric distributors extending the terms of the 2003 Framework Agreement. The Amended 2003 Framework Agreement expired on December 31, 2010.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">58</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On July 22, 2011, the Company, together with Edesur and Edelap, entered into an addendum (the &#8220;Addendum&#8221;) with the Argentine Government and the Government of the Province of Buenos Aires, to extend the Amended 2003 Framework Agreement for an additional term of four years (from January 1, 2011, to December 31, 2014). Such extension was approved on September 21, 2012 by Resolution No. 248/12 issued by the ENRE and ratified by the Ministry of Planning pursuant to Resolution No. 247/12. On December 31, 2014 the Amended 2003 Framework Agreement expired. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On August 3, 2017, the extension of the Framework Agreement until September 30, 2017 was signed, which represents the recognition of revenue relating to the distribution of electricity to low-income areas and shantytowns for the January 1, 2015 - September 30, 2017 period for an amount of Ps.497.2 million. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of December 31, 2018, the Company and the Argentine Government were negotiating a new extension for the period elapsed from October 1, 2017 through December 31, 2018, and the payment of the electricity supplied during such period. Therefore, no revenue for this concept has been recognized.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Additionally, and as a result of the transfer of jurisdiction over the public service of electricity distribution from the Argentine Government to the Province of Buenos Aires and the City of Buenos Aires pursuant to Law No. 27,467, the Company will be required to undertake a review of the treatment to be given to low-income areas and shantytowns&#8217; consumption of electricity as from January 1, 2019 with the new &#8220;Grantors&#8221; of the Concession, once the transfer has been completed. In this matter, the Government of the Province of Buenos Aires enacted the General Budget Law No. 15,078 which established that the Province shall pay the aforementioned expenses up to the amount paid in 2018 and any amount in excess shall be borne by the relevant Municipalities, such consumptions to be previously approved by the regulatory entities or local authorities having jurisdiction in each area.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Insurance</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of December 31, 2018, we are insured for the property loss and damage, including damage due to floods, fires and acts of nature covering up to U.S.$1,603.9 million, with the following deductibles:</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8226;&nbsp; transformers, between U.S.$175,000 and U.S.$850,000 (depending on their power level);</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8226;&nbsp; equipment of sub-stations (not including transformers), U.S.$75,000.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8226;&nbsp; commercial offices, U.S.$1,500 for each office; </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8226;&nbsp; deposits and other properties, U.S.$25,000; and</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 49.65pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8226;&nbsp; acts of terrorism, U.S.$50,000, being the maximum insured amount for this purpose, U.S.$10,000,000.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We are also insured against theft of safe-deposit boxes and cash/valuables-in-transit for a maximum amount of U.S.$150,000 and U.S.$5,000, respectively, with a deductible of U.S.$250.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In addition, we maintain the following insurances, subject to customary deductibles and the conditions established for each coverage: </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8226;&nbsp; Directors and Officers Liability;</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8226;&nbsp; General Liability;</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8226;&nbsp; Vehicles;</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8226;&nbsp; Mandatory life insurance for all our employees which is maintained in accordance with Argentine law; and</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 49.65pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8226;&nbsp; Optional life insurances for all our employees.</FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of the date of this annual report, the Company is analyzing different coverage options offered by market participants for insurance related to cybersecurity events.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal" color=red face="Times New Roman"> </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Although we do not have business interruption insurance, we consider our insurance coverage to be adequate and in accordance with the prevailing standards for the industry.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal" face="Times New Roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">See &#8220;Item 3. Key Information&#8212;Risk Factors&#8212;Risks Relating to Our Business&#8212;In the event of an accident or other event </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">not covered by our insurance, we could face significant losses that could materially adversely affect our business and results of operations&#8221;.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Environmental Management</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In Argentina, the Argentine Government, the provincial Governments and the Government of the City of Buenos Aires are empowered to legislate on natural resources and environmental protection issues. The 1994 Constitution reaffirms this principle, assigning to the Argentine Government the establishment of broad environmental guidelines and to the provincial Governments and the Government of the City of Buenos Aires the duty to implement the necessary legislation to attain national environmental goals. The environmental policy for the electricity market was formulated by the former SE and implemented by the ENRE. Areas regulated by the ENRE include the tolerance level for electromagnetic fields, radio interference, voltage of contact and pass, liquid spills, disposal and handling of solid wastes, noise and vibration admissible levels and use, and the transport and storage of hazardous waste, including polychlorinated biphenyl (PCB), a viscous substance which was historically used to lubricate electrical transformers. The Argentine Environmental Law required that we eliminate the use of PCB in our transformers before January 1, 2011. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Over the course of 2009, we completed the removal of PCBs from all our transformers with contaminated coolant oils exceeding 50 ppm (parts per million), the limit established by National Law No. 25,670.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As part of our investment plan, we made important improvements to our network and implemented technological innovations which reduced the impact of these improvements on the environment. We are required to apply for licenses from the ENRE for all our business activities, which include certain requirements related to environmental protection. To the best of our knowledge, we are in compliance in all material respects with all applicable environmental standards, rules and regulations established by the ENRE, the former SE and other federal, provincial and municipal authorities. We have implemented environmental management programs to evaluate environmental impact and to take corrective actions when necessary. In addition, we have in place an environmental emergency plan designed to reduce potential adverse consequences should an environment contingency occur. Finally, as part of our environmental actions, we improved and deepened the program of rational uses of energy in our buildings and in our user equipment.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Regarding the addition of new installations and related construction works, all of the studies corresponding to the environmental impact evaluation required by law are being performed. These analyses are presented to local environmental authorities and submitted to consideration of the local communities in public audiences held as required by applicable regulations for the issuance of an environmental aptitude certificate. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On October 19, 1999, the Argentine Institute of Normalization (Instituto Argentino de Normalizaci&#243;n) certified that we have an environmental management system that is in accordance with the requirements of the standards set by the International Standardization Organization (ISO) as specified in its release, ISO 14001/15, which relates specifically to environmental management systems. This certification is reaffirmed on an annual basis, most recently as of November 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Section 22 of Law No. 25,675 requires all persons whose activities maintain an Environmental Complexity Level (ECL) that implies a risk of damage to the environment, such as any activity of the Company, to obtain environmental insurance for a certain minimum coverage</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Seasonality</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Demand for our services fluctuates on a seasonal basis. For a discussion of this seasonality of demand, see &#8220;Item 5. Operating and Financial Review and Prospects&#8212;Demand &#8212;Seasonality of Demand&#8221;.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">New Brand and Institutional Image</FONT></I></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2017, the Company launched its new brand and institutional image. The goal of this change is to reflect a modern company, with an emphasis on technology, innovation and user service quality, as </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">well as portray the Company as a model public utility company, with a focus on two pillars: efficiency and proximity. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The new brand and institutional image continued during 2018 and was visible throughout the different levels of the Company&#8217;s operations, including the corporate buildings, our commercial offices, corporate vehicles, invoices, among others. The principal actions were:</FONT></P>

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   <P style="MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 5pt" align=left><FONT size=2>Industrial safety: in November 2018, the Company successfully passed the annual audit conducted by the Argentine Institute for Standardization and Certification (&#8220;IRAM&#8221;) on the management of Industrial Safety, which allowed it to maintain the OHSAS 18001 certification it had obtained in 2005. In order to comply with these guidelines related to Occupational Health and Safety, the Company performed several activities, resulting in improved accident indicators from 2016 to 2018.</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 5pt" align=left><FONT size=2>Public safety: in 2018 the Company successfully passed the annual audit conducted by the IRAM on the Public Safety System (PSS) according to ENRE Resolution No. 421/11, thus maintaining the related certification. Additionally, the Company successfully passed the audit conducted by the ENRE on the processing of public safety-related claims in accordance with the PSS.</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 5pt" align=left><FONT size=2>Quality: the Company successfully passed the external maintenance audit of the Integrated Management System (IMS), which was conducted in November 2018. The certifying entity IRAM noted the implementation of the &#8220;Proximity&#8221; Program as a strength, due to the Company&#8217;s improved focus on both the external user and internal user. Furthermore, the development and implementation of the medical service&#8217;s proactive actions to improve its performance was also noted.</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 5pt" align=left><FONT size=2>Environmental management: in 2018, the Provincial Agency for Sustainable Development of the Province of Buenos Aires granted Edenor the environmental clearance certificate, for certain works projects developed in such province.</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 5pt" align=left><FONT size=2>Community actions: as the case for many years, Edenor continues to implement the &#8220;Solidarity campaigns&#8221; program, whose objective is to support the dissemination of the work performed by different health, environment protection, and education-related organizations, publishing for such purpose information about the campaigns on the Company&#8217;s website, www.edenor.com.</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 5pt" align=left><FONT size=2>Sustainable energy: in March 2018, Edenor became the first company to acquire the first 100% electric vehicle that was sold in Argentina. In 2018, Edenor began to carry out distributed generation pilot tests in Tariff 2 users, that makes it possible to inject into the network the electricity generated through eight solar panels. These pilot tests allow Edenor to make the controls and gather the information necessary to continue with the process of network innovation and proximity and efficiency with the user, in the future, when the law on distributed generation can be applied.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 71.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -17.85pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman bold"></FONT></B>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: normal" face="times new roman bold">The Argentine Electricity Industry</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Historical Background</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Electricity was first made available in Argentina in 1887 with the first public street lighting in Buenos Aires. The Argentine Government&#8217;s involvement in the electricity sector began in 1946 with the creation of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Direcci&#243;n General de Centrales El&#233;ctricas del Estado</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> (General Directorate of Electric Power Plants of the State) to construct and operate electricity generation plants. In 1947, the Argentine Government created </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Agua y Energ&#237;a El&#233;ctrica S.A.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> (Water and Electricity, or AyEE) to develop a system of hydroelectric generation, transmission and distribution for Argentina.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 1961, the Argentine Government granted a concession to the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Compa&#241;&#237;a Italo Argentina de Electricidad</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> (Italian&#8209;Argentine Electricity Company, or CIADE) for the distribution of electricity in a part of the City of Buenos Aires. In 1962, the Argentine Government granted a concession formerly held by the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Compa&#241;&#237;a Argentina de Electricidad</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> (Argentine Electricity Company, or CADE) to </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Servicios El&#233;ctricos del Gran Buenos Aires</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> (Electricity Services of Greater Buenos Aires, or SEGBA), our predecessor, for the generation and distribution of electricity to parts of Buenos Aires. In 1967, the </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Argentine Government granted a concession to Hidroel&#233;ctrica Norpatag&#243;nica S.A. (Hidronor) to build and operate a series of hydroelectric generation facilities. In 1978, CIADE transferred all of its assets to the Argentine Government, following which CIADE&#8217;s business became Government&#8209;owned and operated.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">By 1990, virtually all of the electricity supply in Argentina was controlled by the public sector (97% of total generation). The Argentine Government had assumed responsibility for the regulation of the industry at the national level and controlled all of the national electricity companies, AyEE, SEGBA and Hidronor. The Argentine Government also represented Argentine interests in generation facilities developed or operated jointly with Uruguay, Paraguay and Brazil. In addition, several of the Argentine provinces operated their own electricity companies. Inefficient management and inadequate capital spending, which prevailed under national and provincial Government control, were in large measure responsible for the deterioration of physical equipment, decline in quality of service and proliferation of financial losses that occurred during this period.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 1991, as part of the economic plan adopted by former President Carlos Menem, the Argentine Government undertook an extensive privatization program of all major state&#8209;owned industries, including within the electricity generation, transmission and distribution sectors. In January 1992, the Argentine Congress adopted Law No. 24,065 (the &#8220;Regulatory Framework Law&#8221;), which established guidelines for the restructuring and privatization of the electricity sector. The Regulatory Framework Law, which continues to provide the framework for regulation of the electricity sector since the privatization of this sector, divided generation, transmission and distribution of electricity into separate businesses and subjected each to appropriate regulation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The ultimate objective of the privatization process was to achieve a reduction in tariffs paid by users and improve quality of service through competition. The privatization process commenced in February 1992 with the sale of several large thermal generation facilities formerly operated by SEGBA, and continued with the sale of transmission and distribution facilities (including those currently operated by our company) and additional thermoelectric and hydroelectric generation facilities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: " face="times new roman">Regulatory and Legal Framework </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: " face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Role of the Government </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Argentine Government has restricted its participation in the electricity market to regulatory oversight and policy-making activities. These activities were assigned to agencies that have a close working relationship with one another and occasionally even overlap in their responsibilities. The Argentine Government has limited its holding in the commercial sector to the operation of international hydropower projects and nuclear power plants. Provincial authorities followed the Argentine Government by divesting themselves of commercial interests and creating separate policy-making and regulatory entities for the provincial electricity sector. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Limits and Restrictions </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">To preserve competition in the electricity market, participants in the electricity sector are subject to vertical and horizontal restrictions, depending on the market segment in which they operate. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Vertical Restrictions </FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The vertical restrictions apply to companies that intend to participate simultaneously in different sub-sectors of the electricity market. These vertical restrictions were imposed by Law No. 24,065, and apply differently depending on each sub-sector as follows: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Generators</FONT></I></P>

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   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2>Under Section 31 of Law No. 24,065, neither a generation company, nor any of its controlled companies or its controlling company, can be the owner or a majority shareholder of a transmitter company or the controlling entity of a transmitter company; and </FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2>Under Section 9 of Decree No. 1398/92, since a distribution company cannot own generation units, a holder of generation units cannot own distribution concessions. However, the shareholders of the electricity generator may own an entity that holds distribution units, </FONT>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 49.65pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

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<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">either as shareholders of the generator or through any other entity created with the purpose of owning or controlling distribution units. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Transmitters </FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 49.65pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Under Section 31 of Law No. 24,065, neither a transmission company nor any of its controlled companies or its controlling entity can be the owner or majority shareholder or the controlling company of a generation company; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 49.65pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Under Section 31 of Law No. 24,065, neither a transmission company, any company controlled by a transmission company nor any company controlling a transmission company can own or be the majority shareholder or the controlling company of a distribution company; and </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 49.65pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Under Section 30 of Law No. 24,065, transmission companies cannot buy or sell electricity.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Distributors </FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 49.65pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Under Section 31 of Law No. 24,065, neither a distribution company, nor any of its controlled companies or its controlling company, can be the owner or majority shareholder or the controlling company of a transmission company; and </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 49.65pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Under Section 9 of Decree No. 1398/92, a distribution company cannot own generation units. However, the shareholders of the electricity distributor may own generation units, either directly or through any other entity created with the purpose of owning or controlling generation units.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Definition of Control </FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The term &#8220;control&#8221; referred to in Section 31 of the Regulatory Framework Law (which establishes vertical restrictions) is not defined in such law. Section 33 of the Argentine Corporations Law states that &#8220;companies are considered as controlled by others when the holding company, either directly or through another company: (1) holds an interest, under any circumstance, that grants the necessary votes to control the corporate will in board meetings or ordinary shareholders&#8217; meetings; or (2) exercises a dominant influence as a consequence of holding shares, quotas or equity interest or due to special linkage between the companies.&#8221; We cannot assure you, however, that the electricity regulators will apply this standard of control in implementing the restrictions described above. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Horizontal Restrictions </FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In addition to the vertical restrictions described above, distribution and transmission companies are subject to horizontal restrictions, as described below. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Transmitters </FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 49.65pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">According to Section 32 of Law No. 24,065, two or more transmission companies can merge or be part of the same economic group only if they obtain an express approval from the ENRE. Such approval is also necessary when a transmission company intends to acquire shares of another electricity transmission company; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 49.65pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pursuant to the concession agreements that govern the services rendered by private companies operating transmission lines above 132 kW and below 140 kW, the service is rendered by the concessionaire on an exclusive basis over certain areas indicated in the concession agreement; and </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 49.65pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pursuant to the concession agreements that govern the services rendered by the private company operating the high-tension transmission services equal to or higher than 220 KW, the company must render the service on an exclusive basis and is entitled to render the service throughout Argentina, without territorial limitations. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Distributors </FONT></I></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Two or more distribution companies can merge or be part of the same economic group only if they obtain an express approval from the ENRE. Such approval is necessary when a distribution company intends to acquire shares of another electricity transmission or distribution company; and </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pursuant to the concession agreements that govern the services rendered by private companies operating distribution networks, the service is rendered by the concessionaire on an exclusive basis over certain areas indicated in the concession agreement.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2001 Economic Crisis</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">At the end of 2001 and beginning of 2002, Argentina experienced an unprecedented crisis that virtually paralyzed the country&#8217;s economy through most of 2002 and led to radical changes in government policies. See &#8220;Item 5. Operating and Financial Review and Prospects&#8212;Factors Affecting Our Results of Operations&#8212;Argentine Economic Conditions&#8221;. The crisis and the Argentine Government&#8217;s policies during this period severely affected the electricity sector. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Argentine Government has repeatedly intervened in and modified the rules of the WEM since 2002 in an effort to address the electricity crisis generated by the economic crisis. These modifications include the establishment of caps on the prices paid by distributors for electricity power purchases and the requirement that all prices charged by generators be calculated based on the price of natural gas (also regulated by the Argentine Government) regardless of the fuel actually used in generation activities. These modifications have created a huge structural deficit in the operation of the WEM. The Argentine Government has made some attempts to correct these problems, including proposing new rules to structure the WEM in December 2004 and creating a special fund to finance infrastructure improvements in the energy sector in April 2006, but little progress has been made in advancing a system-wide solution to the problems confronting Argentina&#8217;s electricity sector. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In September 2006, the former SE issued Resolution No. 1,281/06 in an effort to respond to the sustained increase in energy demand following Argentina&#8217;s economic recovery after the crisis. This resolution sought to create incentives for energy generation plants in order to meet increasing energy needs. The resolution&#8217;s principal objective was to ensure that energy available in the market was used primarily to service residential users and those industrial and commercial users whose energy demand was at or below 300 kW and who lacked access to other viable energy alternatives. This resolution helped us to mitigate the risk of energy shortages due to a lack of electricity generation. See &#8220;&#8212;Business Overview&#8212;Our obligations.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2009, the Argentine Government completed the construction and began the operation of two new 800 MW combined cycle generators constructed as part of its effort to increase energy supply. The costs of construction were financed with net revenues of generators derived from energy sales in the spot market and through specific charges from CAMMESA to large users. These funds had been deposited in the Fund for Investments Required to Increase Electricity Supply in the Wholesale Electricity Market</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Fondo de Inversiones Necesarias que Permitan Incrementar la Oferta de Energ&#237;a El&#233;ctrica en el Mercado El&#233;ctrico Mayorista</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">, or FONINVEMEM).</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Regulatory Authorities </FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The principal regulatory authorities responsible for the Argentine electricity industry are:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 56.7pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">the Secretaria de Gobierno de Energia (&#8220;SGE&#8221;), which assumed certain responsibilities of the former SE (the &#8220;SEE&#8221;);</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 56.7pt; TEXT-INDENT: -21.25pt"><FONT lang=ES-AR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(2)</FONT><FONT lang=ES-AR style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">the ENRE; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 56.7pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(3)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">CAMMESA.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The SEE advises the Argentine Government on matters related to the electricity sector and is responsible for the application of the policies concerning the Argentine electricity industry. See &#8220;Item. 3. Key Information&#8212;Risk Factors&#8212;Risks Relating to Our Business&#8212;Failure or delay to negotiate further improvements to our tariff structure, including increases in our distribution margin, and/or to have our tariff adjusted to reflect increases in our distribution costs in a timely manner or at all, has affected our capacity to perform our commercial obligations and could also have a material adverse effect on our capacity to perform our financial obligations.&#8221;</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The ENRE is an autonomous agency created by the Regulatory Framework Law. The ENRE has a variety of regulatory and jurisdictional powers, including, among others:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">enforcement of compliance with the Regulatory Framework Law and related regulations;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">control of the delivery of electric services and enforcement of compliance with the terms of concessions;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">adoption of rules applicable to generators, transmitters, distributors, electricity users and other related parties concerning safety, technical procedures, measurement and billing of electricity consumption, interruption and reconnection of supplies, third&#8209;party access to real estate used in the electricity industry and quality of services offered;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">prevention of anticompetitive, monopolistic and discriminatory conduct between participants in the electricity industry;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">imposition of penalties for violations of concessions or other related regulations; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">arbitration of conflicts between electricity sector participants.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Under Law No. 24,065, the ENRE is managed by a five-member board of directors appointed by the Executive Branch of the Argentine Government. Two of these five members are nominated by the Consejo Federal de la Energ&#237;a El&#233;ctrica (Federal Council on Electricity, or CFEE). The CFEE is funded with a percentage of revenues collected by CAMMESA for each MWh sold in the market. Sixty percent of the funds received by the CFEE are reserved for the Fondo Subsidiario para Compensaciones Regionales de Tarifas a Usuarios Finales (Regional Tariff Subsidy Fund for End Users), from which the CFEE makes distributions to provinces that have met certain specified tariff provisions. The remaining forty percent is used for investments related to the development of electrical services in the Argentine provinces.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On December 22, 2015, through Decree No 231/15 the ME&amp;M was created, as a result of the rise in hierarchy of the old SE, which had been part of the Ministry of Federal Planning, Public Investment and Services of the Nation, with the objective of elaborating, proposing and executing the national energy policy. On March 5, 2018, through Decree No 174/18 the structure of the ME&amp;M was modified, amongst other offices of the Argentine Government. The older structure of the ME&amp;M, created through Decree No 231/15, comprised four secretaries and fourteen undersecretaries, whilst the new structure was reduced to three secretaries and ten undersecretaries. However, on September 6, 2018, through Decree No. 801/18, the Argentine Government strategically reorganized the ministries, dissolving the ME&amp;M and transforming it into the SEE, which remains within the orbit of control of the Ministry of Finance.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Although CAMMESA is not a state-owned company, it usually receives funds from the Argentine Government, has a public purpose and makes decisions pursuant to SEE instructions.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">CAMMESA is responsible for:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">managing the SADI to the Regulatory Framework Law and related regulations, which includes:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">determining technical and economic dispatch of electricity (i.e., schedule of production for all generating units on a power system to match production with demand) in the SADI;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">maximizing the system&#8217;s security and the quality of electricity supplied;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">minimizing wholesale prices in the spot market;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">planning energy capacity needs and optimizing energy use pursuant to the rules from time to time established by the SE, </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">monitoring the operation of the term market and administering the technical dispatch of electricity pursuant to any agreements entered into in such market;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">acting as agent of the various WEM participants;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">purchasing or selling electricity from or to other countries by performing the relevant import/export operations; </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">providing consulting and other services related to these activities;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">supplying fuel pursuant to Resolution No. 95/13 of the former SE, which includes the management, acquisition, nationalization, control, reception, storage and distribution of liquid fuels to Generation Centrals through marine, river and land transportation; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">administrating the expansion of gas pipelines associated to natural gas supply to the new thermal centrals under construction;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">managing the availability of the generation system, formalizing, controlling and supervising the works involved with supply commitment contracts. Implementation of the maintenance plans for the thermal system;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">implementing the increase in capacity of the central storage;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">incorporating Biodiesel to the electricity generation matrix; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">developing related activities pursuant to the execution of new generation infrastructure and transport, managing the trust contracts for the new thermal and nuclear centrals, especially for non-conventional sources of energy or those works within the National Hydraulic Works Program.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The operating costs of CAMMESA are covered by mandatory contributions made by WEM participants. CAMMESA&#8217;s annual budget is subject to a mandatory cap equivalent to 0.85% of the aggregate amount of transactions in the WEM projected for that year. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pursuant to Law No. 27,467, which enacted the 2019 Federal Budget of Expenditures and Resources, the Executive Branch was instructed to promote such actions that may be necessary in order for the electricity distribution companies Edenor and Edesur S.A. to become subject to the joint jurisdiction of the Province of Buenos Aires as of and the City of Buenos Aires on January 1st, 2019.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Once the transfer of jurisdiction is completed, the ENRE will continue to exercise its functions and regulatory and control powers over the public service of electric power transmission.&nbsp; Furthermore, the ENRE will continue to intervene in the issues and circumstances related to generation activity that affect the public interest in order to ensure its proper functioning primarily through, technical, environmental and economic regulations concerning the WEM&#8217;s operation.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In this regard, on February 28, 2019, the Federal Argentine Government, the Province of Buenos Aires and the City of Buenos Aires entered into an agreement for the transfer of the public service of electricity distribution, duly awarded to Edenor under the Concession Agreement by the Argentine Government, from the jurisdiction of the Argentine Government to the Province of Buenos Aires and the City of Buenos Aires. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=Calibri,sans-serif>Such agreement provides for the creation of a new supervisory entity which will replace the existing ENRE, to be in charge of controlling and regulating the distribution service.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Wholesale Electricity Market </FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Overview</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The former SE established the WEM in August 1991 to allow electricity generators, distributors and other agents to buy and sell electricity in spot transactions or under long-term supply contracts at prices determined by the forces of supply and demand.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The WEM consists of:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">a term market in which generators, distributors and large users enter into long-term agreements on quantities, prices and conditions. Since March 2013, pursuant to Resolution No. 95/13 of the former SE, all large users have to buy their backup energy from CAMMESA seasonally.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">a spot market, in which prices are established on an hourly basis as a function of economic production costs, represented by the short-term marginal cost of production and demand; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">a stabilization fund, managed by CAMMESA, which absorbs the differences between purchases by distributors at seasonal prices and payments to generators for energy sales at the spot price.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Operation of the Wholesale Electricity Market</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The operation of the WEM is administered by CAMMESA, which was created in July 1992 by the Argentine Government and currently owns 20% of CAMMESA&#8217;s capital stock. The remaining 80% is owned by various associations that represent WEM participants, including generators, transmitters, distributors and large users.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following chart shows the relationships among the various actors in the WEM:</FONT></P>

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<IMG border=0 src="pg67.gif">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Wholesale Electricity Market Participants </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The main participants in the WEM are generation, transmission and distribution companies. Large users and traders also participate in the WEM but to a lesser extent.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Generators</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">According to a recent report issued by CAMMESA, as of December 31, 2018, there were more than a hundred generation companies, a</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=Calibri,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">fewer auto-generation companies, and just a few co-generation companies, most of which operate more than one generation plant in Argentina. As of December 31, 2018, Argentina&#8217;s installed power capacity was 38,538 MW, 63% of which derived from thermal generation, 28% from hydraulic generation, 5% from nuclear generation and 4% from non-conventional sources of energy.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal" face="Times New Roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Private generators participate in CAMMESA through the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Asociaci&#243;n de Generadores de Energ&#237;a El&#233;ctrica de la Rep&#250;blica Argentina</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> (Argentine Association of Electric Power Generators, or AGEERA), which is entitled to appoint two acting and two alternate directors of CAMMESA.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On December 27, 2017, Law No. 27,424 was enacted and is related to the generation of electric power from renewable energy sources. Such law provides the legal and contractual conditions for the generation of renewable energy by the users of the distribution network for self-consumption and eventual injection of excess electricity into the grid. Additionally, the law created a public fiduciary fund, called Fund for the Distributed Generation of Renewable Energy (&#8220;FODIS&#8221;), which aims to finance the implementation of distributed generation systems of renewable energy. Also, the law created the promotion regime for the National Manufacturing Systems, Equipment and Supplies for the Distributed Generation of Renewable Energy (&#8220;FANSIGED&#8221;), whose main activities comprise research, design, development, investment in capital goods, production, certification and installation services for the distributed generation of energy from renewable sources.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal" face="Times New Roman"> </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Transmitters</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Electricity is transmitted from power generation facilities to distributors through high voltage power transmission systems. Transmitters do not engage in purchases or sales of power. Transmission services are governed by the Regulatory Framework Law and related regulations promulgated by the ME&amp;M.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In Argentina, transmission is carried at 500 kV, 300 kV, 220 kV and 132 kV through SADI. The SADI consists primarily of overhead lines and transformation stations (i.e., assemblies of equipment </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">through which electricity delivered through transmission circuits passes and is converted into voltages suitable for use by end users) and covers approximately 90% of the country. The majority of the SADI, including almost all of the 500 kV transmission lines, has been privatized and is owned by Transener S.A., which is indirectly co-controlled by Pampa Energ&#237;a, our controlling shareholder and the largest integrated electricity company in Argentina (See &#8220;Item 7. Major Shareholders and Related Party Transactions&#8212;Parent Company Merger Process&#8221;). Regional transmission companies, most of which have been privatized, own the remaining portion of the SADI. Supply points link the SADI to the distribution systems, and there are interconnections between the transmission systems of Argentina, Brazil, Uruguay and Paraguay allowing for the import and export of electricity from one system to another.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Transmission companies also participate in CAMMESA by appointing two acting and two alternate directors through the Argentine Association of Electric Power Transmitters</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Asociaci&#243;n de Transportistas de Energ&#237;a El&#233;ctrica de la Rep&#250;blica Argentina</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">, or &#8220;ATEERA&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2017, pursuant to Resolution No. 1,085/17, the SEE significantly modified the allocation of costs of the HV and extra high voltage transmission systems. The changes implemented, applicable as from December 1, 2017 are: (1) WEM generators no longer pay for the use of the transmission networks, except for the connection equipment entirely destined for each generator; and (2) the total cost of each transmitter is distributed among the users in its network, in proportion to their demand for energy, no longer applying the calculation methodology based on equipment use.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Distributors</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Each distributor supplies electricity to consumers and operates the related distribution network in a specified geographic area pursuant to a concession. Each concession establishes, among other things, the concession area, the quality of service required, the tariffs paid by consumers for the distribution service and an obligation to satisfy demand. The ENRE monitors compliance by federal distributors, including us and Edesur with the provisions of the respective concessions and with the Regulatory Framework Law. In turn, provincial regulatory agencies monitor compliance by local distributors with their respective concessions and with local regulatory frameworks. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Distributors participate in CAMMESA by appointing two acting and two alternate directors through the Argentine Association of Electric Power Distributors</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Asociaci&#243;n de Distribuidores de Energ&#237;a El&#233;ctrica de la Rep&#250;blica Argentina,</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> or ADEERA).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We and Edesur are the largest distribution companies and, together with Edelap, originally comprised SEGBA, which was divided into three distribution companies at the time of its privatization in 1992.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Large Users</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The WEM classifies large users of energy into three categories: Major Large Users</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Grandes Usuarios Mayores</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">, or GUMAs), Minor Large Users</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Grandes Usuarios Menores</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">, or GUMEs) and Particular Large Users (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Grandes Usuarios Particulares,</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> or GUPAs).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Each of these categories of users has different requirements with respect to purchases of their energy demand. For example, GUMAs are required to purchase 50% of their demand through supply contracts and the remainder in the spot market, while GUMEs and GUPAs are required to purchase all of their demand through supply contracts.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Large users participate in CAMMESA by appointing two acting and two alternate directors through the Argentine Association of Electric Power Large Users</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Asociaci&#243;n de Grandes Usuarios de Energ&#237;a El&#233;ctrica de la Rep&#250;blica Argentina</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">, or AGUEERA).</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Spot Market</FONT></I></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Spot Prices</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The emergency regulations enacted after the Argentine crisis in 2001 and 2002 had a significant impact on energy prices. Among the measures implemented pursuant to the emergency regulations were the pesification of prices in the WEM, known as the spot market, and the requirement that all spot prices </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">be calculated based on the price of natural gas, even in circumstances where alternative fuel such as diesel is purchased to meet demand due to the lack of supply of natural gas.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Prior to the crisis, energy prices in the spot market were set by CAMMESA, which determined the price charged by generators for energy sold in the spot market of the WEM on an hourly basis. The spot price reflected supply and demand in the WEM at any given time, which CAMMESA determined using different supply and demand scenarios that dispatched the optimum amount of available supply, taking into account the restrictions of the transmission grid, in such a way as to meet demand requirements while seeking to minimize the production cost and the cost associated with reducing risk of system failure.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The spot price set by CAMMESA compensated generators according to the cost of the last unit to be dispatched for the next unit as measured at the Ezeiza 500 kV substation, which is the system&#8217;s load center and is in close proximity of the City of Buenos Aires. Dispatch order was determined by plant efficiency and the marginal cost of providing energy. In determining the spot price, CAMMESA also would consider the different costs incurred by generators not in the vicinity of Buenos Aires.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In addition to energy payments for actual output at the prevailing spot market prices, generators would receive compensation for capacity placed at the disposal of the spot market, including stand-by capacity, additional stand-by capacity (for system capacity shortages) and ancillary services (such as frequency regulation and voltage control). Capacity payments were originally established and set in U.S. Dollars to allow generators to cover their foreign&#8209;denominated costs that were not covered by the spot price. However, in 2002, the Argentine Government set capacity payments in reference to the Peso thereby limiting the purpose for which capacity payments were established.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Seasonal Prices</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The emergency regulations also made significant changes to the seasonal prices charged to distributors in the WEM, including the implementation of a pricing ladder organized by level of user consumption (which varies depending on the category of users) charged by CAMMESA to distributors at a price significantly below the spot price charged by generators. Prior to the implementation of the emergency regulations, seasonal prices were determined by CAMMESA based on an estimate of the weighted average spot price that would be paid by the next generator that would come on-line to satisfy a theoretical increase in demand (marginal cost), as well as the costs associated with the failure of the system and several other factors. CAMMESA would use a seasonal database and optimization models in determining the seasonal prices and would consider both anticipated energy supplies and demand, including, expected availability of generating capacity, committed imports and exports of electricity and the requirements of distributors and large users.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In November 2012, pursuant to Resolution No. 2,016/12 of the former SE and in accordance with the Summer Seasonal Program approved for the period November 2012-April 2013, the seasonal price format was modified, concluding in a single purchase price without considering any demand nor time segmentation and taking into account the structure of the demand as of October 2012 as the base. Subsequently, the former SE adopted Resolution No. 408/13, which maintained both the single price and the criteria for raising subsidies during the winter season. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">During the winter season 2014, Resolution No. 2,016/12 was applied without any price reduction and </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">residential users with consumption levels above 1,000 KWh did not receive subsidies equivalent to those received in 2013. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On January 25, 2016, the ME&amp;M issued Resolution No. 6/16, approving the seasonal WEM prices for each category of user, pursuant to the Regulatory Framework Law, for the period of February 2016 through April 2016, in force through January 2017. These WEM prices resulted in the elimination of certain energy subsidies and a substantial increase in electricity rates for users. Such resolution also contemplated a differentiated tariff for residential users who achieved energy consumption savings between 10% and 20%, or greater than 20%, compared to the same period in the year 2015 (Stimulus Plan), and a social tariff for residential users who comply with certain consumption requirements, which includes a full exemption for monthly consumptions below or equal to 150 KWh and tariff benefits for users who exceed such consumption level but achieve a monthly consumption lower than that of the same period in the immediately preceding year. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Beginning in May 2016, we were notified by several courts of the Province of Buenos Aires of injunctions granted to individual and collective users against Resolution No. 6/16 and Resolution No. 1/16 issued by the ENRE (which authorized our new tariff schedule as from February 2016). Consequently, the then applicable tariff schedule, which includes the WEM prices established by Resolution No. 6/16, were not applied during certain periods in 2016 to the entire concerned area as a result of the injunctions issued in the above-mentioned case and to the districts of &#8220;Pilar&#8221; and &#8220;La Matanza&#8221; where provisional remedies were in effect until October 24 and November 11, 2016, respectively, when they expired. Therefore, as of those dates, no provisional remedy has been in effect and the new tariff scheme has been applied to all users.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=cambria> </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On February 1, 2017, the SEE published Resolution No 20-E/17, pursuant to which it approved the Summer Seasonal Schedule for the WEM corresponding to the period held between February 1 and April 30, 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In this regard, the SEE established the power and electricity reference prices for the different categories of users, which has been in force since March 1, 2017, and recognized a discount for the reference prices, exclusively for the month of February 2017. The SEE also ratified the social tariff determined by Resolution No. 6/16, and included the category of electricity dependent users, which establishes a full exemption for monthly consumptions below or equal to 600 KWh and tariff benefits for those users who exceed such consumption level but achieve a monthly consumption lower than that of the same period in the immediately preceding year. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of December 1, 2017, in accordance with ME&amp;M Resolution No. 1091/17, the new stabilized price of energy and the power output reference price were defined. Additionally, the new stabilized price of transport was settled, which became more significant in the purchase price of energy.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On November 30, 2017, through Resolution No. 1,085-E/17, the SEE established a new methodology for the allocation of high-voltage transportation costs, which will be evenly distributed among all the energy demand of the WEM with a uniform rate, assigning them to the users accordingly to their energy demand. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On December 27, 2018, Resolution No. 366/18 issued by the SGE approved the Summer Seasonal Schedule for the WEM submitted by CAMMESA, which determined new prices for power capacity, energy and transmission for the period from February 2019 through October 2019. Furthermore, the social tariff and savings bonuses for the residential tariff were eliminated, as beneficiaries have been transferred to the provincial jurisdictions. &nbsp;As of the date of issuance of this document, the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=Calibri,sans-serif>Province of Buenos Aires and the City of Buenos Aires</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> are complying with the payment of the social rate on a regular basis.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On January 31, 2019, pursuant to ENRE Resolution No. 25/19 the ENRE approved the values of Edenor&#8217;s tariff scheme as from February 1, 2019 and incorporated the new power capacity reference prices and stabilized prices for Energy determined by the SGE through April 30, 2019. In turn, the ENRE informed that under the transfer of jurisdiction from the Argentine Government to the Province of Buenos Aires and the City of Buenos Aires, the guidelines for the social tariff regime which became effective on December 31, 2018. As of the date, the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=Calibri,sans-serif>Province of Buenos Aires and the City of Buenos Aires</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> are assuming the payment of the social rate regularly.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Stabilization Fund&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The stabilization fund, managed by CAMMESA, absorbs the difference between purchases by distributors at seasonal prices and payments to generators for energy sales at the spot price. When the spot price is lower than the seasonal price, the stabilization fund increases, and when the spot price is higher than the seasonal price, the stabilization fund decreases. The outstanding balance of this fund at any given time reflects the accumulation of differences between the seasonal price and the hourly energy price in the spot market. The stabilization fund is required to maintain a minimum amount to cover payments to generators if prices in the spot market during any relevant quarter exceed the seasonal price.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Billing of all WEM transactions is performed monthly through CAMMESA, which acts as the clearing agent for all purchases between participants in the market. Payments are made approximately 40 days after the end of each month. </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The stabilization fund was adversely affected as a result of the modifications to the spot price and the seasonal price made by the emergency regulations, pursuant to which seasonal prices were set below spot prices resulting in large deficits in the stabilization fund. As of December 31, 2018, the stabilization fund balance was approximately Ps.52.5 billion, resulting from the stabilization fund plus the over expenses of dispatch net of the Argentine treasury contributions. However, if all the funds and accounts of energy and power are considered (including the additional energy, fuel over expenses, quality supply, surplus demand pursuant to Resolution No. 1,281/06 of the SE, WEM, over expense contracts, etc.), this balance is increased to approximately Ps.111.4 billion. In this regard, the deficit has been financed by the Argentine Government through nonrefundable loans to CAMMESA over a ten year period, and the same methodology continues to be applied, although the deficit tends to be reduced as a result of the policies implemented by the ME&amp;M. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Term Market</FONT></I></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Generators are able to enter into agreements in the term market to supply energy and capacity to distributors and large users. Distributors are able to purchase energy through agreements in the term market instead of purchasing energy in the spot market. Term agreements typically stipulate a price based on the spot price plus a margin. Prices in the term market have at times been lower than the seasonal price that distributors are required to pay in the spot market. However, as a result of the emergency regulations, spot prices in the term market are currently higher than seasonal prices, particularly with respect to residential tariffs, making it unattractive for distributors to purchase energy under term contracts while prices remain at their current levels.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As from March 2013, pursuant to the SE Resolution No. 95/13, all large users are required to purchase their backup energy from CAMMESA at any relevant contractual maturity date.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">According to Law No. 27,191, users whose average demand in the previous year of each transaction, is less than or equal to 300 kW, must meet the applicable percentages of renewable energy participation imposed by such law through either of the following two mechanisms: joint purchases or supply contracts.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">During 2017, pursuant to Resolution No 281-E/17 (amended by Disposition 1-E/18 issued by the Susbsecretar&#237;a de Energ&#237;as Renovables) the ME&amp;M created the Term Market Regime for Electric Power from Renewable Sources, which established the percentages of renewable energy that large users are obliged to consume within their demand of energy. The resolution also determined the commercialization and administration charges for large users that opt for the joint purchase of renewable energy that CAMMESA commercializes. Additionally, large users can agree to supply contracts directly with the generators, without incurring charges for joint purchases. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Plus Energy</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In September 2006, the former SE issued Resolution No. 1,281/06 in an effort to respond to the sustained increase in energy demand following Argentina&#8217;s economic recovery after the crisis. This resolution seeks to create incentives for energy generation plants in order to meet increasing energy needs. The resolution&#8217;s principal objective is to ensure that energy available in the market is used primarily to service residential users and industrial and commercial users whose energy demand is at or below 300 kW and who do not have access to other viable energy alternatives. To achieve this, the resolution provides that:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -10.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">large users in the WEM and large users of distribution companies (in both cases whose energy demand is above 300 kilowatts), will be authorized to secure energy supply up to their &#8220;base demand&#8221; (equal to their demand in 2005) by entering into term contracts; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 49.9pt; TEXT-INDENT: -11.05pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">large users in the WEM and large users of distribution companies (in both cases whose energy demand is above 300 kilowatts) must satisfy any consumption in excess of their base demand with energy from the Plus Energy system at unregulated market prices. The Plus Energy system consists in the supply of additional energy generation from new generation and/or generating agents, co-generators or auto-generators that are not agents of the electricity market or who as of the date of the resolution were not part of the WEM. Large users in the WEM and large users of distribution companies can also enter into contracts directly with these new generators or purchase energy at unregulated market prices through CAMMESA.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Only the new generation facilities (which include generators that were not connected to the SADI as of September 5, 2006) and new generation capacity expansions in respect of existing capacity as of such date are entitled to sell electricity under the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Plus Energy</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> system.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The resolution also established the price large users are required to pay for excess demand, if not previously contracted under </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Plus Energy</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">, which is equal to the generation cost of the last generation unit transmitted to supply the incremental demand for electricity at any given time. The SE established certain temporary price caps to be paid by large users for any excess demand which as of the date of this annual report were Ps.550 per MWh for GUDIs and Ps.450 per MWh for GUMEs and GUMAs.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">These prices have been updated as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -10.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">after August 2011, the median incremental charge for excess demand was set at Ps./MWh for GUMAs and GUMEs and 455 Ps./MWh for GUDIs; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -10.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">after December 2011, the median incremental charge for excess demand for those who are not subsidized was set at 360 Ps./MWh;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 49.9pt; TEXT-INDENT: -11.05pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">pursuant to the former SE Resolution No. 95/13 from March 22, 2013, as opposed to the backup contracts where a unique energy supplier is authorized by CAMMESA, the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Plus Energy</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> contracts are available to the large users and generators previously authorized by the Argentine National Planning, Public Investment and Services Ministry. The users under the GUDI category, whose </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Energy Plus</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> contracts mature, have the option of rehiring </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Energy Plus</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">, reclassifying themselves under the GUME category; or continue buying the total amount of their energy from the distributors, paying in case needed. Base Surplus Demand pursuant to Resolution SE No. 1,281/06; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -10.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">as of March 13, 2015, the median incremental charge for excess demand was set at Ps./MWh for GUMAs and GUMEs and 550 Ps./MWh for GUDIs; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -10.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">based on the guidelines set forth in Resolution No. 6 of the ME&amp;M, the median incremental charge for excess demand was set at 650 Ps./MWh for GUMAs and GUMES, while GUDIs stopped paying this charge.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: normal" face="times new roman bold">ORGANIZATIONAL</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: normal" face="times new roman bold">STRUCTURE</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Edenor is a subsidiary of Pampa Energ&#237;a, which is the largest independent integrated energy </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">company in Argentina.</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=Calibri,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">As of December 31, 2018, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pampa Energ&#237;a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"> and its subsidiaries were engaged in the generation, distribution and transmission of electricity in Argentina, oil and gas exploration and production, refining and distribution, petrochemicals and hydrocarbon commercialization and transportation in Argentina and, to a lesser extent, in Ecuador and Venezuela.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">As of December 31, 2018: </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 10pt 54.25pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">the generation installed capacity reached approximately 3,871 MW, with a market share in Argentina of approximately 10%. In addition, Pampa Energ&#237;a committed to develop projects that it expects will increase its installed capacity by 504 MW, for a total installed capacity of 4,354 MW.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 10pt 54.25pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">the distribution of energy operations supplied electricity to approximately 3 million users throughout the northern region of the City of Buenos Aires and the Northwestern Greater Buenos Aires area, making us the largest electricity distribution company in Argentina;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 10pt 54.25pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">the combined oil and gas production in Argentina where Pampa Energ&#237;a averaged 44.8 thousand barrels of oil equivalent per day, considering continuing operations. Crude oil accounted for approximately 5.1 thousand barrels of oil equivalent per day, while natural gas accounted for approximately 238.4 million standard cubic feet per day, or 39.7 thousand barrels of oil equivalent per day based on a measure of conversion of 6,000 cubic feet of gas per barrel of oil equivalent. </FONT><FONT lang=EN style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=#212121 face="times new roman">Additionally, Pampa Energ&#237;a has a 2.1% direct interest in Oleoductos del Valle S.A. (&#8220;Oldelval&#8221;), </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">which has</FONT><FONT lang=EN style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=#212121 face="times new roman"> 1,756 km of oil pipeline;</FONT><FONT lang=EN style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 54.15pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -17.85pt"><FONT lang=EN style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#212121 face=symbol>&#183;</FONT><FONT lang=EN style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" color=#212121 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman">the refining and distribution operations based in Argentina, where Pampa Energ&#237;a operated one storage plant with a capacity of approximately 1.4 million barrels</FONT><FONT lang=EN style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman">. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman">In addition, Pampa Energ&#237;a has a 28.5% interest in Refiner&#237;a del Norte S.A. (&#8220;Refinor&#8221;), which has a commercial network of 81 gas stations located in the Argentine Provinces of Tucum&#225;n, Salta, Santiago del Estero, La Rioja, Jujuy, Catamarca and Chaco; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 54.25pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN style="FONT-SIZE: 10pt" color=#212121 face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 54.25pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#212121 face=symbol>&#183;</FONT><FONT lang=EN style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" color=#212121 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman">the petrochemicals operations were entirely based in Argentina, where Pampa Energ&#237;a operated three high-complexity plants producing petrochemical products, such as styrene (100% market share), synthetic rubber (80% market share) and polystyrene (92% market share), among others.</FONT></P>

<P style="MARGIN: 0in 0in 0in 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">In addition, Pampa Energ&#237;a holds interests in companies engaged in other businesses, including Transener (as defined below), which is engaged in electricity transmission and TGS (as defined below), which is engaged in gas transportation. For more information, see &#8220;Item 7. Major Shareholders and Related Party Transactions&#8212;Parent Company Merger Process.&#8221;</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following diagram presents our corporate structure as of the date of filing of this annual report:</FONT></P>

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<IMG border=0 src="pag73.gif"></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: normal" face="times new roman bold">Property, plant and equipment</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our main properties are transmission lines, substations and distribution networks, all of which are located in the northwestern part of the greater Buenos Aires metropolitan area and in the northern part of the City of Buenos Aires. Substantially all of our properties are held in concession to provide the electricity distribution service, which, by its nature, is considered to be an essential public service. In accordance with Argentine law and court precedents, assets which are necessary for the rendering of an essential public service are not subject to attachment or attachment in aid of execution. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The net book value of our property, plant and equipment as recorded on our financial statements was Ps.62,474.8 million, Ps.57,060.2 million and Ps.50,894.8 million as of December 31, 2018, 2017 and 2016, respectively. For a description of our capital expenditures plan, see &#8220;Item 5. Operating and Financial Review and Prospects&#8212;Liquidity and Capital Resources&#8212;Edenor&#8217;s Capital Expenditures.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The total value of property, plant and equipment transferred by SEGBA on September 1, 1992 was allocated to individual assets accounts on the basis of engineering studies conducted by the Company. The value of property, plant and equipment was determined based on the price effectively paid by Pampa for the acquisition of 51% of the Company&#8217;s capital stock. SEGBA neither prepared separate financial statements nor maintained financial information or records with respect to its distribution operations or the operations in which the assets transferred to Edenor were used. Accordingly, it was not possible to determine the historical cost of transferred assets. Additions subsequent to such date have been valued at acquisition cost, net of the related accumulated depreciation. Depreciation has been calculated by applying the straight-line method over the remaining useful life of the assets, which was determined on the basis of the above-mentioned engineering studies. Furthermore, in order to improve the disclosure of the account, the Company has made certain changes in the classification of property, plant and equipment based on each technical process. In accordance with the provisions of IAS 23, borrowing costs in relation to any given asset are to be capitalized when such asset is in the process of production, construction, assembly or completion, and such processes, due to their nature, take long periods of time; those processes are not interrupted; the period of production, construction, assembly or completion does </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">not exceed the technically required period; the necessary activities to put the asset in condition to be used or sold are not substantially complete; and the asset is not in condition so as to be used in the production or startup of other assets, depending on the purpose pursued with its production, construction, assembly or completion. Subsequent costs (major maintenance and reconstruction costs) are either included in the value of the assets or recognized as a separate asset, only if it is probable that the future benefits associated with the assets will flow to the Company, being it possible as well that the costs of the assets may be measured reliably and the investment will improve the condition of the asset beyond its original state. The other maintenance and repair expenses are recognized in profit or loss in the year in which they are incurred. The total value of property, plant and equipment suffered the effects of the application of IAS 29, as discussed in our audited financial statements, included in Item 18 of this annual report and in the &#8220;Selected Financial Data,&#8221; included in Item 3; The non-monetary items carried at historical cost were restated using coefficients that reflect the variation recorded in the general level of prices from the date of acquisition or revaluation to the closing date of the reporting period. Depreciation charges of property, plant and equipment and amortization charges of intangible assets recognized in profit or loss for the period, as well as any other consumption of non-monetary assets were determined on the basis of the new restated amounts. See &#8220;Item 5. Operating and Financial Review and Prospects&#8212;Factors Affecting Our Results of Operations&#8212;Tariffs&#8212;Distribution Margin or Value&#8209;Added for Distribution (VAD)&#8212;Integral Tariff Revision, or (RTI).&#8221; </FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Termination of agreement on real estate property</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In November 2015, the Company entered into an agreement with&nbsp;(&#8220;RDSA&#8221;) for the purchase and construction of real estate property for a total of U.S.$46 million, <FONT style="FONT-SIZE: 10pt" face="Times New Roman">(</FONT>equivalent to Ps.439.3 million according to the effective exchange rate <FONT style="FONT-SIZE: 10pt" face="Times New Roman">at the </FONT>time of execution of the purchase agreement). The Company purchased the real estate property to centralize its functions, reduce rental costs and to mitigate the risk of potential rent increases. In addition, the Company obtained a surety bond from Aseguradores de Cauciones for U.S.$46 million, plus the private banks&#8217; Badlar rate in dollars + 2%, to guarantee payment of liquidated damages in the event of the Seller&#8217;s default.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pursuant to the agreement, RDSA was obligated to deliver the property on June 1, 2018, and failed to perform. As a result, the Company declared the RDSA in breach, notified Aseguradores de Cauciones of such breach and subsequently collected U.S.$502.8 thousand in fines accrued during the term of the agreement and duly deposited as bond by the Seller for failing to meet the construction project milestones of the agreement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On August 27, 2018, the Company notified RDSA of the termination of the agreement as a result of RDSA&#8217;s breach after the lapse of the legal time periods set forth in the agreement, demanding payment of liquidated damages comprising a refund of the purchase price, 15% interest in U.S. dollars accrued from the purchase price payment date until the day of default, less the construction project delay penalty amounts. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Furthermore, on September 3, 2018, the Company filed a claim on the surety bond with Aseguradores de Cauciones, and subsequently provided all required information and documentation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In November 2018, the Company initiated an arbitration proceeding against RDSA before the Arbitral Tribunal of the Buenos Aires Stock Exchange to obtain an order compelling RDSA to pay the liquidated damages pursuant to the purchase and sale agreement, which, as of December 31, 2018 amounted to Ps.3 billion. As of the date of this annual report, such arbitration proceeding is pending. Additionally, the Company initiated a collection proceeding on the surety bond that guaranteed RDSA&#8217;s obligation for U.S.$50.3 million according to the terms of the issuance policy, which covers over 60% of the amount claimed against RDSA.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">On </FONT>February 1, 2019, RDSA filed a voluntary petition for reorganization,( similar to a Chapter 11&nbsp;proceeding in the United States),&nbsp;and, pursuant to Resolution No. 207/19 of the National Insurance Superintendency enacted on February 28, 2019, Aseguradora de Cauciones was prohibited from <FONT style="FONT-SIZE: 10pt" face="Times New Roman">disposing </FONT>of property until&nbsp; certain liquidity deficiency of Aseguradora de Cauciones is <FONT style="FONT-SIZE: 10pt" face="Times New Roman">solved</FONT>. The Company has recorded an allowance of Ps.765.6 million in non-current other receivables to partially cover the amount of the receivable, considering the possibility of its recovery, based on the financial position of its debtors, RDSA and Aseguradora de Cauciones. </FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 4A.</FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; Unresolved Staff Comments</FONT></I></B></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">None.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Operating and Financial Review and Prospects </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following discussion should be read in conjunction with our audited financial statements as of and for the years ended December 31, 2018, and 2017, included in Item 18 of this annual report and the &#8220;Selected Financial Data,&#8221; included in Item 3 herein. Our financial statements have been prepared in accordance with IFRS as issued by the IASB. See &#8220;Item 3. Key Information&#8212;Selected Financial Data.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">One of the milestone events of 2017 was the normalization of the regulatory framework, which included the adoption of the RTI and the new electricity rate schedules that have been&nbsp; entirely implemented as of February 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In that context, the Company&#8217;s board of directors expects that the effects resulting from the application of the aforementioned RTI will enable the gradual restoration of the Company&#8217;s economic and financial position. The Company&#8217;s board of directors expects that the new electricity rates will improve the Company&#8217;s operations under a regulatory framework with clear rules, which we expect will make it possible to cover the operation costs, afford the investment plans and meet debt interest payments and to manage the impact of different variables that affect the Company&#8217;s business. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of December 31, 2018, the Company&#8217;s comprehensive income totals a profit of Ps.4.2 billion, whereas the working capital deficit totals Ps.7.3 billion, which includes the amount owed to CAMMESA for Ps.11.9 billion (principal plus interest accrued as of December 31, 2018).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Company&#8217;s equity and negative working capital reflect the deteriorated financial and cash position of the Company as a result of the Argentine Government&#8217;s delay in the compliance with certain obligations under the Adjustment Agreement, which are subject to specific negotiations and regulatory changes carried out by certain governmental bodies. Additionally, the increase in operating costs during 2018, due to Argentina&#8217;s macroeconomic condition, led the Company to strengthen its efforts to absorb operating costs and comply with the execution of the investment plan and the performance of essential operations and maintenance works necessary to maintain the provision of the public service, pursuant to the Concession Agreement, in a satisfactory manner in terms of quality and safety.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of the date of this annual report, the following issues are pending resolution, among others:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 1in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the treatment to be given to the funds received from the Argentine Government through the loans for consumption (mutuums) agreements entered into with CAMMESA for the fulfillment of the Extraordinary Investment Plan, granted to cover the insufficiency of the FOCEDE&#8217;s funds; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 1in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the conditions for the settlement of the outstanding balance with CAMMESA at the date of issuance of SEE Resolution No. 32/15; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 1in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the treatment to be given to the penalties and discounts determined by the ENRE under the terms of the Adjustment Agreement not complied with by the Argentine Government, which payment/crediting is pending.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In this regard, the Company and the SGE are negotiating an agreement for the regularization of the such pending issues under ENRE Resolution No. 25 which provides for the transfer of the Concession from the jurisdiction of the Argentine Government to the Province and the City of Buenos Aires.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Overview of IAS 29 </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pursuant to IAS 29, the financial statements of an entity whose functional currency is that of a highly inflationary economy should be measured in terms of the measuring unit current as of the date of the financial statements. All the amounts included in the statement of financial position which are not stated in terms of the measuring unit current as of the date of the financial statements should be adjusted applying the general price index. All items in the statement of income should be stated in terms of the measuring unit current as of the date of the financial statements, applying the changes in the general price index occurred from the date on which the revenues and expenses were originally recognized in the financial statements. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Adjustment for inflation in the initial balances has been calculated considering the indexes reported by the FACPCE based on the price indexes published by the INDEC. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The principal inflation adjustment procedures are the following: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 1in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Monetary assets and liabilities that are recorded in the current currency as of the balance sheet&#8217;s closing date are not restated because they are already stated in terms of the currency unit current as of the date of the financial statements. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 1in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Non-monetary assets and liabilities are recorded at cost as of the balance sheet date, and equity components are restated applying the relevant adjustment ratios. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 1in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">All items in the statement of income are restated applying the relevant conversion factors. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 1in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The effect of inflation in the Company&#8217;s net monetary position is included in the statement of income under financial results, net, in the item &#8220;Inflation adjustment.&#8221; </FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 1in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Comparative figures have been adjusted for inflation following the procedure explained in the previous paragraphs, established in IAS 29. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 1in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Upon initially applying inflation adjustment, the equity accounts were restated as follows: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 1in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Capital was restated as from the date of subscription or the date of the most recent inflation adjustment for accounting purposes, whichever is later. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 1in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The resulting amount was included in the &#8220;Capital adjustment&#8221; account. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 71.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Other comprehensive income/(loss) was restated as from each accounting allocation. </FONT></P>

<P style="MARGIN: 0in 0in 0in 1in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The other reserves are restated by applying the variation of the general price index from the date of contribution, or from the moment they arose by any other means</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: normal" face="times new roman bold">Operating Results</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We distribute electricity on an exclusive basis to the northwestern part of the greater Buenos Aires metropolitan area and the northern part of the City of Buenos Aires, comprising an area of 4,637 square kilometers, with an aggregate population of approximately eight million people. Pursuant to our concession, we have the exclusive right to distribute electricity to all users within our concession area, including to WEM participants. As of December 31, 2018, we had 3,040,339 users. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We serve two markets: the regulated market, which comprises users who are unable to purchase their electricity requirements directly through the WEM, and the unregulated market, which comprises large users that purchase their electricity requirements directly from generators in the WEM. The ENRE regulates the terms and conditions of our services and the tariffs we charge users in both the regulated and unregulated markets.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Factors Affecting Our Results of Operations </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our net sales consist mainly of net energy sales to users in our concession area. Our net energy sales reflect the tariffs we charge our users (which include our energy purchase costs). In addition, our net sales include connection and reconnection charges and leases of poles and other network equipment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Regulatory changes impact our results of operations as they set tariffs paid to us for our services. The following ENRE resolutions, among others, have a direct impact on the tariffs we charge: &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 45pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On January 31, 2017, the ENRE issued Resolution No. 63/17, pursuant to which it determined electricity rate schedules, the mechanism for costs review, the required quality levels and all other rights and obligations that are applicable to the Company as from February 1, 2017. On February 1, 2017, pursuant to Resolution No. 63/17 and as instructed by the ME&amp;M, the ENRE limited VAD increases from the RTI process to a maximum of 42% vis-&#225;-vis the prior VAD, with the VAD remainder being applied in November 2017 and February 2018</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 45pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On November 30, 2017, the ENRE issued Resolution No. 603/17, pursuant to which it approved the CPD values, applicable as of December 1, 2017, and retroactively applied to consumption in August through November 2017, which was billed in two installments, of December 2017 and January 2018. In addition, the electricity rate schedule&#8217;s values to be applied as of December 1, 2017, were approved.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 45pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On January 31, 2018, the ENRE issued Resolution No. 33/18, pursuant to which it approved the CPD values for July 2017 through December 2017 of which 11.99% was applied to the 48 monthly installments established in ENRE Resolution No. 329/17 that had been deferred in 2017 and the electricity rate schedule to be applied to consumption as of February 1, 2018 became effective. In addition, such resolution notified the average electricity rate value which amounted to Ps.2.4627/KWh.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 45pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0in 45pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On July 31, 2018, the ENRE issued Resolution No. 208/18, pursuant to which it approved, the CPD for January 2018 through June 2018 of which 7.93% was applied as of August 1, 2018, and 6.51% in six consecutive monthly installments as of February 1, 2019. The CPD amounted to 15.85%. In addition, such resolution established a social tariff cap system and required discount values for users affected by deficiencies in the quality of the technical product and/or the quality of the technical and commercial service from 2018 to February 2019. Furthermore, Resolution No. 208/18 notified the average electricity rate value which amounted to Ps.2.9871/KWh.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0in 45pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 45pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On December 27, 2018, The SGE enacted Resolution No. 366/18, which repealed SEE Resolution 1,091/17, consequently eliminating the energy-savings discount for the residential tariff charged to users under the social tariff as from January 1, 2019. The social tariff discounts will be assumed by the Governments of the Province of Buenos Aires and the City of Buenos Aires in accordance with the provisions of the 2019 Federal Budget Law.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">If, in the future, we are not able to recover the incremental cost increases and have them reflected in our tariffs, and/or there is a significant lag of time between when we incur the incremental costs and when we receive increased income, we may be unable to comply with our financial and commercial obligations, suffer liquidity shortfalls and need to restructure our debt to ease our financial condition, any of which, individually or in the aggregate, would have a material adverse effect on our business and results of operations and may cause the value of our ADSs to decline. See &#8220;Item 5. Operating and Financial Review and Prospects&#8212;Factors Affecting our Results of Operations&#8212;Tariffs&#8221; and &#8220;Item 3. Key Information&#8212;Risk factors&#8212;Risks Relating to Our Business&#8212;Failure or delay to negotiate further improvements to our tariff structure, including increases in our distribution margin, and/or to have our tariffs adjusted to reflect increases in our distribution costs in a timely manner or at all, has affected our capacity to perform our commercial obligations and could also have a material adverse effect on our capacity to perform our financial obligations.&#8221;</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following table sets forth the composition of our net sales for the periods indicated:</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="47%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Year ended&nbsp; December 31</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2018</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2017</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2016</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">(Figures in millions)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Sales of Electricity</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">55,689.6</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">39,329.7</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25,577.1</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Right of use of poles</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">190.4</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">212.3</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">213.4</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Connection Charges</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">51.1</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">49.4</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">30.9</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Reconnection Charges</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">22.5</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">11.5</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">5.4</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Net sales</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">55,953.6</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">39,602.9</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25,826.8</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">77</FONT></P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 28pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following tables show Edenor&#8217;s energy sales by category of user (in GWh) for the periods indicated:</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="74%" colSpan=8>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Year ended December 31,</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2017</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2016</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Residential </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">8,948</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">42%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">9,143</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">42%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">9,709</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">44%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Small Commercial</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1,810</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">9%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1,850</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">9%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1,819</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">8%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Medium Commercial</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1,668</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">8%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1,745</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">8%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1,821</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">8%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Industrial</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3,646</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">17%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3,687</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">17%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3,677</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">17%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Wheeling System<SUP>(1)</SUP></FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3,823</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">18%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3,968</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">18%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">4,013</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">18%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Public Lighting</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">724</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">709</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">704</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Shantytowns</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">553</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">483</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">511</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Total</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 30pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">21,172</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">100%</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">21,584</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">100%</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">22,253</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">100%</FONT></B></P></TD></TR></TABLE><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT></DIV>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 6pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt 56.7pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Wheeling charges represent our tariffs for generators and large users, which consist of a fixed charge for recognized technical losses and a charge for our distribution margins but exclude charges for electric power purchases, which are undertaken directly between generators and large users.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 92%" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 92%" face="times new roman">Our revenues and results of operations are principally affected by economic conditions in Argentina, changes in our regulated tariffs and fluctuations in demand for electricity within our service area. To a lesser extent, our revenues and results of operations are also affected by service interruptions or reductions in excess of those contemplated by Resolution No. 63/17, which may lead us to incur fines and penalties imposed by the ENRE.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 92%" face="times new roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Argentine Economic Conditions and Inflation</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Because all of our operations, facilities and users are located in Argentina, we are affected by general economic conditions in the country. In particular, the general performance of the Argentine economy affects the demand for electricity, and inflation and fluctuations in currency exchange rates which affect our costs and our margins. Inflation primarily affects our business by increasing operating costs, while reducing our revenues in real terms.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In December 2001, Argentina experienced an unprecedented crisis that virtually paralyzed the country&#8217;s economy through most of 2002 and led to radical changes in the Argentine Government&#8217;s policies. The crisis and the Argentine Government&#8217;s policies during this period severely affected the electricity sector, as described below. Although over the following years the Argentine economy recovered significantly from the crisis, and the business and political environment was largely stabilized, the Argentine Government has only recently begun to address the difficulties experienced by the Argentine electricity sector as a result of the crisis and its aftermath. However, we believe that the current recovery and the recent measures adopted by the Macri administration in favor of the electricity sector, such as establishing incentives for the construction of additional generation facilities and the creation of trust funds to further enhance generation, transmission and distribution of electricity throughout the country, have set the stage for growth opportunities in our industry.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2016, under the Macri administration the methodology used for the calculation of the economic indicators at the INDEC was updated. As a consequence, all the official economic data since 2004 was revised.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Following years of hyperinflation and economic recession, in 1991 the Argentine Government adopted an economic program that sought to liberalize the economy and impose monetary discipline. The economic program, which came to be known as the Convertibility Regime, was centered on the Convertibility Law of 1991(the &#8220;Convertibility Law&#8221;) and a number of measures intended to liberalize the economy, including the privatization of a significant number of public sector companies (including certain of our subsidiaries and co-controlled companies). The Convertibility Law established a fixed exchange rate based on what is generally known as a currency board. The goal of this system was to stabilize the inflation rate by requiring that Argentina&#8217;s monetary base be fully backed by the Central Bank&#8217;s gross international reserves. This restrained the Central Bank&#8217;s ability to effect changes in the monetary supply by issuing additional Pesos and fixed the exchange rate of the Peso and the U.S. Dollar at Ps.1.00 to U.S.$1.00.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">78</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<a name="_bclPageBorder81"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Convertibility Regime temporarily achieved price stability, increased the efficiency and productivity of the Argentine economy and attracted significant foreign investment to Argentina. At the same time, Argentina&#8217;s monetary policy was tied to the flow of foreign capital into the Argentine economy, which increased the vulnerability of the economy to external shocks and led to increased reliance on the services sector of the economy, with the manufacturing, agricultural and industrial sectors lagging behind due to the relative high cost of Peso-denominated products in international markets as a result of the Peso&#8217;s peg to the U.S. Dollar. In addition, related measures restricted the Central Bank&#8217;s ability to provide credit, particularly to the public sector.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Following the enactment of the Convertibility Law, inflation declined steadily and the economy experienced growth through most of the period from 1991 through 1997. This growth slowed from 1998 on, however, as a result of the Asian financial crisis in 1997, the Russian financial crisis in 1998 and the devaluation of Brazil&#8217;s currency in 1999, which led to the widespread withdrawal of investors&#8217; funds from emerging markets, increased interest rates and a decline in exports to Brazil, Argentina&#8217;s principal export market at the time. According to INDEC, in the fourth quarter of 1998, the Argentine economy entered into a recession that caused the gross domestic product to decrease by 3.4% in 1999, 0.8% in 2000 and 4.4% in 2001. In the second half of 2001, Argentina&#8217;s recession worsened significantly, precipitating a political and economic crisis at the end of 2001.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2001 Economic Crisis</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Beginning in December 2001, the Argentine Government implemented an unexpected number of monetary and foreign exchange control measures that included restrictions on the free disposition of funds deposited with banks and on the transfer of funds abroad without prior approval by the Central Bank, some of which are still in effect. On December 21, 2001, the Central Bank decided to close the foreign exchange market, which amounted to a </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">de facto</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> devaluation of the Peso. On December 24, 2001, the Argentine Government suspended payment on most of Argentina&#8217;s foreign debt.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The economic crisis led to an unprecedented social and political crisis, including the resignation of President Fernando De la R&#250;a and his entire administration in December 2001. After a series of interim Governments, in January 2002 the Argentine congress appointed Senator Eduardo Duhalde, a former vice-president and former governor of the Province of Buenos Aires, to complete De la R&#250;a&#8217;s term through December 2003.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On January 6, 2002, the Argentine congress enacted the Public Emergency Law, which introduced dramatic changes to Argentina&#8217;s economic model, empowered the Argentine Government to implement, among other things, additional monetary, financial and foreign exchange measures to overcome the economic crisis in the short term and brought to an end the Convertibility Regime, including the fixed parity of the U.S. Dollar and the Peso. Following the adoption of the Public Emergency Law, the Peso devalued dramatically, reaching its lowest level on June 25, 2002, at which time it had devalued from Ps.1.00 to Ps.3.90 per U.S. Dollar according to Banco Naci&#243;n. The devaluation of the Peso had a substantial negative effect on the Argentine economy and on the financial condition of individuals and businesses. The devaluation caused many Argentine businesses (including us) to default on their foreign currency debt obligations, significantly reduced real wages and crippled businesses that depended on domestic demand, such as public utilities and the financial services industry. The devaluation of the Peso created pressure on the domestic pricing system and triggered very high rates of inflation. According to INDEC, during 2002 the Argentine WPI increased by approximately 118% and the Argentine CPI rose approximately 41%.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Following the adoption of the Public Emergency Law, the Argentine Government implemented measures, whether by executive decree, Central Bank regulation or Argentine legislation, attempting to address the effects of the collapse of the Convertibility Regime, recover access to financial markets, reduce Government spending, restore liquidity to the financial system, reduce unemployment and generally stimulate the economy.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pursuant to the Public Emergency Law, the Argentine Government, among other measures:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">converted public utility tariffs from their original U.S. Dollar values to Pesos at a rate of Ps.1.00 per U.S.$1.00;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">froze all regulated distribution margins relating to the provision of public utility services (including electricity distribution services);</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">79</FONT></P></DIV>

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&nbsp; <A name="page_82"></A>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">revoked all price adjustment provisions and inflation indexation mechanisms in public utility concessions (including our concession); and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">empowered the Argentine Executive Branch to conduct a renegotiation of public utility contracts (including our concession) and the tariffs set therein (including our tariffs).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">These measures, combined with the devaluation of the Peso and high rates of inflation, had a severe effect on public utility companies in Argentina (including us). Because public utility companies were no longer able to increase tariffs at a rate consistent with the increased costs they were incurring, increases in the rate of inflation led to decreases in their revenues in real terms and a deterioration of their operating performance and financial condition. Most public utility companies had also incurred large amounts of foreign currency indebtedness to finance the capital improvement and expenditure programs. At the time of these privatizations, the capital structures of each privatized company were determined taking into account the Convertibility Regime and included material levels of U.S. Dollar&#8209;denominated debt. Following the elimination of the Convertibility Regime and the resulting devaluation of the Peso, the debt service burden of these utility companies significantly increased, which when combined with the margin freeze and conversion of tariffs from U.S. Dollars to Pesos, led many of these utility companies (including us) to suspend payments on their foreign currency debt in 2002.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Economic Recovery and Outlook</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Beginning in the second half of 2002, Argentina experienced economic growth driven primarily by exports and import&#8209;substitution, both facilitated by the lasting effect of the devaluation of the Peso in January 2002. While this devaluation had significant adverse consequences, it also fostered a reactivation of domestic production in Argentina as the sharp decline in the Peso&#8217;s value against foreign currencies made Argentine products relatively inexpensive in the export markets. At the same time, the cost of imported goods increased significantly due to the lower value of the Peso, forcing Argentine consumers to substitute their purchase of foreign goods with domestic products, substantially boosting domestic demand for domestic products.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">From 2003 to 2007, the economy continued recovering from the 2001 economic crisis. The economy grew by 8.8% in 2003, 9.0% in 2004, 9.2% in 2005, 8.5% in 2006 and 8.7% in 2007, led by domestic demand and exports. From a demand perspective, private sector spending was accompanied by a combination of liberal monetary and conservative fiscal policies. Growth in spending, however, consistently exceeded the rate of increase in revenue and nominal GDP growth. From a supply perspective, the trade sector benefited from a depressed real exchange rate, which was supported by the intervention of the Central Bank in the foreign exchange market. Real exports improved, in part due to growth in Brazil, and the current account improved significantly, registering surpluses in 2004, 2005, 2006 and 2007.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Argentina&#8217;s economy grew by 7% in 2008, 19.5% less than in 2007. According to the INDEC, growth was negative in both the first and the fourth quarter of 2008 (-0.3% for both periods) as compared to the same periods in 2007, without adjusting for seasonality. This negative growth is primarily attributable to the conflict between the Argentine Government and farmers in early 2008 and the global financial crisis, which deepened in the second half of 2008.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">At the end of 2008, the Argentine Government enacted a series of measures aimed at counteracting the decline in the level of economic activity, including special tax rates and less stringent foreign exchange restrictions in connection with the repatriation and national investment of capital previously deposited abroad by Argentine nationals, extensions in the payment terms for overdue taxes and social security taxes, reductions in payroll tax rates for companies that increase their headcounts, creation of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Ministerio de Producci&#243;n</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> (Ministry of Production), announcements regarding the construction of new public works, consumer loans for the acquisition of durable goods and loans to finance exports and working capital for industrial companies, as well as various agricultural and livestock programs, all aimed at minimizing lay-offs during the current global financial crisis. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">In 2009, after six years of robust and continuous growth, the Argentine economy, according to official indicators, grew by only 0.1%, and according to private indicators, contracted by 3.5%. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">According to official indicators, in 2011, real GDP in Argentina grew by approximately 8.4%, furthering the growth trend showed in 2010. </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">In 2012, according to the official information created and disseminated by the INDEC, the economy expanded 0.8%. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">According to official indicators, Argentina&#8217;s real GDP grew around 2.9% in 2013, compared to 0.8% in 2012. In 2014, the economic activity grew by approximately 0.2%, compared to 2.9% in 2013.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">In January 2014, the Peso lost approximately 19% of its value with respect to the U.S Dollar. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">During 2015, the economy registered a positive growth, of approximately 2.5%. The level of activity was driven by the effect that the summer crop had on GDP growth in the second and third quarter, while during the last months of the year the economy showed a more moderate expansion. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">In terms of supply, industrial production continued showing a poor performance, the exchange rate lagged, restrictions to import intermediate goods continued and, the deceleration of the main Argentine commercial partners&#8217; growth and a weak domestic and external demand impacted on the performance of the manufacturing activity. In terms of expenses, consumption showed a good performance even though consumers continued acting with caution. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">With reference to inflationary pressures, a significant deceleration in the increase of prices was observed during the first half of 2015, related with the high 2014 baseline. Throughout the last months of 2015, retail prices relatively picked up although the average growth rate was lower than that of the previous year. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">On December 17, 2015, the Peso depreciated approximately 36% against the U.S. Dollar following the announcement of the lifting of a significant portion of exchange restrictions by the Macri administration, which caused the Peso to U.S. Dollar exchange rate to reach Ps.13.40 to U.S.$1.00.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2016, the Argentine economy contracted by 2.2%. Although the economic activity showed a slight improvement during the last months of the year, 2016 is considered to be a recessive year.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The negative results may be explained by the deepening contraction in certain sectors that performed poorly in terms of activity. In this sense, during the second quarter of 2016, lower levels of agricultural production were exacerbated by a lower than expected harvest (affected by unusual rains), in addition to a large decline in construction activity and a decrease in retail sector activity. Industrial production also showed a weak performance.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In terms of inflation, the pace of growth of domestic prices accelerated during the first half of 2016 as a result of the increase in the value of the U.S. Dollar relative to the Peso in the official market. In addition, monthly price increases in the first half of 2016 were mainly related to an update of some regulated prices such as public utility tariffs (gas and electricity prices) and urban transport, mainly in the Buenos Aires metropolitan region. As of the third quarter of 2016, price increases began to decelerate as a result of the absence of new tariff increases, the stagnation of economic activity, the relative low price of the U.S. Dollar in the local market and the restrictive monetary policy, through high interest rates that sought to contain the currency pressure, drove the deceleration in inflation, which slowed to a monthly average of 1.1% in the July to September 2016 period. During the last quarter of 2016, the monthly inflation average was 1.7%, and the annual rate of increase in consumer prices ended the year slightly below 40%. The Macri administration announced the adoption of an inflation targeting regime to apply in parallel with the floating exchange rate regime and established inflation targets for the next four years. The Central Bank has increased intervention efforts in the foreign exchange market to reduce excess monetary imbalances and raised Peso interest rates to offset inflationary pressure. Since January 2017, the Central Bank started to use the seven-day repo reference rate as the anchor of its inflation targeting regime. LEBACs are used to manage liquidity.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=red face="times new roman"> </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">After the currency devaluation at the beginning of the Macri administration, the Central Bank changed to a flexible exchange market regime, which resulted in a unified foreign exchange system. In 2016, some modest depreciation pressure following Brexit in June and the U.S. election on November 8, 2016, caused the Peso to weaken, ending at Ps.16.10 to U.S.$1.00 on December 31, 2016. By the end of the year, the Peso depreciated by approximately 20% against the U.S. Dollar. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Argentina&#8217;s economy grew by 2.8% during 2017, driven by an increase in private consumption, public spending and investment which counteracted the 2.2% contraction in 2016. The Argentine economy&#8217;s recovery is attributed to both external and domestic factors. The external factors included, </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">among others, an overall improvement of the Brazilian economy, which led to an increase in Argentina exports to Brazil. The domestic factors included, among others, the growth in average wages, an increase in welfare and public works spending by the Argentine government and the increase in bank lending activity to the private sector, which stimulated consumption and private investment. However, the performance of the various sectors of the economy was varied. Sectors buoyed by the change in relative prices, by public works spending or by specific trade agreements, such as agriculture, construction and the automotive industry, respectively, recorded high growth rates during 2017. By contrast, those affected by the relaxation of import controls and the Peso&#8217;s appreciation, such as the textiles and electronics industries, continued their contraction.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Inflation, measured by its general level, declined by approximately 15%, from 40.5% in December 2016 to 24.8% in December 2017, having achieved the disinflation process simultaneously with the updating of some public services tariffs. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On the monetary policy front, the Central Bank formally instituted an inflation targeting regime, and established a new policy interest rate (the 7-day interbank repo rate). With a view to bringing inflation within the target band (between 12% and 17% for 2017), the monetary authority maintained a policy of high interest rates, which led to increased absorption of pesos through the placement of central bank bills (LEBAC) and repos; the policy interest rate followed an upward trend during the year, from 24.75% in January 2017 to 28.75% in December 2017. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Central Bank maintained the free floating exchange rate and intervened in the foreign exchange market only at times of rapid rises. In this context, the nominal Ps./U.S.$ exchange rate increased by 17% during the year 2017. Although during the last days of 2017, the price of the US currency in the domestic exchange market was rising, the dollar closed December at levels around Ps./U.S.$18.00 (monthly average).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2017, there was a real increase in public spending. As a result of stronger growth in revenues as compared to expenditures, the primary deficit decreased to 3.9% of GDP in 2017 as compared to 4.3% in 2016); after payment of interest on the debt, the fiscal outturn stood at 6.1% of GDP, above the 5.9% recorded in 2016. The fiscal deficit remained high, notwithstanding the policy of reducing subsidies for public services, the extraordinary revenues from the special tax under the capital legalization (or repatriation) program, and the increase in tax receipts associated with greater economic activity.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The fiscal deficit and the current account deficit were financed by a marked increase in external borrowing in 2017, which also underpinned an increase in international reserves. The current account deficit widened in 2017, standing at 5.5% of GDP, as a result of higher imports of goods and services (reflecting the economic recovery and the reduction in import controls and tariff rates), as well as an increase in debt service payment obligations with respect to interest due on Argentina&#8217;s public external debt. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">After a slight recovery in 2017, the first quarter of 2018 showed a similar positive growth trend, although, a lower than expected harvest and the lower number of international creditors willing to finance the Argentine state highlighted the macroeconomic weaknesses facing Argentina. In addition, the US dollar denominated external debt assumed by the Argentine Government and the lack of US dollars to deal with maturities relating to such debt, Argentina has to resort to the IMF to obtain the foreign currency that could not be obtained by agriculture, exports, or external financing. On May 8, 2018, the current administration announced that the Argentine Government would initiate negotiations with the IMF with a view to entering into a stand-by credit facility that would give Argentina access to financing by the IMF. On June 20, 2018, the executive board of the IMF approved the terms of the stand-by arrangement, consisting of a stand-by credit facility for U.S.$50.0 billion, subject to adjustments and compliance with certain political and fiscal performance guidelines by the Argentine Government. On October 26, 2018, a first review of the SBA concluded with the enlargement of the arrangement for U.S.$5.7 billion. </FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The lack of predictability generated by the agreement with the IMF generated volatility in the exchange market. By the end of June 2018, the Peso has lost 54% of its value against the US dollar, as compared to exchange rate of December 2017. At the end of August, 2018, the exchange rate recorded, a then-historical maximum Ps. 40 per U.S. 1. The rise in the exchange rate and the winding down of the Lebac program, which strongly increased the monetary base, generated an increase in inflation in 2018.</FONT></P>

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<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Given the new inflationary context, the BCRA applied a restrictive monetary policy, strongly increasing the reference interest rates. Such policy, generated a significant retraction in economic activity.</FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In September 2018, following the last change in the BCRA, the objective of monetary policy was modified aiming at monetary aggregate goals, keeping the monetary base constant until mid-2019. This implies directly attacking inflation despite the impact on the level of activity. In this context, the most affected sectors were trade, the manufacturing industry and construction.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pursuant to IAS 29 &#8220;Financial Reporting in Hyperinflationary Economies&#8221;, the financial statements of entities whose functional currency is that of a hyperinflationary economy must be restated for the effects of changes in a suitable general price index. IAS 29 does not prescribe when hyperinflation arises, but includes several characteristics of hyperinflation. The IASB does not identify specific hyperinflationary jurisdictions. However, in June 2018, the International Practices Task Force of the Centre for Quality (&#8220;IPTF&#8221;), which monitors &#8220;highly inflationary countries&#8221;, categorized Argentina as a country with projected three-year cumulative inflation rate greater than 100%. Additionally, some of the other qualitative factors of IAS 29 were present, providing prima facie evidence that the Argentine economy is hyperinflationary for the purposes of IAS 29. Therefore, Argentine companies using IFRS are required to apply IAS 29 to their financial statements for periods ending on and after July 1, 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2018 Macroeconomic Conditions</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Economic Activity</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2018, cumulative economic activity decreased approximately 2.6%, as compared to 2017. Public consumption decreased by approximately 3.0%, while exports, net of imports, decreased by approximately 7.5%, compared to 2017. The contraction in economic activity negatively impacted 13 of the 16 economic sectors, with decreases in manufacturing (14.2%), wholesale and retail sales and repairs (15.7%) and construction (12.7%). However, such economic activity decreases were partially offset by increases in the agriculture, livestock, hunting and forestry (4.7%), Education (1%) and Health and social services (0.4%) sectors. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Price Trends</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2018, the Cost-of-Living Index published by the INDEC showed a variation of 47.6%. The greatest variations in the index were increases in the following sectors: transportation (66.8%), communications (55.3%), and basic goods and services (53.2%). The least affected sectors were alcoholic beverages and tobacco (28.3%), clothing and footwear (33.1%) and education (32.1%). </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Wages measured by the registry of the Permanent Workers&#8217; Average Taxable Remuneration (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Remuneraci&#243;n Imponible Promedio de los Trabajadores Estables</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> or &#8220;RIPTE&#8221;), increased by 30.7% between December 2017 and December 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Trade Balance</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">According to the INDEC, the estimated current account deficit in December 2018 totaled U.S.$.3.8 billion (which represented 4.7% of the GDP). In 2018, FOB value estimated exports totaled U.S.$.61.6 billion, whereas the CIF value of estimated imports amounted to U.S.$. 65.4 billion. In December 2018, exports of primary products increased approximately 36.9%, whereas exports of agricultural manufacturing and industrial manufacturing increased by approximately 11.8% and 9.9% respectively. Fuel and energy exports recorded an estimated decrease of 13.5%, amounting to U.S.$.4 billion. As for imports, capital goods decreased approximately 38% comprising fuel and lubricants 33.9%, parts and accessories for capital goods 22.9%, consumer goods 33.7%, passenger motor vehicles 62.8%. Imports of intermediate goods increased approximately 0.2%.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Fiscal Situation</FONT></I></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Central Bank&#8217;s U.S.$ wholesale exchange rate (Resolution A3500) was Ps.37.81/U.S.$ as of December 31, 2018, showing a cumulative 101.4% increase compared to the end of 2017 and a 69.6% average year-on-year variation. Central Bank&#8217;s international reserves stock amounted to U.S.$ 65.8 billion at closing, which represents a U.S.$ 10.7 billion increase compared to the previous year. Moreover, the monetary base reached Ps.1,409 billion, showing a 40.7% increase at the closing of 2018 </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">compared to the previous year. Furthermore, Central Bank&#8217;s debt stock in issued bonds amounted to U.S.$19.4 billion as of the closing of 2018, which represents a 69% year-on-year contraction.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Tariffs</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our revenues and margins are substantially dependent on the composition of our tariffs and on the tariff setting and adjustment process contemplated by our concession. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following chart shows the variation in Edenor&#8217;s average tariffs, including taxes, in Pesos per MWh for the periods indicated: </FONT></P>

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<IMG border=0 src="pg84.gif">&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Under the terms of our concession, our tariffs for all of our users (other than users in the wheeling system) are composed of:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">the cost of electric power purchases, which we pass on to our users, and a fixed charge (which varies depending on the category and level of consumption of each user and their energy purchase prices) to cover a portion of our energy losses in our distribution activities (determined by reference to a fixed percentage of energy and power capacity for each respective voltage level set forth in our concession);</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">our regulated distribution margin, which is known as the value&#8209;added for distribution, or VAD; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">any taxes imposed by the Province of Buenos Aires or the City of Buenos Aires, which may differ in each jurisdiction.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Certain of our large users (which we refer to as wheeling system users) are eligible to purchase their energy needs directly from generators in the WEM and only acquire from us the service of electricity delivery. Therefore, our tariffs for these large users (known as wheeling charges) do not include, charges for energy purchases. Accordingly, wheeling charges consist of the fixed charge for recognized losses (determined by reference to a fixed percentage of energy and power capacity for each respective voltage level set forth in our concession) and our distribution margin. As a result, although the amounts billed to wheeling system users are relatively lower than those billed to other large users, namely industrial users, the distribution margin on sales to wheeling system users is similar to that of other large users because we do not incur the corresponding cost of electric power purchases related to those sales.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Recognition of Cost of Electric Power Purchases</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As part of our tariffs, we bill our users for the costs of our electric power purchases, which include energy and capacity charges. In general, we purchase electric power at a seasonal price, which is approved by the ENRE every six-months and reviewed quarterly. Our electric power purchase price reflects transportation costs and certain other regulatory charges (such as the charges imposed by the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Fondo Nacional de Energ&#237;a El&#233;ctrica </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">or National Electricity Energy Fund). </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On January 25, 2016, the ME&amp;M issued Resolution No. 6/16, approving the seasonal WEM prices for each category of users for the period from February 2016 through April 2016. Such resolution adjusted the seasonal prices as required by the regulatory framework. Energy prices in the spot market were set by CAMMESA, which determined the price to be charged by generators for energy sold in the spot market of the WEM on an hourly basis. The WEM prices result in the elimination of certain energy subsidies and a substantial increase in electricity rates for individuals. Resolution No. 6/16 introduced different prices depending on the categories of users. Such resolution also contemplated a social tariff for residential users who comply with certain consumption requirements, which included a full exemption for monthly consumptions below or equal to 150 KWh and tariffs benefits for users who exceed such consumption level but achieve a monthly consumption lower than that of the same period in the immediately preceding year.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On February 1, 2017, Resolution No. 20 &#8211; E/17 dated January 27, 2017, of the SEE pursuant to which the summer seasonal rescheduling for the WEM was approved corresponding to the period held between February 1 and April 30, 2017. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Resolution No. 20 &#8211; E/17 incorporated a new category of consumer denominated &#8220;electricity-dependent user&#8221;. An electricity dependent user is a person who registers an extraordinary consumption of electrical energy due to special equipment and / or infrastructure for a disease diagnosed by a physician or a stable and permanent electrical service to address medical needs within their home. The resolution established the provision of 600 KWh per month free of charge and an electricity reference price that varies according to the level of savings and demands registered compared to the previous month. In addition, it stipulates that as from February 2017, the maximum spot price for the approval of the WEM is Ps.240 Ps./MWh and fixes the charge value corresponding to the National Fund for Electric Energy at Ps.15.50 Ps./MWh.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In May 2017, Law No. 27,351 was enacted, which guarantees the permanent and free of charge supply of electricity to those individuals who qualify as dependent on power for reasons of health to avoid risks in their lives or health. The law states that the account holder of the service or someone who lives with a person that is registered at the &#8220;Registry of Electricity Dependent for Reasons of Health&#8221; will be exempt from the payment of any and all connection fees and will benefit from a special free of charge tariff treatment for the electric power supply service. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In July 2017, the ENRE issued Resolution No. 292 stating that those discounts are to be made as from the effective date of the aforementioned law, and instructed CAMMESA to implement those discounts in its billing to the distribution companies. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">According to Executive Order 740 of the Executive Branch, dated September 20, 2017, the ME&amp;M will be the Authority of Application of Law No. 27,351, whereas the Ministry of Health will be responsible for determining the minimum conditions necessary for eligibility for the &#8220;Registry of Electricity Dependent for Reasons of Health.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On September 2017, the Ministry of Health issued Resolution No. 1,538-E/17, which creates the Registry of Electricity Dependent for Reasons of Health (&#8220;RECS&#8221;), under the jurisdiction of the Ministry of Health, operating under the authority of the Under Secretariat for the Management of Health Care Services.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On October 31, 2017, the ENRE informed pursuant to Note No 128,399, through the proceedings carried out by the ME&amp;M, the decision to postpone the application of the CPD increase in the RTI for November 1, 2017 to December 1st, 2017, as well as the application of the CPD update which was made in August 2017.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=red face="times new roman"> </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Due to the deferring of the CPD increases, the ENRE notified a new tariff schedule to be applied in the December 2017- January 2018 period pursuant to Resolution No. 603/17, which was offset due to a retroactive adjustment, CPD&#8217;s updates that were not granted and the previously mentioned application. &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In addition, such tariff schedule included the modification of seasonal prices, costs of transport and saving billings and bonuses according to the incentive plan established pursuant to SEE Resolution No. 1091/17. By way of this resolution, the prices to be applied for the WEM for the period between December 1st and January 31st 2018, by keeping in Ps.3,157/Mw per month the power output reference price and by differentiating the stabilized reference energy prices applied to users with output power requirements over 300 kW in approximately (off-peak prices) Ps.1,329/MWh, and for the remaining users </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">in Ps.839/MWh. The saving billing of the incentive plan was modified, by establishing a 10% discount to the stabilized energy price for those residential users who reduce the consumption in at least a 20% compared to the consumption registered on the same month in 2015, having removed saving categories between 10% and 20%. Moreover, a new application methodology for the social tariff was introduced. </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Also, by means resolution ENRE No. 1091/17, it was evidenced an increase in the transport prices of electric energy which were transferred to tariffs in Ps.45.1/MWh. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On January 31, 2018, the ENRE issued Resolution No. 33/18, whereby it approved the CPD values for July 2017 through December 2017, which were in the order of 11.99%, the values of the 48 monthly installment to be applied in accordance with the provisions of ENRE Resolution No. 329/17 which were deferred in the year 2017, and the electricity rate schedule to be applied to consumption recorded as from February 1, 2018. Additionally, it is informed that the average electricity rate value amounts to Ps.2.4627/KWh.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On July 31, 2018, the ENRE issued Resolution No. 208/18, pursuant to which it approved, the CPD for January 2018 through June 2018 of which 7.93% was applied as of August 1, 2018, and 6.51% in six consecutive monthly installments as of February 1, 2019. The CPD amounted to 15.85%. Moreover, Resolution No. 208/18 established a system of caps for the social tariff as well as the values that the Company had to apply to determine and credit discounts in the electricity bills of the users affected by deficiencies in the quality of the technical product and/or the quality of the technical and commercial service from 2018 to February 2019. Additionally, the informed average electricity rate value amounted to Ps. 2.9871/KWh.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On December 27, 2018, the SGE issued Resolution No. 366/18, pursuant to which approved the summer seasonal programming for the WEM submitted by CAMMESA, thus determining new prices for power capacity, energy and transmission from February 2019 to October 2019. Furthermore, the social tariff and savings bonuses for the residential tariff were eliminated, as beneficiaries have been transferred to the provincial jurisdictions, which will bear their cost and implementation.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On January 31, 2019, ENRE Resolution No. 25 approved the values of Edenor&#8217;s tariff scheme as from February 1, 2019, incorporated the new power capacity reference prices and stabilized prices for energy determined by the SGE until April 30, 2019. In turn, the ENRE informed that under the transfer of jurisdiction from the Argentine Government to the Province of Buenos Aires and the City of Buenos Aires, the guidelines for the social tariff regime effective as of December 31, 2018. &nbsp;As of the date, the Province of Buenos Aires and the City of Buenos Aires are assuming the payment of the social rate regularly.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Moreover, on January 31, 2019, pursuant to Resolution No. 27/19, the ENRE approved the VAD updates for the second six-month period of 2018 and the pending update corresponding to the first six-month period of 2019, totaling a 32.0% increase applicable as from March 1, 2019. Additionally, the application of the new -1.59% &#8220;E&#8221;-factor adjustment will be deducted from cumulative inflation updates.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Furthermore, the cost of deferrals for August 2018 through February 2019 and for the month of February 2019, totaled Ps.1,005 million and Ps.841 million respectively, and will be paid in 5 installments as from March 2019. Additionally, Ps.51 million will be collected under the same method due to the partial recognition of the appeal filed by Edenor to Resolution No. 208/18, which acknowledged additional costs not that had not been calculated as part of prior tariffs.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We purchased a total of 25,906 GWh in 2018, 25,950 GWh in 2017 and 26,838 GWh in 2015. Following the adoption of certain amendments to the pricing rules applicable to the WEM pursuant to the Public Emergency Law, we have purchased all of our energy supply in the WEM at the spot price. We have not purchased any energy under long-term supply contracts since 2004. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 35.4pt; TEXT-INDENT: 0.6pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Recognition of cost of energy losses</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Energy losses are equivalent to the difference between energy purchased (including wheeling system demand) and energy sold. These losses may be classified as technical and non-technical losses. Technical losses represent the energy that is lost during transmission and distribution within the network as a consequence of natural heating of the conductors and transformers that transmit electricity from the generating plants to the users. Non-technical losses represent the remainder of our energy losses and are primarily due to illegal use of our services. Energy losses require us to purchase additional electricity to </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">satisfy demand and our concession allows us to recover from our users the cost of these purchases up to a loss factor specified in our concession for each tariff category. Our loss factor under our concession is, on average, 10%. Our management is focused on taking the necessary measures to ensure that our energy losses do not increase above current levels because of their direct impact on our gross margins. However, due to the inefficiencies associated with reducing our energy losses below the level at which we are reimbursed pursuant to our concession (i.e., 10%), we currently do not intend to significantly lower our level of losses.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">At the time of our privatization, our total energy losses represented approximately 30% of our energy purchases, of which more than two thirds were non-technical losses attributable to fraud and illegal use of our service. Beginning in 1992, we implemented a loss reduction plan (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">plan de disciplina del mercado</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">, or market discipline plan) that allowed us to gradually reduce our total energy losses to 10% by 2000, with non-technical losses of 2.7%. However, beginning in mid-2001 and up until 2004, we experienced an increase in our non-technical losses, as the economic crisis eroded the ability of our users to pay their bills, and in our technical losses in proportion to the increased volume of energy we supplied during those periods.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following table sets forth our estimated breakdown between technical and non-technical energy losses experienced in our concession area for the periods indicated. </FONT></P>

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<TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Year ended December 31,</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2018</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2017</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2016</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Technical losses </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">8.4%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">8.8%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">9.6%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Non&#8209;technical losses </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">9.8%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">8.3%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">7.4%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Total losses </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">18.2%</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">17.1%</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">17.0%</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The rolling annual rate of total losses for 2018 increased to 18.2%, compared to 17.1% of the previous year. In Regions II and III, new shantytowns were formed while existing shantytowns continued to grow. In 2018, the increase in total losses is mainly due to the theft of energy in these areas.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2018, the plan aimed at normalizing clandestine consumers, inactive users and chronic delinquent users remained in force, substantially increasing the installation of MIDE energy integrated meters by 92,902 out of a total 142,728 meters.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Additionally, in 2018 a new type of multiple concentric network (&#8220;MULCON&#8221;) was designed to leverage the MIDE meter&#8217;s functionalities increasing damage resistance</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=red face="times new roman">.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> Due to positive results, it is being implemented in neighborhoods with high fraud rates. Furthermore, 103,729 tariff 1 (small demand) meter inspections were carried out with 51.64% effectiveness. As part of the initiative to diminish energy losses, the Company normalized MIDEs users as well as 3,123 clandestine consumers with conventional meters.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">However, the higher level of activity undertaken did not allow us to reach the level of losses set in 2018, which was also affected by a winter season with lower than average temperatures and a decrease in the consumption of large users. For more information, see &#8220;Item 4. Information on the Company&#8212;Business Overview&#8212;Energy Losses.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"><BR></FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Distribution margin or value&#8209;added for distribution (VAD)</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our concession authorizes us to charge a distribution margin for our services to seek to cover our operating expenses, taxes and amortization expenses and to provide us with an adequate return on our asset base.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Historical Overview of VAD. </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our concession originally contemplated a fixed distribution margin for each tariff parameter with semiannual adjustments based on variations in the U.S. wholesale price index (67% of the distribution margin) and the U.S. consumer price index (the remaining 33% of the distribution margin). However, pursuant to the Public Emergency Law, all adjustment clauses in U.S. Dollars or other foreign currencies and indexation clauses based on foreign indexes or other indexation mechanisms included in contracts to be performed by the Argentine Government were revoked. As a result, the adjustment provisions contained in our concession are no longer in force and, from January 2002 through January 2007, we were required to charge the same fixed distribution margin in Pesos </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">established in 2002, without any type of currency or inflation adjustment. These measures, coupled with the effect of accumulated inflation since 2002 and the devaluation of the Peso, have had a material adverse effect on our financial condition, results of operation and cash flows, leading us to record net losses.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">87</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Adjustment Agreement. </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On September 21, 2005, we entered into the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Acta Acuerdo sobre la Adecuaci&#243;n del Contrato de Concesi&#243;n del Servicio P&#250;blico de Distribuci&#243;n y Comercializaci&#243;n de Energ&#237;a El&#233;ctrica</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> (Adjustment Agreement), an agreement with the Argentine Government relating to the adjustment and renegotiation of the terms of our concession. Because a new Minister of Economy took office thereafter, we formally re-executed the Adjustment Agreement with the Argentine Government on February 13, 2006 under the same terms and conditions originally agreed. The ratification of the Adjustment Agreement by the Argentine Government was completed in January 2007. Pursuant to the Adjustment Agreement, the Argentine Government granted us an increase of 28% in our distribution margin, which includes a 5% increase to fund specified capital expenditures we are required to make under the Adjustment Agreement. See &#8220;Item 5. Operating and Financial Review and Prospects&#8212;Liquidity and Capital Resources&#8212;Edenor&#8217;s Capital expenditures.&#8221; The increase was effective retroactively from November 1, 2005 and remained in effect until the approval of the new tariff scheme under the RTI, in February 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Adjustment Agreement also contemplated a cost adjustment mechanism for the transitional period during which the RTI process was being conducted. This mechanism, known as the Cost Monitoring Mechanism, or CMM, took into consideration, among other factors, the wholesale and consumer price indexes, exchange rates, the price of diesel and construction costs and salaries, all of which are weighted based on their relative importance to operating costs and capital expenditures. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On January 30, 2007, the ENRE formally approved our new tariff schedule reflecting the 28% increase in the distribution margins charged to our non-residential users contemplated by the Adjustment Agreement. In addition, because the Adjustment Agreement is effective retroactively from November 1, 2005, the ENRE applied the CMM retroactively in each of May and November 2006, the dates in each year on which the ENRE is required to apply the CMM. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Between 2007 and 2016, we requested several CMM adjustments, which were recognized by the ENRE through different resolutions and notes (Resolution No. 1,037/07, Note No. 81,399, Resolution No. 250/13 and Resolution No. 32/15). Only two adjustments were recognized in a timely manner and were incorporated into the tariff structure, while the rest of them were recognized belatedly and not incorporated into our tariff structure.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On November 23, 2012, the ENRE issued Resolution No. 347/12, pursuant to which it established a fixed and variable charge differentiated by category of users, which the distribution companies will collect on account of the CMM adjustments stipulated in clause 4.2 of the Adjustment Agreement, and will use exclusively to finance infrastructure and corrective maintenance of their facilities. Such charges, which were clearly identified in the bills sent to users, were deposited in a special account to be managed by a Trustee. Such amounts were used exclusively to finance infrastructure and corrective maintenance of the facilities.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pursuant to the SE&#8217;s Resolution No. 250/13 and Notes No. 6,852/13, No. 4,012/14, No. 486/14 and No. 1,136/14 of the SE, the Company was authorized to compensate its debt registered under the PUREE against CMM recognitions for the period from May 2008 through December 2014.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In addition, CAMMESA was instructed to issue sale settlements with maturity dates to be determined for the surplus generated after compensation between the credits of the CMM and the PUREE debts, to partially compensate the debt with the WEM. We were also entitled to deposit the remaining sale settlements with maturity dates to be determined in the trust created pursuant to ENRE&#8217;s Resolution No. 347/12. As of the date of this annual report, all the sale settlements with maturity dates to be determined issued by CAMMESA were compensated with PUREE debts or with Commercial debt with CAMMESA.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As from February 1, 2015, pursuant to Resolution No. 32/15 of the SE, PUREE funds were considered as part of Edenor&#8217;s income on account of the future RTI. We compensated up to January 31, 2015, the debts for PUREE, with claims arising from the calculation of CMM up to January 31, 2016, including the application of interest that could correspond to both concepts.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">88</FONT></P></DIV>

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&nbsp; <A name="page_91"></A>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In January 2016, the ME&amp;M issued Resolution No. 7/16, pursuant to which the ENRE implemented a VAD adjustment to the tariff schedule on account of the future RTI in effect as of February 1, 2016, and took all the necessary actions to conclude the RTI process by February 2017. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In addition, such resolution: (i) abrogated the PUREE; (ii) repealed SE Resolution No. 32/15 as from the date the ENRE resolution implementing the new tariff schedule that became effective; (iii) discontinued the application of mechanisms that imply the transfer of funds from CAMMESA in the form of loan agreements with CAMMESA; and (iv) ordered the implementation of the actions required to terminate the trusts created pursuant to ENRE Resolution No. 347/12. Resolution No. 2/16 of the ENRE partially repealed Resolution No. 347/12, discontinuing the FOCEDE and ordered the Company to open a special bank account with a Central Bank authorized entity where the funds received pursuant to Resolution No. 347/12 were deposited. Pursuant to ME&amp;M Resolution No. 7/16, the ENRE issued Resolution No. 1/16 establishing a new tariff structure. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Integral Tariff Revision.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> During the year 2016, the Company, guided by the ENRE, complied with all the procedural obligations required to complete the RTI process set forth in the Adjustment Agreement. The RTI process was completed on February 1, 2017, on which date the ENRE issued Resolution No. 63/17. Such resolution established a new tariff schedule which included a VAD maximum increase of 42% for February 2017, as well as two additional phase increases for the months of November 2017 and February 2018. On January 31, 2019, ENRE Resolution No. 25 approved the values of Edenor&#8217;s tariff scheme as from February 1, 2019. Moreover, on January 31, 2019, pursuant to Resolution No. 27/19, the ENRE approved the VAD updates for the second six-month period of 2018 and the pending update corresponding to the first six-month period of 2019, totaling a 32.0% increase applicable as from March 1, 2019. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following table sets forth the relative weight of our distribution margin in our average tariffs per category of user (other than wheeling system, public lighting and shantytown users) in our concession area at the dates indicated. Although the VAD and electric power purchases per category of user are the same, we are subject to different taxes in the Province of Buenos Aires and the City of Buenos Aires.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">VAD</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Tariff(1)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">November</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">January</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">February</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: black 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">October 2008</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Res.1301</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Res. 1</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Res. 92/17</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Res. 92/17</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Res. 603/17</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Res. 33/18</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Res. 208/18</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Res. 25/19</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Res. 27/19</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2001</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2005</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2007</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2011(2)</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2016</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Feb. 2017</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Mar. 2017</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Dic. 2017</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Dic. 2017</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Feb. 2018</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Feb. 2019</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Mar. 2019</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Residential</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">TIRI (0-300)</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">49.40%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">44.50%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">44.50%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">44.69%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">11.26%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">30.63%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">26.60%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">19.07%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">18.10%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">18.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">15.24%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">11.46%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">14.41%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">TIRI2 (301-650)</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">36.20%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">33.00%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">33.00%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">30.81%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">4.80%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">15.40%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">23.49%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">16.54%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">15.20%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">15.31%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">12.69%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">9.44%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">12.03%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">TIR# (651-800)</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">32.08%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">4.55%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">14.48%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">26.66%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">19.15%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">17.74%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">17.73%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">14.81%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">11.12%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">14.02%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">TIR4 (801-900)</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">31.63%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">4.32%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">13.91%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.46%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">21.55%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">20.08%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">19.98%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">16.81%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">12.74%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">15.95%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">TIR5 (90-1000)</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">32.75%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">4.35%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">14.04%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">33.25%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">24.91%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">23.42%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">23.20%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">19.72%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">15.14%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">18.78%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">TIR6 (1001-1200)</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">26.29%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">4.19%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">15.98%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">37.51%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">28.95%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">27.52%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">27.09%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">23.31%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">18.20%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">22.31%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">TIR 7 (1201-1400)</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">27.18%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">3.98%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">15.25%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">41.21%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">32.64%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">32.80%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">34.80%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">30.69%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">24.81%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">30.91%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">TIR8 (1401-2800)</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.94%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">4.81%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">17.83%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">45.69%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">37.36%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">40.50%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">42.35%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">38.30%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">32.13%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">36.57%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">TIR9 (&gt; 2800)</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">22.50%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">3.84%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">14.81%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">46.83%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">38.62%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">39.94%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">40.79%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">36.69%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">30.53%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">35.18%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Commercial - small demands</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">TIG1</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">55.10%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">40.00%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">47.80%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">48.76%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">21.91%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">53.18%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">53.79%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">45.89%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">48.82%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">47.19%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">43.14%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">37.48%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">42.91%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">TIG2</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">53.60%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">31.10%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">43.60%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">42.39%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">15.97%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">41.52%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">52.94%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">44.89%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">47.86%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">46.18%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">42.08%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">36.38%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">41.77%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">TIG3</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">37.40%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">9.13%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">24.24%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">52.74%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">44.65%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">47.54%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">45.92%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">41.81%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">36.11%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">41.32%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Commercial - medium demand</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">T2</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">43.30%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">27.90%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">35.50%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">38.03%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">16.03%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">44.80%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">74.36%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">74.36%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">43.55%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">43.41%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">39.03%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">31.83%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">37.30%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Industrial</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">T3 low voltage below 300kw</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">44.20%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">26.50%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">34.30%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">37.86%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">15.37%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">43.74%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">46.90%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">37.97%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">39.76%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">39.59%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">35.14%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">27.96%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">33.33%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">T3 low voltage over 300kw</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">42.60%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">24.50%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">32.10%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">27.09%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">11.99%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">22.80%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">23.80%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">23.52%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">27.24%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.40%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">22.50%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">18.29%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">22.82%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">T3 medium voltage below 300kw</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.30%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">14.10%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">19.70%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.25%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">8.46%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">30.72%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">30.38%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">22.08%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">23.59%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">23.43%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">19.76%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">14.58%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">18.37%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">T3 medium volgate over 300kw</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">27.30%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">12.30%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">17.50%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">17.71%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">7.09%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">14.50%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">13.19%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">13.00%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">15.44%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">17.13%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">12.31%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">9.59%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">12.43%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Average Tariff</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">41.20%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">28.50%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">33.90%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">33.16%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">9.57%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">28.33%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">39.08%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">32.46%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">32.18%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">32.41%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">27.75%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">22.09%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">26.83%</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">89</FONT></P>

<DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_92"></A>

<DIV align=left>

<TABLE style="WIDTH: 100%; LINE-HEIGHT: 7pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="77%" colSpan=25>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Average Taxes</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: black 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Tariff(1)</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">November</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">January</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">February</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: black 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">October 2008</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Res.1301</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Res. 1</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Res. 92/17</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Res. 92/17</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Res. 603/17</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Res. 33/18</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Res. 208/18</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Res. 25/19</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Res. 27/19</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2001</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2005</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2007</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2011(2)</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2016</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Feb. 2017</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Mar. 2017</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Dic. 2017</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Dic. 2017</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Feb. 2018</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Feb. 2019</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Mar. 2019</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Residential</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">TIRI (0-300)</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">28.70%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">28.70%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">28.70%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">28.70%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">28.70%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">28.70%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">28.70%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">28.70%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">28.70%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">28.70%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">28.70%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">28.70%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">28.70%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">TIRI2 (301-650)</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.20%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.20%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.20%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">TIR# (651-800)</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">TIR4 (801-900)</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">TIR5 (90-1000)</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">TIR6 (1001-1200)</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">TIR 7 (1201-1400)</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">TIR8 (1401-2800)</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">TIR9 (&gt; 2800)</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.23%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Commercial - small demands</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">TIG1</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.70%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.70%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.70%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.68%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.68%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.68%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.68%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.68%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.68%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.68%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.68%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.68%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.68%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">TIG2</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.60%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.60%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.60%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.64%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.64%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.64%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.64%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.64%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.64%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.64%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.64%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.64%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.64%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">TIG3</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.63%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.63%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.63%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.63%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.63%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.63%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.63%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.63%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.63%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.63%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Commercial - medium demand</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">T2</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.60%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.60%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.60%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.63%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.63%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.63%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.63%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.63%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.63%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.63%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.63%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.63%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.63%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Industrial</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">T3 low voltage below 300kw</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.70%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.70%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.70%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.66%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.66%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.66%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.66%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.66%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.66%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.66%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.66%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.66%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.66%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">T3 low voltage over 300kw</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.60%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.60%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.60%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.62%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.62%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.62%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.62%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.62%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.62%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.62%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.62%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.62%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.62%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">T3 medium voltage below 300kw</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.70%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.70%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.70%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.68%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.68%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.68%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.68%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.68%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.68%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.68%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.68%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.68%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.68%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">T3 medium volgate over 300kw</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.70%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.70%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.70%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.69%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.69%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.69%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.69%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.69%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.69%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.69%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.69%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.69%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.69%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Average Tariff</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">27.20%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">27.20%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">27.20%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">27.24%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">27.24%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">27.24%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">27.24%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">27.24%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">27.24%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">27.24%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">27.24%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">27.24%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">27.24%</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; LINE-HEIGHT: 7pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="77%" colSpan=25>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Electric Power Purchases</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: black 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Tariff(1)</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">November</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">January</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">February</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: black 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">October 2008</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Res.1301</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Res. 1</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Res. 92/17</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Res. 92/17</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Res. 603/17</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Res. 33/18</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Res. 208/18</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Res. 25/19</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Res. 27/19</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2001</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2005</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2007</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2011(2)</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">2016</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Feb. 2017</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Mar. 2017</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Dic. 2017</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Dic. 2017</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Feb. 2018</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Feb. 2019</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Mar. 2019</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Residential</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">TIRI (0-300)</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">21.90%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">26.80%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">26.80%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">26.61%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">60.00%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">40.65%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">44.71%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">52.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">53.20%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">53.07%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">56.06%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">59.84%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">56.89%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">TIRI2 (301-650)</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">34.60%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">37.80%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">37.80%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">39.95%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">65.91%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">55.33%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">47.28%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">54.23%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">55.57%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">55.45%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">58.08%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">61.32%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">58.74%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">TIR# (651-800)</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">38.68%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">66.15%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">56.23%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">44.11%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">51.61%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">53.02%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">53.04%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">55.96%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">59.64%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">56.74%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">TIR4 (801-900)</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">39.13%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">66.39%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">56.81%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">41.30%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">49.22%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">50.68%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">50.78%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">53.96%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">58.03%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">54.81%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">TIR5 (90-1000)</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">38.02%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">66.37%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">56.69%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">37.51%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">45.86%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">47.34%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">47.56%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">51.05%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">55.62%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">51.99%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">TIR6 (1001-1200)</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">44.48%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">66.51%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">54.73%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">33.26%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">41.81%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">43.25%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">43.67%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">47.46%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">52.57%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">48.45%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">TIR 7 (1201-1400)</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">43.59%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">66.73%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">55.47%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.55%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">38.13%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">37.96%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">35.96%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">40.08%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">45.95%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">39.86%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">TIR8 (1401-2800)</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">44.83%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">65.89%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">52.88%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.08%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">33.40%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">30.27%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">28.41%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">32.47%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">38.63%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">34.20%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">TIR9 (&gt; 2800)</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">48.26%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">66.88%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">55.92%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">23.93%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">32.15%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">30.83%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.98%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">34.08%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">40.24%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">35.58%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Commercial - small demands</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">TIG1</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">19.20%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">34.30%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">26.50%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.55%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">52.34%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">21.11%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">20.53%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">28.43%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">25.50%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">27.13%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">31.18%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">36.84%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">31.40%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">TIG2</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">20.70%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">43.20%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">30.70%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">31.97%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">58.29%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">32.79%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">21.42%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.47%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">26.50%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">28.19%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">32.28%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">37.98%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">32.60%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">TIG3</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">37.57%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">65.12%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">48.04%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">21.63%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.71%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">26.82%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">28.44%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">32.56%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">38.25%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">33.05%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Commercial - medium demand</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">T2</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">31.00%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">46.40%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">38.90%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">36.34%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">58.15%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">29.47%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">0.18%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">0.29%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">30.81%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">30.95%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">35.34%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">42.54%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">37.07%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Industrial</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">T3 low voltage below 300kw</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">30.10%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">47.80%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">40.10%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">36.48%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">58.84</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">30.53%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">27.44%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">36.36%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">34.58%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">34.75%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">39.20%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">46.38%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">41.01%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">T3 low voltage over 300kw</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">31.80%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">49.90%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">42.30%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">47.29%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">62.29</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">51.55%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">50.58%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">50.86%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">47.14%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">44.99%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">51.88%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">56.10%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">51.56%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">T3 medium voltage below 300kw</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">45.00%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">60.30%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">54.60%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">49.06%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">65.73</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">43.51%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">43.94%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">52.24%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">50.73%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">50.88%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">54.55%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">59.73%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">55.94%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">T3 medium volgate over 300kw</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">47.00%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">62.00%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">56.80%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">56.60%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">67.11</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">59.77%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">61.11%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">61.31%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">58.87%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">57.18%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">61.99%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">64.72%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">61.87%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Average Tariff</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">31.50%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">44.20%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">38.90%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">39.60%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">63.10%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">44.38%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">33.69%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">40.30%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">40.58%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">40.35%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">45.01%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">50.68%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">45.93%</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">T1R1 refers to residential users whose peak capacity demand is less than 10 kW and whose bimonthly energy demand is less than or equal to 300 KWh. T1R2 refers to residential users whose peak capacity demand is less than 10 kW and whose bimonthly energy demand is greater than 300 KWh but less than 650 KWh. TIR3 refers to residential users whose peak capacity demand is less than 10 kW and whose bimonthly energy demand is greater than 650 KWh but less than 800 KWh. TIR4 refers to residential users whose peak capacity demand is less than 10 kW and whose bimonthly energy demand is greater than 800 KWh but less than 900 KWh. TIR5 refers to residential users whose peak capacity demand is less than 10 kW and whose bimonthly energy demand is greater than 900KWh but less than 1,000 KWh TIR6 refers to residential users whose peak capacity demand is less than 10 kW and whose bimonthly energy demand is greater than 1,000 KWh but less than 1,200 KWh. TIR7 refers to residential users whose peak capacity demand is less than 10 kW and whose bimonthly energy demand is greater than 1,200 KWh but less than 1,400 KWh. TIR8 refers to residential users whose peak capacity demand is less than 10 kW and whose bimonthly energy demand is greater than 1,400 KWh but less than 2,800 KWh. TIR9 refers to residential users whose peak capacity demand is less than 10 kW and whose bimonthly energy demand is greater than 2,800KWh. T1G1 refers to commercial users whose peak capacity demand is less than 10kW and whose bimonthly energy demand is less than or equal to 1600 KWh. T1G2 refers to commercial users whose peak capacity demand is less than 10 kW and whose bimonthly energy demand is greater than 1600 KWh but less than 4,000 KWh. T1G3 refers to commercial users whose peak capacity demand is greater than 4,000 KWh. T2 refers to commercial users whose peak capacity demand is greater than 10 kW but less than 50 KW. T3 refers to users whose peak capacity demand is equal to or greater than 50 kW. The T3 category is applied to high-demand users according to the voltage (tension) at which each user is connected. Low tension is defined as voltage less than or equal to 1 kV and medium tension is defined as voltage greater than 1kV but less than 66 kV</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">On November 7, 2011, the SE issued Resolution No. 1,301/11, which established the summer scheduling, eliminating Argentine Government grants to certain economic activities, which, in accordance with the provisions of the Resolution, are in conditions to pay the actual cost that needs to be incurred for being supplied with their demand of electricity. The removal of Argentine Government grants has been extended to residential users, who were classified by geographical areas and type of residence. The modification related only to electricity purchase prices in the Wholesale Electricity Market, for which reason the Company&#8217;s VAD (value added for distribution) remained almost unchanged.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 12pt 0in; TEXT-INDENT: 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Integral Tariff Revision (RTI). </FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">An integral tariff proposal includes, among other factors, a recalculation of the compensation we receive for our distribution services, including taxes that are not currently passed onto our users (such as </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">taxes on financial transactions), a revised analysis of our distribution costs, modifications to our quality of service standards and penalty scheme and, finally, a revision of our asset base and rate of return. </FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">90</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On April 1, 2016, pursuant to Resolution No. 55/16 issued by ENRE, the RTI process was approved, which set the criteria and methodology to be applied throughout the RTI process, as well as the corresponding working plan. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On September 5, 2016, we submitted our electricity rate schedule proposal for the next five year period. For purposes of the rate proposal, we: determined the capital base using the depreciated NRV method; submitted the 2017-2021 investment plan; submitted a detail of the operating expenses; and submitted all other data requested by the ENRE.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On February 1, 2017, the ENRE issued Resolution No. 63/17 pursuant to which, the ENRE approved a new tariff scheme which set our VAD for the following five-year period. Such income was established by applying the NRV methodology, but over a slightly lower base capital than the one we had submitted in our proposal. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our operating expenses were determined based on a model that values the resources required for our operations, in line with a &#8220;model company&#8221; with competent operation costs, including some corrections resulting from the current inefficiencies detected in the Company. In this regard, expenses were calculated annually based on the real network, by incorporating in each year the facilities needed to achieve the quality service required throughout the tariff period, with improvements in the facilities by increasing prevention related maintenance and projected investments. In this regard, the income requirements needed to cover the costs calculated for the 2017-2021 tariff period were established. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In relation to the new tariff schedule and tariff charges, the ENRE established a VAD increase in three stages, including an initial maximum increase of 42% to be applied as from February 1, 2017, and two subsequent increases in November 2017 (19%) and February 2018 (17%). In addition, the ENRE should acknowledge to the Company the difference in VAD resulting from the application of the gradual tariff increase recognized by the RTI in 48 installments as from February 1, 2018</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=red face="times new roman">, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">which was incorporated to the VAD value on such date. Furthermore, the fixed charge billing corresponding to Resolution No. 347/12 was set aside.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The ENRE also established a non-automatic mechanism to adjust our tariff, as it had done in the original Concession Contract and the Adjustment Agreement, in order to preserve the economic and financial sustainability of the concession in the event of prices variations in the economy. This mechanism has a six-month basis and includes a combined formula of wholesale and consumer price indexes (WPI, CPI and salaries increases) which trigger the adjustment of tariff when the result is above 5%. In connection with quality standards, the ENRE approved new parameters with the purpose of achieving, by the end of the five-year period an acceptable quality. In this regard, it established a penalties regime to be applied in the event of noncompliance with the quality rates.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Despite the progress achieved with regard to the completion of the RTI process, as of this annual report, the definitive treatment to be given by the ME&amp;M to all the issues resulting from the non-compliance with the Adjustment Agreement, including the remaining balances and other accounting effects caused by the partial measures adopted under the RTI process, has yet to be defined. These issues, include, among others:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 3pt 0in 3pt 78.5pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the treatment to be given to the funds received from the Argentine Government through the loans for consumption (mutuums) agreements entered into with CAMMESA for the fulfillment of the Extraordinary Investment Plan, granted to cover the insufficiency of the FOCEDE&#8217;s funds; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 3pt 0in 3pt 78.5pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the conditions for the settlement of the outstanding balance with CAMMESA at the date of issuance of SEE Resolution No. 32/15; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 3pt 0in 3pt 78.5pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the treatment to be given to the penalties and discounts determined by the ENRE, which payment/crediting is pending.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 34.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;On April 26, 2017, we were notified by Note No 2016-01193748 that the ME&amp;M decided that the SEE, with the support of the Under-Secretariat for Tariff Policy Coordination and the ENRE, would be responsible for determining (within a period of 120 days) whether any pending obligations under the </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Adjustment Agreement remained outstanding as of the effective date of the applicable electricity tariff schedules resulting from the implementation of the RTI process. If any such obligations remained outstanding, the treatment to be given to those obligations was also to be determined by the SEE as described above. The Company has submitted the information requested by the ME&amp;M as part of its efforts to comply with these requirements. However, as of the date of this annual report, due to the fact that a definitive decision on the treatment of these obligations is still pending, the Company started negotiations with the SEE thereon. </FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">91</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">During the second half of 2017 in several presentations made to the ENRE, the Company submitted for approval purposes, the electricity rate schedules to be applied from August 1, 2017 and from November 1, 2017, related to the variation recorded in the CPD for the January-June 2017 period, and to the second stage increase set forth in Resolution No. 63/17, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On October 31, 2017, the ENRE, as instructed by the ME&amp;M, postponed to December 1, 2017 the application of the CPD increases abovementioned.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On November 30, 2017, through Resolution No. 603/17 the ENRE established the output power reference prices and the stabilized prices for energy and transport, as well as the new social tariff methodology and the new incentive schedule for savings, by determining the tariff schedule as of December 1, 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On November 30, 2017, pursuant to Resolution No. 603/17, the ENRE approved the CPD values, applicable as from December 1, 2017, and retroactively to consumption recorded in the months of August through November 2017, which was billed in two installments, December 2017 and January 2018. Additionally, the resolution approved the Company&#8217;s electricity rate schedule applicable to consumption recorded as from December 1, 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On January 31, 2018, the ENRE issued Resolution No. 33/18 whereby it approved the values of CPD, the values of the monthly installment to be applied in accordance with the provisions of ENRE Resolution No. 329/17, and the values of the Company&#8217;s electricity rate schedule applicable to consumption recorded as of February 1, 2018. Additionally, it provided that the average electricity rate value amounts to Ps.2.4627 Ps./KWh. Furthermore, such Resolution approved the new CPD adjustments (last stage of 17% according to Resolution No. 63/17, the inflation adjustment of 11.9% for the period July-December 2017 and stimulus factor &#8220;E&#8221; of -2.51%) and determined the deferred income to be recovered in 48 instalments for a total amount of Ps.8,094.2 million. Additionally, it reported that the value of the average tariff reached Ps.2.4627/KWh.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">On July 31, 2018, the ENRE issued Resolution No. 208/18, pursuant to which it approved, the CPD for January 2018 through June 2018 of which 7.93% was applied as of August 1, 2018, and 6.51% in six consecutive monthly installments as of February 1, 2019. The CPD amounted to 15.85%. Moreover, Resolution No. 208/18 established a system of caps for the social tariff as well as the values that the Company had to apply to determine and credit discounts in the electricity bills of the users affected by deficiencies in the quality of the technical product and/or the quality of the technical and commercial service from 2018 to February 2019. Additionally, the informed average electricity rate value amounted to Ps. 2.9871/KWh.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On December 27, 2018, Resolution No. 366/18 issued by the SGE approved the summer seasonal programming for the WEM submitted by CAMMESA, thus determining new prices for power capacity, energy and transmission for February 2019 to October 2019 period. Furthermore, the social tariff and savings bonuses for the residential tariff were eliminated, as beneficiaries have been transferred to the provincial jurisdictions&nbsp; As of the date of issuance of this document, the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=Calibri,sans-serif>Province of Buenos Aires and the City of Buenos Aires</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> are complying with the payment of the social rate on a regular basis.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On January 31, 2019, ENRE Resolution No. 25 approved the values of Edenor&#8217;s tariff scheme as from February 1, 2019 and incorporated the new power capacity reference prices and stabilized prices for energy determined by the SGE until April 30, 2019. In turn, the ENRE informed that under the transfer of jurisdiction from the Argentine Government to the Province of Buenos Aires and the City of Buenos Aires, the guidelines for the social tariff regime effective as of December 31, 2018 will remain in effect. The Company is currently negotiating the implementation of this benefit in both jurisdictions.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Moreover, on January 31, 2019, pursuant to Resolution No. 27/19, the ENRE approved the VAD updates for the second six-month period of 2018 and the pending update corresponding to the first six-month period of 2019, totaling a 32.0% increase applicable as from March 1, 2019. Additionally, the application of the new -1.59% &#8220;E&#8221;-factor adjustment will be deducted from cumulative inflation updates.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">92</FONT></P></DIV>

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&nbsp; <A name="page_95"></A>

<a name="_bclPageBorder95"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Furthermore, the cost of deferrals for August 2018 through February 2019 and for the month of February 2019, totaled Ps.1,005 million and Ps.841 million respectively, and will be paid in 5 installments as from March 2019. Additionally, Ps.51 million will be collected under the same modality due to the partial recognition of the appeal filed by Edenor to Resolution No. 208/18, which acknowledged additional costs not that had not been calculated as part of prior tariffs.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Social Tariff Regime.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> According to the Adjustment Agreement, we are required to apply a social tariff regime as part of our revised tariff structure resulting from the RTI. This regime is a system of subsidized tariffs for the sectors of the community to be approved by the ENRE in the context of the RTI. The social tariff regime provides sectors of the community with the same service and quality of service as other users. The beneficiaries under this regime must register with the Argentine Government and meet certain criteria, including not owning more than one home and having a level of electricity consumption that is not higher than limit established by the Argentine Government.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In January 2016, pursuant to Resolution No. 6/16, the Argentine Government introduced a social tariff for residential users who comply with certain consumption requirements, which includes a full exemption for monthly consumptions below or equal to 150 KWh and preferential tariffs for users who exceed such consumption level but achieve a monthly consumption lower than that of the same period in the immediately preceding year. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pursuant to Resolution No. 63/17, the ENRE ratified this measure, maintaining the zero cost modality for monthly consumptions below or equal to 150 KWh and preferential tariffs for consumption that exceeds such level, updating the values in accordance with the new tariff scheme.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Resolution No 603/17 determined a new methodology for social tariff. It established: (1) a 100% discount in the stabilized price of energy for monthly consumptions below or equal to 150 KWh (base consumption); for the monthly consumption above the base consumption, (2) a 50% discount in the stabilized price of energy for the monthly consumptions below or equal 150 KWh; and (3) non-discount for the rest of the surplus consumption. Moreover, a scheme of maximum percentages was established in social tariff user&#8217;s invoices with respect to what would be paid, before taxes, by residential users of equal consumption.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On December 27, 2018, the social tariff and savings bonuses for the residential tariff were eliminated by Resolution No. 366/18 issued by the SGE.</FONT></P>

<P style="MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">93</FONT></P></DIV>

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&nbsp; <A name="page_96"></A>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Demand</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Energy demand depends to a significant extent on economic and political conditions prevailing from time to time in Argentina, as well as seasonal factors. In general, the demand for electricity varies depending on the performance of the Argentine economy, as businesses and individuals generally consume more energy and are better able to pay their bills during periods of economic stability or growth. As a result, energy demand is affected by Argentine Governmental actions concerning the economy, including with respect to inflation, interest rates, price controls, foreign exchange controls, taxes and energy tariffs.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following table sets forth the amount of electricity generated in Argentina and our electricity purchases in each of the periods indicated.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Year</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Electricity demand in Gwh<SUP>(1)</SUP></FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Edenor demand in Gwh<SUP>(2)</SUP></FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Edenor&#8217;s demand as % of total demand</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2008</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">105,959</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">20,863</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">19.7%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2009</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">104,592</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">20,676</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">19.8%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2010</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">110,767</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">22,053</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">19.9%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2011</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">116,418</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">23,004</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">19.8%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2012</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">131,944</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">23,933</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">18.1%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2013</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">125,162</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">24,902</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">19.9%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2014</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">126,421</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">24,860</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">19.7%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2015</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">131,998</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">26,322</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">19.9%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2016</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">133,111</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">26,838</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">20.2%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2017</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">132,426</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">25,950</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">19.6%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">132,925</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">25,906</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">19.5%</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 42.05pt 0pt 63.8pt; TEXT-INDENT: -14.15pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Source: CAMMESA</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 42.05pt 0pt 63.8pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Includes demand in the Mercado El&#233;ctrico Mayorista Sistema Patag&#243;nico (Patagonia wholesale electricity market, or MEMSP).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 42.05pt 0pt 63.8pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Calculated as electricity purchased by us and our wheeling system users.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Beginning in mid-2001 through 2002, the decline in the overall level of economic activity and the deterioration in the ability of many of our users to pay their bills as a result of the crisis led to an overall decrease in demand for electricity and an increase in non-technical energy losses. After the economic crisis, however, demand started growing again, increasing an average of 4.3% per annum from 2003 through 2013. However, the demand for electricity declined 2.5% in 2009 as a consequence of the global financial crisis. This increase in demand was due to renewed growth in the Argentine economy since the second half of 2003 and the relative low cost of energy to consumers, in real terms, resulting from the freeze of our distribution margin and the elimination of the inflation adjustment provisions of our concession in 2002. In 2014, the demand decreased by 2% as a consequence of the devaluation that took place in the second semester of such year, while in 2016 a decrease of 1% was mainly due to the slight contraction in the economic activity of certain sectors, the implementation of rational use strategies by our larger commercial users and to the Industrial Production Index decrease in the case of industrial users, whose joint participation represents more than 50% of the electricity consumption in our concession area. In 2017, the decline in demand was more pronounced, decreasing by 3.6%, in line with the decrease in the demand of the WEM</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=Calibri,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">and can be explained by the combination of three factors: economic recession, elasticity to price (in accordance with the tariff increases settled by Resolution No 33/18) and warmer and more uniform average temperatures than in the prior five years. Nevertheless, industrial users, whose participation represents 38% of the electricity consumption, showed the lowest decline in demand, of around 0.4%, in accordance with the recovery of the Industrial Production Index. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2018, the demand of electricity amounted to 25,906 GWh, which represented a 0.17% decrease as compared to 2017, whereas the WEM&#8217;s demand amounted to 132,925 GWh, slightly above that of 2017. The fall in Edenor&#8217;s demand was mainly due to temperature, elasticity, the price and the level of the economic activity.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We cannot assure you that the tariffs that result from the RTI or future economic, social and political developments in Argentina, over which we have no control, will not have an adverse effect on energy demand in Argentina. See &#8220;Item 3. Key Information&#8212;Risk factors&#8212;Risks related to the </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">electricity distribution sector&#8212;Electricity demand may be affected by tariff increases, which may lead distribution companies, such as us, to record lower revenues.&#8221;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal" color=red face="Times New Roman"> </FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">94</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Capacity demand</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Demand for installed capacity to deliver electricity generally increases with growth in demand for electricity. However, since the 2001 and 2002 crisis, with the exception of two thermal generation plants, no new generation plants have been built in Argentina. Despite the lack of new generation plants, the Argentine Government has implemented some economic incentives, such as those in the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Plus Energy </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Program, which have served to increase generating capacity in existing generation plants such as Central T&#233;rmica G&#252;emes and Central Loma de la Lata. A lack of generation capacity would place limits on our ability to grow and could lead to increased service disruptions, which could cause an increase in our fines. See &#8220;Item 3. Key Information&#8212;Risk factors&#8212;Risks Relating to the Electricity Distribution Sector&#8212;If we experience continued energy shortages in the face of growing demand for electricity, our ability to deliver electricity to our users could be adversely affected, which could result in user claims, material penalties, Government intervention and decreased results of operations.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In response to the lack of private investment in new generation plants, the Argentine Government undertook a project to construct two 800 MW thermal generation plants, Central Termoel&#233;ctrica Manuel Belgrano and Central Termoel&#233;ctrica General San Mart&#237;n. Construction of these two plants was completed and operations commenced in 2009. The two plants were constructed with funds derived from three sources: net revenues of generators derived from energy sales in the spot market, a special charge to our non-residential users per MWh of energy billed and a specific charge from CAMMESA applicable to large users. In addition to the construction of these two new thermal generation plants, in September 2006 the SE issued Resolution No. 1,281/06 in an effort to respond to the sustained increase in energy demand following Argentina&#8217;s economic recovery after the crisis. This resolution aims to create incentives for energy generation plants to meet increasing energy needs. The Government has also required us to finance 24% and Edesur 26%, of the construction costs of two high-tension 220 kV lines between the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Central Puerto</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> and </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Central Costanera</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> generators and the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Malaver</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> network, which provide access to an additional 600MW of energy from the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Central Puerto</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> and </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Central Costanera</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> generators that currently cannot be distributed due to saturation of their grids. In May 2012, we finished the construction of the 220kV linking lines of the local generators Central Puerto and Central Costanera with Edenor network, through Malaver substations. This extension pursuant to Resolution No. 1,875/05 of the SE permitted an increase in supply capacity by 600 MW from Central Puerto and Central Costanera generators. In December 2012, the third transformer of 300 MVA-220/132 kV was put into service in Malaver&#8217;s substation. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">During January 2017, a new temporary 500/132 kV transformer of 300 MVA was installed in SE Rodr&#237;guez, which allowed the entry of more power from the WEM. This transformer was replaced by a definitive one of 500 MVA during 2018. In addition, during 2017 a new type of thermal generation (by means of transportable modules) has been directly connected to Edenor&#8217;s high voltage network, with an aim to decrease the saturation of these networks: CT Zappalorto (APR), CT Pilar (Pampa Energ&#237;a S.A.), CT Matheu II (APR). In 2018, CT Matheu III (Araucaria) was began operating and a new 220/132 kV transformer of 300 MVA was installed in SE Ezeiza.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal" color=red face="Times New Roman"> </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We cannot assure you that these new generation plants will be able to serve our energy demands in the manner we anticipate.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Seasonality of Demand</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Seasonality has a significant impact on the demand for electricity in our concession area, with electricity consumption peaks in summer and winter. The impact of seasonal changes in demand is registered primarily in our residential and small commercial user categories. The seasonal changes in demand are attributable to the impact of various climatological factors, including weather and the amount of daylight time, on the usage of lights, heating systems and air conditioners.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The impact of seasonality on industrial demand for electricity is less pronounced than on the residential and commercial sectors, primarily because different types of industrial activity by their nature have different seasonal peaks, such that the climatic effect is more varied. </FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">95</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The chart below shows seasonality of demand in Edenor&#8217;s residential user category for the periods indicated.</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=Calibri,sans-serif> </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The chart below shows seasonality of demand in Edenor&#8217;s small commercial user category for the periods indicated.</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=red face=Calibri,sans-serif> </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in 12pt; TEXT-INDENT: 0.5in" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">The chart below shows seasonality of demand in Edenor&#8217;s medium commercial user category for the periods indicated.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; TEXT-AUTOSPACE: ideograph-numeric" color=red face="Times New Roman"></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">96</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 6pt 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The chart below shows seasonality of demand in Edenor&#8217;s industrial user category for the periods indicated.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal" color=red face=calibri,sans-serif> </FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 12pt 0in; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Taxes on Electricity Tariffs</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Sales of electricity within our service area are subject to certain taxes, levies and charges at the federal, provincial and municipal levels. These taxes vary according to location and type of user. In general, residential and Governmental users are subject to a lower tax rate than commercial and industrial users. Similarly, taxes are typically higher in the Province of Buenos Aires than in the City of Buenos Aires. All of these taxes are billed to our users along with electricity charges.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Framework Agreement (Shantytowns)</FONT></I></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Since 1994, we have supplied electricity to low-income areas and shantytowns within our concession area under a special regime established pursuant to a series of framework agreements. For a discussion of these agreements and our ongoing negotiations to extend the most recent framework agreement, see &#8220;Item 4. Information on the Company&#8212;Framework Agreement (Shantytowns).&#8221; </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Operating Expenses</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our most significant operating expenses are transmission and distribution expenses, which include depreciation charges, salaries and social security taxes, outsourcing, fines and penalties, and purchases of materials and supplies, among others. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We seek to maintain a flexible cost base by achieving an optimal level of outsourcing, which allows us to respond more quickly to changes in our market. We had 4,922 employees and contracts with third-party services companies that count with 7,397 employees as of December 31, 2018. See &#8220;Item 6. Directors, Senior Management and Employees&#8212;Employees.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our principal material and supply expenses consist of purchases of wire and transformers (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">i.e.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">, electromagnetic devices used to change the voltage level of alternating&#8209;current electricity), which we use to maintain our network.</FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman bold">Summary of Historical Results of Operations</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following table provides a summary of our operations for the years ended December 31, 2018, 2017 and 2016.</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=Calibri,sans-serif> </FONT></P>

<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">97</FONT></P></DIV>

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<P style="BACKGROUND: white; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Statement of comprehensive income (loss)</FONT></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2017</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2016</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;US$ </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;Ps. </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;Ps. </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;Ps. </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Continuing operations</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

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   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Revenue from sales&nbsp; (1)</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1,484.2 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 55,953.6 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 39,602.9 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 25,826.8 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Electric power purchases</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(845.5) </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; (31,875.7) </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; (20,820.3) </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; (11,989.6) </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Subtotal</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">638.7 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 24,077.9 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 18,782.6 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 13,837.2 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Transmission and distribution expenses</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(289.5) </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; (10,912.7) </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(9,247.1) </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; (13,263.9) </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Gross income (Loss)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">349.2 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 13,165.2 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">9,535.5 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">573.3 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Selling expenses</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(133.5) </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(5,032.7) </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(3,567.8) </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(3,379.3) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Administrative expenses</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; (76.2) </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(2,872.1) </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(2,504.5) </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(2,288.0) </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Other operating income</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 8.5 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">321.8 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">157.8 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">172.1 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Other operating expense</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; (43.6) </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(1,642.6) </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(1,260.5) </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(1,085.2) </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Gain from interest in joint ventures</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">- </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 1.6 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 10.1 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">- </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Operating profit (loss) before income from provisional remedies higher costs recognition and SE Resolution 32/15</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">104.4 </FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3,941.2 </FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2,370.6 </FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(6,007.1) </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Recognition of income &#8211; provisional remedies &#8211; MEyM Note 2016-04484723</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">- </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">- </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">- </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2,074.2 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Income recognition on account of the RTI - SE Resolution 32/15</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">- </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">- </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">- </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">958.3 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Higher costs recognition - SE Resolution 250/13 and subsequents Notes</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">- </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">- </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">- </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">185.4 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Operating profit (loss)</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">104.4 </FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3,941.2 </FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2,370.6 </FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(2,789.2) </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Financial income </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 17.8 </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">671.8 </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">453.8 </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">384.6 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Financial expenses </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(132.0) </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(4,976.7) </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(2,570.3) </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(2,589.2) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Other financial results</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; (52.1) </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(1,965.3) </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(168.5) </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; (87.3) </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Net financial expense </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(166.3) </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(6,270.2) </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(2,285.0) </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(2,291.9) </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Gain on net monetary position</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">225.6 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">8,503.9 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">5,505.1 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">5,469.1 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Profit (loss) before taxes</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">163.7 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">6,174.9 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">5,590.7 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">388.0 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Income tax </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; (49.8) </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(1,877.4) </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(510.1) </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(147.3) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Profit (loss) for the year</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">113.9 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">4,297.5 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">5,080.6 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">240.7 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Profit (loss) for the year attributable to:</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Owners of the Company</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">113.9 </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">4,297.5 </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">5,080.6 </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">240.7 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Profit (loss) for the year</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">113.9 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">4,297.5 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">5,080.6 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">240.7 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Other comprehensive income</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Items that will not be reclassified to profit or loss</FONT></I></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Results related to benefit plans</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(0.1) </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; (5.6) </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 22.2 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 14.4 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Tax effect of actuarial result on benefit plans</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">- </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 1.7 </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; (7.2) </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; (5.0) </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Total other comprehensive income (loss) </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(0.1) </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; (3.9) </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 15.0 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 9.4 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Comprehensive income for the year attributable to:</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Owners of the parent </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">113.9 </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">4,293.6 </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">5,095.6 </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">250.1 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Comprehensive profit for the year</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">113.9 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">4,293.6 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">5,095.6 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">250.1 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Basic and diluted earnings profit per share:</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Basic and diluted earnings profit per share </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.13 </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 4.83 </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 5.66 </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 0.27 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Basic and diluted earnings profit per ADS</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> (2)</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">:</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Basic and diluted earnings profit per ADS from continuing operations</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2.56 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">96.43 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; 113.45 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 5.58 </FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt 19.5pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Revenue from operations is recognized on an accrual basis and derives mainly from electricity distribution. Such revenue includes electricity supplied, whether billed or unbilled, at the end of each year.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt 19.5pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Each ADS represents 20 Class B common shares.</FONT></P>

<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT></B>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Year Ended December 31, 2018 compared with Year Ended December 31, 2017. </FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Revenue from sales </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Revenue from sales increased by 41%, to Ps.55,953.6 million for the year ended December 31, 2018, from Ps.39,602.9 million for the year ended December 31, 2017, mainly due to the increase in the cost of energy purchases which represents 74% of the variation, and the remaining percentage of the variation is represented by the implementation of the VAD update pursuant to the RTI process, together with certain bi-annual CPD adjustments. During 2018, VAD updates for a total of 87.7% were applied, and the last update occurred during the first six months of 2018, which was partial as the remainder was deferred for March 2019. This revenue increase from sales was partially offset by a 2% decrease in the volume of energy sales.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">98</FONT></P></DIV>

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&nbsp; <A name="page_101"></A>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Electric Power Purchases</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The amount of electric power purchases increased by 53%, to Ps.31,875.7 million for the year ended December 31, 2018, from Ps.20,820.3 million for the year ended December 31, 2017. This increase was mainly due to an increase in the average price of sales resulting from new reference seasonal prices for electricity in December 2017, February 2018 and August 2018 established by Resolution No. 1,091/17 and Provision No. 75/18 of the SEE. Despite this increase, the reference seasonal price for residential users remains partially subsidized by the Argentine Government, especially in the case of residential users. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our volume of electric power purchases for the year ended December 31, 2018 amounted to 25,906 GWh, which represented a 0.2% decrease in demand as compared to 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Energy losses increased to 18.2% for the year ended December 31, 2018, compared to 17.1% for the year ended December 31, 2017, and was mainly generated by increased fraud that may be associated with the economic recession and the impact of tariff increases. For more information, see &#8220;&#8212;Factors Affecting Our Results of Operations&#8212;Recognition of Cost of Energy Losses.&#8221;</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Transmission and Distribution Expenses</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Transmission and distribution expenses increased by 18% to Ps.10,912.7 million for the year ended December 31, 2018, compared to Ps.9,247.1 million for the year ended December 31, 2017. This increase was mainly due to a collection of fines and penalties of Ps.719.8 million in 2017, an increase in 2018, in penalties as a result of new penalties imposed by ENRE Resolution No. 91/18 for breaches in reading and billing terms, the change the calculation of the penalties methodology and an increase in fees for third-party services, mainly due to a higher number of market discipline works, such as an increase in street crew workers, associated with the losses reduction plan, higher expenses in preventive and corrective maintenance works such as pruning, changes of posts, the gathering of data on anomalies, the rental of generating units and the repair of sidewalks. Such increases in expenses were partially offset by a decrease in costs for salaries and social security taxes.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As a percentage of revenue from sales, transmission and distribution expenses decreased to 19.4% for the year ended December 31, 2018, compared to 23.3% for the year ended December 31, 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following table sets forth the principal components of our transmission and distribution expenses for the years indicated. </FONT></P>

<DIV align=left>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Year ended December 31,</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">% of 2018</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2017</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">% of 2017</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">net sales</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">net sales</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Salaries and social security taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">4,331.4</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">39.7%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">7.7%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">4,997.8</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">54.0%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">12.6%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Supplies consumption</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">790.4</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">7.2%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1.4%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">687.2</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">7.4%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1.7%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Fees and remuneration for services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1,411.8</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">12.9%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2.5%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1,082.0</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">11.7%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2.7%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Depreciation of property, plant and equipment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2,014.9</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">18.5%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3.6%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1,740.2</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">18.8%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">4.4%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">ENRE penalties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2,064.3</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">18.9%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3.7%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">428.0</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">4.6%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1.1%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">299.9</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2.8%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.5%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">311.9</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3.4%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.8%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Total</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">10,912.7</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">100%</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">19.4%</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">9,247.1</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">100%</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">23.3%</FONT></B></P></TD></TR></TABLE><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Gross profit</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our gross profit, including transmission and distribution expenses, increased by Ps.3,629.7 million, or 38%, to Ps.13,165.2 million for the year ended December 31, 2018, from Ps.9,535.5 million for the year ended December 31, 2017. This increase was mainly attributable to the application of the new RTI tariff schedules, partially offset by higher operating expenses.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Selling Expenses </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our selling expenses are related to user services provided at our commercial offices, billing, invoice mailing, collection and collection procedures, as well as allowances for doubtful accounts. </FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">99</FONT></P>

<DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_102"></A>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Selling expenses increased by 41% to Ps.5,032.7 million for the year ended December 31, 2018, from Ps.3,567.8 million for the year ended December 31, 2017. This increase of Ps.1,464.9 million was mainly due to: (i) an increase in doubtful account charges driven by an increase of the delinquent balance, (ii)an increase in taxes paid driven by an expansion of our taxable income base that accompanied the tariff increase, (iii) an increase in fees for third-party services, mainly explained by a higher expenses associated with the distribution of bills. These increases were partially offset by a decrease in costs for salaries and social security taxes.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As a percentage of net sales, selling expenses remained stable at 8.5% of net sales in the years ended December 31, 2018 and 2017. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following table sets forth the principal components of our selling expenses for the years indicated. </FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="71%" colSpan=11 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Year ended December 31,</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: black 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">% of 2018</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: black 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2017</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">% of 2017</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">net sales</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">net sales</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Salaries and social security taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">777.0</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">15.4%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1.4%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">887.0</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">24.9%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2.2%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="29%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Allowance for the impairment of trade and other receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">977.5</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">19.4%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1.7%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">391.6</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">11.0%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1.0%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Communication expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">269.7</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">5.4%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.5%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">289.4</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">8.1%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.7%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Fees and remuneration for services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1,040.2</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">20.7%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1.9%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">876.6</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">24.6%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2.2%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">ENRE penalties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1,052.1</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">20.9%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1.9%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">428.7</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">12.0%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1.1%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Taxes and charges</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">598.9</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">11.9%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1.1%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">395.3</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">11.1%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1.0%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">317.3</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">6.3%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.6%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">299.2</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">8.4%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.8%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Total</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">5,032.7</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">100%</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">9.1%</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3,567.8</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">100%</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">9.0%</FONT></B></P></TD></TR></TABLE><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Administrative Expenses<BR><BR></FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our administrative expenses include, among others, expenses associated with accounting, payroll administration, personnel training, systems operation third-party services and taxes. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Administrative expenses increased by 15%, to Ps.2,872.1 million for the year ended December 31, 2018, from Ps.2,504.5 million for the year ended December 31, 2017. This increase was mainly due to an increase in fees and remuneration for services.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal" face="Times New Roman"> </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As a percentage of revenue from sales, administrative expenses decreased to 5% for the year ended December 31, 2018, as compared to 6.4% for the year ended December 31, 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following are the principal components of our administrative expenses for the years indicated. </FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="71%" colSpan=11 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Year ended December 31,</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: black 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">% of 2018</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: black 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2017</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">% of 2017</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">net sales</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">net sales</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Salaries and social security taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">914.5</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">31.8%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1.6%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">917.2</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">36.6%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2.3%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Leases and insurance&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">180.2</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">6.3%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.3%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">182.0</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">7.3%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.5%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Fees and remuneration for services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1,007.2</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">35.1%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1.8%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">820.2</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">32.7%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2.1%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Security Services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">128.7</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">4.5%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.2%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">141.2</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">5.6%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.4%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Depreciation of property, plants and equipments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">246.4</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">8.6%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.4%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">132.7</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">5.3%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.3%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Taxes and charges </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">162.5</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">5.7%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.3%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">32.0</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1.3%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.1%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">232.6</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">8.1%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.4%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">279.2</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">11.1%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.7%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Total</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2,872.1</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">100%</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">5.0%</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2,504.5</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">100%</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">6.4%</FONT></B></P></TD></TR></TABLE><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I></B></DIV>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I></B>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Other operating (expenses) income</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Other operating (expenses) income include mainly provision for contingencies and debit and credit tax. Other operating (expenses) income, increased by 20% for a net loss of Ps.1,320.8 million for the year ended December 31, 2018, compared to a net loss of Ps.1,102.7 million for the year ended December 31, 2017. The increase was mainly due to a growth in provisions for contingencies attributable to the existence of new cases and increase in interest rates, and in debit and credit taxes.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">100</FONT></P>

<DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_103"></A>

<a name="_bclPageBorder103"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Operating profit </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our operating results increased by Ps.1,570.6 million, from a profit of Ps.2,370.6 million for the year ended December 31, 2017 to a gain of Ps.3,941.2million for the year ended December 31, 2018, mainly due to the increase in revenue from sales.</FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Net Financial Expense</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Net financial expense totaled Ps.6,270.2 million for the year ended December 31, 2018, compared to Ps.2,285 million for the year ended December 31, 2017. This increase of Ps.3,985.2 million was mainly due to an increase in losses from exchange differences and in the commercial interest. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Income Tax </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our income tax charge was a loss of Ps.1,877.4 million in 2018, compared to a loss of Ps.510.1 million for 2017, mainly to the improvements in operating results arising from the application of the new tariff schedule in 2018.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal" face="Times New Roman"> </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Profit for the year</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We recorded a profit of Ps.4,297.5 million for the year ended December 31, 2018, compared to a loss of Ps.5,080.6 million for the year ended December 31, 2017. In addition, during 2018 the profit for the year increased by Ps.8,503.9 million due to a gain on net monetary position, against Ps.5,505.1 million in 2017.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Year Ended December 31, 2017 compared with Year Ended December 31, 2016. </FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Revenue from sales </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Revenue from sales increased by 53%, to Ps.39,602.9 million for the year ended December 31, 2017, from Ps.25,826.8 million for the year ended December 31, 2016, mainly due to: (i) the increase resulting from the application, as of February 2017, of the initial 42% VAD increase of the new tariff schedule resulting from the RTI pursuant to ENRE Resolution No. 63/17, as amended by ENRE Resolution No. 92/17, (ii) the application of the second VAD increase of 18% established in the RTI for November 1, that was subsequently implemented on December 1, 2017, after ENRE instructed us to postpone its implementation, (iii) the CPD values of 11,6% applicable as of December 1, 2017, and retroactively applied to consumption recorded from August to November 2017, and (iv) the extension of the Framework Agreement in 2017 for the period between January 1, 2015 and September 30, 2017 with the federal and provincial Governments. This increase was partially offset by lower electricity sales, which decreased by 3.4% GWh compared to the year ended December 31, 2016, mainly due to weather conditions, particularly a decrease of days with extremely high temperatures, and to a slight fall in the economic activity of certain specific sectors and a more rational use of energy. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Electric Power Purchases</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The amount of electric power purchases increased by 74%, to Ps.20,820.3 million for the year ended December 31, 2017, from Ps.11,989.6 million for the year ended December 31, 2016. This increase was mainly due to tariff adjustments implemented as of February 1, 2017, to the tariffs paid by distributors to CAMMESA to account for seasonal demand. Subsequently, as of December 1, 2017, prices were adjusted in accordance with the provisions of Resolution No. 1,091/17 issued by the SEE, and a new stabilized reference value of energy and power was defined whose implementation led to an increase in the cost of transmission with respect to electric power purchases. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our volume of electric power purchases for the year ended December 31, 2017 amounted to 25,950 GWh, which represents a 3% decrease in demand as compared to that of 2016.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Energy losses increased to 17.1% for the year ended December 31, 2017, compared to 17.0% for the year ended December 31, 2016, thus maintaining a similar level to that recorded in the previous </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">year. For more information, see &#8220;&#8212;Factors Affecting Our Results of Operations&#8212;Recognition of Cost of Energy Losses.&#8221;</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">101</FONT></P></DIV>

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&nbsp; <A name="page_104"></A>




<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Transmission and Distribution Expenses</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Transmission and distribution expenses decreased by 30.3% to Ps.9,247.1 million for the year ended December 31, 2017, from Ps.13,263.9 million for the year ended December 31, 2016. This decrease was mainly due to a Ps.4,249.8 million decrease in fines and penalties which were calculated in accordance with Note No. 125,248 dated March 29, 2017, where the ENRE sets the new penalty calculation and adjustment mechanisms in relation to the control procedures, the service quality assessment methodologies and the penalty system applicable as from February 1, 2017 for the 2017 &#8211; 2021 period set by ENRE Resolution No. 63/17. This decrease was partially offset by an increase in costs for salaries and social security taxes and Fees and remuneration for services. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As a percentage of revenue from sales, transmission and distribution expenses decreased to 23.3% for the year ended December 31, 2017, from 51.4% for the year ended December 31, 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following table sets forth the principal components of our transmission and distribution expenses for the years indicated. </FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="71%" colSpan=11 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Year ended December 31,</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2017</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">% of 2017</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2016</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">% of 2016</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">net sales</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">net sales</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Salaries and social security taxes</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">4,997.8</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">54.0%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">12.6%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">5,104.8</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">38.5%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">19.8%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Supplies consumption</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">687.2</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">7.4%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1.7%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">513.3</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3.9%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2.0%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Fees and remuneration for services</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1,082.0</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">11.7%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2.7%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">897.8</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">6.8%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3.5%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Depreciation of property, plant and equipment</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1,740.2</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">18.8%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">4.4%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1,739.3</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">13.1%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">6.7%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">ENRE penalties</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">428.0</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">4.6%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1.1%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">4,677.8</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">35.3%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">18.1%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Others</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">311.9</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3.4%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.8%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">330.9</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2.5%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1.3%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Total</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">9,247.1</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">100%</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">23.3%</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">13,263.9</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">100%</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">51.4%</FONT></B></P></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></DIV>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I></B>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Gross profit</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our gross profit, including transmission and distribution expenses, increased by Ps.8,962.2 million, or 1,563%, to Ps.9,535.5 million for the year ended December 31, 2017, from Ps.573.3 million for the year ended December 31, 2016. This increase was mainly attributable to the application of the new RTI tariff schedules, partially offset by higher operating expenses.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Selling Expenses </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our selling expenses are related to user services provided at our commercial offices, billing, invoice mailing, collection and collection procedures, as well as allowances for doubtful accounts. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Selling expenses increased by 6% to Ps.3,567.8 million for the year ended December 31, 2017, from Ps.3,379.3 million for the year ended December 31, 2016. This increase of Ps.188.5 million was mainly due to: (i) an increase in doubtful accounts charges driven by the increase of the delinquent balance, (ii) an increase in taxes paid driven by an expansion of our taxable income base that accompanied the tariff increase, (iii) an increase in costs for salaries and social security taxes (attributable to an increase in employee compensation during 2017) and (iv) higher fees and compensation for services due to salary increases.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As a percentage of net sales, selling expenses decreased to 9% of net sales in the year ended December 31, 2017, from 13.1% for the year ended December 31, 2016. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following table sets forth the principal components of our selling expenses for the years indicated. </FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">102</FONT></P>

<DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="71%" colSpan=11 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Year ended December 31,</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: black 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2017</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">% of 2017</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: black 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2016</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">% of 2016</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">net sales</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">net sales</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Salaries and social security taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">887.0</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">24.9%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2.2%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">861.1</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">25.5%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3.3%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="29%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Allowance for the impairment of trade and other receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">391.6</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">11.0%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1.0%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">433.4</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">12.8%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1.7%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Communication expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">289.4</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">8.1%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.7%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">251.4</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">7.4%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1.0%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Fees and remuneration for services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">876.6</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">24.6%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2.2%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">923.6</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">27.3%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3.6%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">ENRE penalties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">428.7</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">12.0%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1.1%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">367.9</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">10.9%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1.4%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Taxes and charges</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">395.3</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">11.1%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1.0%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">193.1</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">5.7%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.7%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">299.2</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">8.4%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.8%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">348.8</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">10.3%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1.4%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Total</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3,567.8</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">100%</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">9.0%</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3,379.3</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">100%</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">13.1%</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Administrative Expenses<BR><BR></FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our administrative expenses include, among others, expenses associated with accounting, payroll administration, personnel training, systems operation third-party services and taxes. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Administrative expenses increased by 9%, to Ps. 2,504.5 million for the year ended December 31, 2017, from Ps.2,288 million for the year ended December 31, 2016. This increase was mainly due to an increase in fees and remuneration for services, and an increase in salaries and social security taxes as a result of the staggered salary increases granted by the Company during 2017 in line with inflation.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As a percentage of revenue from sales, administrative expenses decreased to 6.4% for the year ended December 31, 2017, as compared to 8.8% for the year ended December 31, 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following are the principal components of our administrative expenses for the years indicated. </FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="71%" colSpan=11 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Year ended December 31,</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: black 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2017</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">% of 2017</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: black 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2016</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">% of 2016</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">net sales</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">net sales</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Salaries and social security taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">917.2</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">36.6%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2.3%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">987.7</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">43.2%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3.8%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Leases and insurance&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">182.0</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">7.3%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.5%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">174.0</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">7.6%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.7%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Fees and remuneration for services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">820.2</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">32.7%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2.1%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">771.5</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">33.7%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3.0%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Security Services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">141.2</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">5.6%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.4%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">85.5</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3.7%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.3%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Depreciation of property, plants and equipments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">132.7</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">5.3%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.3%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">106.6</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">4.7%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.4%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Taxes and charges </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">32.0</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1.3%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.1%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">27.1</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1.2%</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.1%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">279.2</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">11.1%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.7%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">135.6</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">5.9%</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">0.5%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Total</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2,504.5</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">100%</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">6.4%</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2,288.0</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">100%</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">8.8%</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I></B>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Other operating (expenses) income</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Other operating (expenses) income include mainly provision for contingencies and debit and credit tax. Other operating (expenses) income, increased by 21% to a loss of Ps.1,102.7 million for the year ended December 31, 2017, compared to a loss of Ps.913.1 million for the year ended December 31, 2016. The increase was mainly due to a growth in provisions for contingencies, mainly due to the existence of new causes and increase in interest rates, and in debit and credit taxes.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt 9.35pt; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Operating profit </FONT></I></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt 9.35pt; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our operating results increased by Ps.5,159.8 million, from a loss of Ps.2,789.2 million for the year ended December 31, 2016 to a gain of Ps.2,370.6 million for the year ended December 31, 2017, mainly due to the increase in revenue from sales and the decrease in transmission and distribution expenses.</FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Net Financial Expense</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Net financial expense totaled Ps.2,285 million for the year ended December 31, 2017, compared to Ps.2,291.9 million for the year ended December 31, 2016. This increase of Ps.6.9 million was mainly </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">due to a decrease in changes in fair value of financial assets, partially offset by a profit increase in financial interest. </FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">103</FONT></P>

<DIV></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Income Tax </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our income tax charge was a loss of Ps.510.1 million in 2017, compared to a loss of Ps.147.3 million for 2016, mainly to (i) the improvements in operating results arising from the application of the new tariff schedule in 2017 and (ii) the effect of applying deferred tax assets and liabilities changes in income tax gains according to the tax reform on December 29, 2017 the National Executive Branch passed Act No. 27,430 for an amount of Ps.163.6 million (the income tax rate for Argentine companies will be gradually reduced from 35% to 30% for fiscal years beginning as from January 1, 2018 until December 31, 2019, and to 25% for fiscal years beginning as from January 1, 2020). See Item 10. Additional information &#8211; Taxation.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Profit for the year</FONT></I></B></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We recorded a profit of Ps.5,080.6 million for the year ended December 31, 2017, compared to a profit of Ps.240.7 million for the year ended December 31, 2016. In addition to the above, during 2017 the profit of the year was increased in Ps.5,505.1 million due to a gain on net monetary position, against Ps.5,469.1 million in 2017.</FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: normal" face="times new roman bold">Liquidity and capital resources</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Sources and Uses of Funds</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">One of the milestone events of 2017 was the normalization of the regulatory framework, which included the adoption of the RTI and the new electricity rate schedules that have been implemented as of February 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Although the regulatory framework in effect is currently being applied, the Argentine Government&#8217;s decision to incorporate rate increases in the price of electricity of 23% in February 2018 and 36% in August 2018, respectively, in addition to the increases, combined with the deterioration of Argentina&#8217;s general economic situation, with household income falling as a result of the significant devaluation and the increasing inflation, gave rise to a public discussion regarding electricity rates. In connection with such discussion, Congress enacted a law to restore electricity rates to their 2017 values and incorporate certain controls over the investments and electricity rates. On May 31, 2018, the Macri administration vetoed this law. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Company&#8217;s equity and negative working capital reflect the deteriorated financial and cash position of the Company as a result of the Argentine Government&#8217;s delay in the compliance with certain obligations under the Adjustment Agreement, which are subject to specific negotiations and regulatory changes carried out by certain governmental bodies. Additionally, the increase in operating costs during 2018, due to the country&#8217;s macroeconomic condition, led the Company to strengthen its efforts to absorb operating costs and comply with the execution of the investment plan and the performance of essential operations and maintenance works necessary to maintain the provision of the public service, pursuant to the Concession Agreement, in a satisfactory manner in terms of quality and safety..</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In this regard, the Company and the SGE are negotiating the signing of an agreement for the regularization of the previously mentioned pending issues. As of the date of this annual report, the following issues are pending resolution, among others:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 21.3pt; TEXT-INDENT: -21.3pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">i)</FONT></I><I><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the treatment to be given to the funds received from the Argentine Government through the loans for consumption (mutuums) agreements entered into with CAMMESA for the fulfillment of the Extraordinary Investment Plan, granted to cover the insufficiency of the FOCEDE&#8217;s funds:</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In the recent past, the Argentine Government adopted a series of measures such as the issuance of Resolution No. 347/12 of the ENRE, Resolution No. 32/15 of the SE and the granting of certain economic assistance program (through the extension of loans for consumption (mutuums)) (the &#8220;Program&#8221;) for us to be able to cope with our cash needs for specific purposes. We have considered the </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">funds received through the Program as a supplementary measure to being granted increases in tariffs/rates. </FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">104</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2014, by Note No. 4012/14, the SE instructed CAMMESA to enter into a loan for consumption (mutuum) and assignment of secured receivables agreement with us in order to pay the higher salary costs. The agreement was guaranteed by us with the assignment of the future surplus sale settlements with maturity dates to be determined (Liquidaciones de Venta con Fecha de Vencimiento a Definir - LVFVD), as a result of the application of Resolution No. 250/13 of the SE. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Additionally, in 2014, the SE, through Resolution No. 65/14, instructed CAMMESA to enter into a Loan and Guarantee Assignment Agreement with us in order to provide the necessary financing to cover the extraordinary investment plan approved by the SE as a consequence of a temporary insufficiency of funds received through Resolution No. 347/12. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Resolution No. 32/15 resolved that LVFVDs be issued in our favor for the amounts generated by the salary increases deriving from the application of Resolution No. 836/14 of the Ministry of Labor, Employment and Social Security for which payment we received this loan (Mutuum); allowing the offsetting of any amounts discussed thereunder against outstanding balances of LVFVDs. The LVFVDs were issued on July 16, 2015 to offset the debt under the loan for consumption (mutuum) and assignment of secured receivables agreement entered into to pay for the higher salaries cost.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of December 31, 2018, the total debt under these loans (mutuums agreements) amounted to Ps.2,282.2 million (principal plus accrued interest as of December 31, 2018). These loans were discontinued as from February 1, 2016 under the terms of Resolution No. 7/16 of the ME&amp;M.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal" color=red face="Times New Roman"> </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 21.3pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 21.3pt; TEXT-INDENT: -21.3pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ii)</FONT></I><I><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the conditions for the settlement of the outstanding balance with CAMMESA at the date of issuance of SEE Resolution No. 32/15;</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In order to preserve and guarantee the provision of the public service and improve the existing cash deficit, beginning in October 2012, the Company decided to only partially cancel the obligations with CAMMESA with surplus cash balances. This decision arose as a consequence of all the commitments necessary to ensure the provision of the public service, including investment plans and ongoing operation and maintenance tasks. In 2015, following the issuance of Resolution No. 32/15, we resumed full payment of our commercial obligations with CAMMESA, but did not cancel past commercial debt. As of December 31, 2018, the commercial debt with CAMMESA amounts to approximately Ps.7 billion (principal plus interest accrued as of December 31, 2018). See &#8220;Item 3. Risk Factors&#8212;Risk relating to our Business&#8212;We may not have the ability to raise the funds necessary to repay our commercial debt with CAMMESA, our major supplier.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 21.3pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 21.3pt; TEXT-INDENT: -21.3pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">iii)</FONT></I><I><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the treatment to be given to the Penalties and Discounts determined by the ENRE under the terms of the Adjustment Agreement not complied with by the Federal Government, whose payment/crediting is pending.</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our principal uses of cash are expected to be operating costs, the servicing of our financial debt and our investment plan. We are subject to limitations on our ability to incur new debt under the terms of our debt instruments so the Company cannot assure that it will be able to obtain additional financing on acceptable terms. See &#8220;Debt&#8221;.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of December 31, 2018, 2017 and 2016, our cash and cash equivalents amounted to Ps.27.5 million, Ps.122.2 million and Ps.476.5 million, respectively.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal" face="Times New Roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We generally invest our cash in a range of instruments, including sovereign debt, corporate debt securities and other securities. The table below reflects our cash and cash equivalents position at the dates indicated and the net cash provided by (used in) operating, investing and financing activities during the years indicated:</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal" face="Times New Roman"> </FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="47%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Year ended&nbsp; December 31</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2017</FONT></B></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2016</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Cash and cash equivalents at beginning of year </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">122.2 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 476.5 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237.6 </FONT></B></P></TD></TR>

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   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Net cash flows provided by operating activities</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">9,621.1 </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,265.9 </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,975.0 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Net cash flows used in investing activities</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(8,328.5) </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8,508.8) </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,071.9) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Net cash flows (used in) generated by financing activities</FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(2,097.0) </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 867.4 </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (947.4) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Result from exposure to inflation</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">553.6 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.3 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292.2 </FONT></P></TD></TR>

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   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Exchange differences in cash and cash equivalents</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">156.2 </FONT></P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.1) </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.0) </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Cash and cash equivalents at the end of year</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">27.6 </FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122.2 </FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 476.5 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">105</FONT></P>

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<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Net Cash flows provided by operating activities</FONT></I></B></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Net cash flows provided by operating activities increased by 32.4% to Ps.9,621.1 million in the year ended December 31, 2018, from Ps.7,265.9 million in the year ended December 31, 2017.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Changes in net cash flows provided by operating activities were primarily due to an increase in the positive adjustment to net loss for income tax of Ps.1,367.3 million and for net accrued interest and exchange difference of Ps.2,182.8 million and 2,065.9 million, respectively. In 2018, other payables increased by Ps.2,782.3 million, partially offset by a decrease in trade payables of Ps.3,644.2 million. </FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Net cash flows provided by operating activities increased by 46% to Ps.7,265.9 million in the year ended December 31, 2017, from Ps.4,975.0 million in the year ended December 31, 2016.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Changes in net cash flows provided by operating activities in 2017 were primarily due to the gain in the 2017 period of Ps.5,080.6 million from a gain of Ps.240.8 million for the 2016 period, a negative adjustment in 2016 for recognition of income (provisional remedies MINEM Note 2016-04484723) of Ps.2,074.2 million and an decrease in trade receivables of Ps.2,879.4 million, partially offset by a decrease in other payables of Ps.3,889.1 million, a decrease in tax liabilities of Ps.2,199.1 million and a decrease in other receivables of Ps.1,939.9 million.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Net Cash flows used in investing activities</FONT></I></B></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Net cash flows used in investing activities decreased by 2.1% from Ps.8,508.8 million in the year ended December 31, 2017, compared to Ps.8,328.5 million in the year ended December 31, 2018.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal" color=red face="Times New Roman"> </FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Changes in net cash flows used in investing activities in 2018 were primarily due to an increase in net payments for the purchase of financial assets at fair value of Ps.1,331.4 million. During 2018, Ps.2,312.2 million were collected for the redemption net of money market funds compared to Ps.348.2 in 2017.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Net cash flows used in investing activities increased by 109% from Ps.4,071.9 million in the year ended December 31, 2016, to Ps.8,508.8 million in the year ended December 31, 2017.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Changes in net cash flows used in investing activities in 2017 were primarily due to an increase in our capital expenditures of Ps.3,664.9 million and an increase in net payments for the purchase of financial assets at fair value of Ps.1,040.6 million. </FONT></P>

<P style="BACKGROUND: white; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Net Cash flows generated in financing activities</FONT></I></B></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Net cash flows generated in financing activities decreased to a negative outcome of Ps.2,097.0 million in the year ended December 31, 2018, from a positive outcome of Ps.867.4 million in the year ended December 31, 2017, mainly generated by the loan we received from the Industrial and Commercial Bank of China Dubai (ICBC) Branch in the year 2017 and, in 2018, due to the acquisition of our own shares.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal" color=red face="Times New Roman"> </FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Net cash flows generated in financing activities increased to a positive outcome of Ps.867.4 million in the year ended December 31, 2017, from a negative outcome of Ps.947.4 million in the year ended December 31, 2016, mainly generated by borrowings, we obtained a loan from the Industrial and Commercial Bank of China Dubai (ICBC) Branch in the amount of U.S.$50 million.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Edenor&#8217;s Capital Expenditures</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Edenor&#8217;s concession does not require us to make mandatory capital expenditures. Edenor&#8217;s concession does, however, set forth specific quality standards that become progressively more stringent over time, which require us to make additional capital expenditures. Financial penalties are imposed on us for non-compliance with the terms of our concession, including quality standards.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Prior to our privatization, a low level of capital expenditures and poor maintenance programs adversely affected the condition of our assets. After our privatization in 1992, we developed an aggressive capital expenditure plan to update the technology of our productive assets, renew our facilities and expand energy distribution services, automate the control of the distribution network and improve </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">user service. Following the crisis, however, the freeze of our distribution margins and the pesification of our tariffs and our inability to obtain financing, coupled with increasing energy losses, forced us to curtail our capital expenditure program and make only those investments that were necessary to permit us to comply with quality of service and safety and environmental requirements, despite increases in demand in recent years.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">106</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We are not subject to any limitations on the amount of capital expenditures we are required to make pursuant to our concession and applicable laws or regulations.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our capital expenditures consist of net cash used in investing activities during a specified period plus supplies purchased in prior periods and used in such specified period. The following table sets forth our actual capital expenditures:</FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Year ended December 31,</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2017</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2016</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(Figures in millions)</FONT></I></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Network Infraestructure (1)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">5,111.8</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">6,078.3</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">3,273.8</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Network maintenance and improvements</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2,118.4</FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1,295.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">677.7</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="53%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Legal requirements (2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">21.9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">96.0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">10.9</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Communications and telecontrol</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">590.7</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">556.9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">255.2</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="53%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">707.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">456.5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">227.0</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Total</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">8,549.9</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">8,482.8</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">4,444.6</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 70.9pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">Includes network infrastructure and additional network supplies. </FONT></P>

<P style="MARGIN: 0in 0in 0pt 70.9pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">Capital expenditures required to be made to comply with the ENRE quality standard and other regulations.</FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2018, in accordance with our capital expenditure program, we invested Ps.8,549.9 million in nominal currency, a substantial portion of which was dedicated to increasing the capacity of our grid in line with the growth of our user base. In addition, we made investments in order to meet our quality standards levels. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In the context of the RTI process, we submitted our investment plan for the following five-year period. In comparative terms, in 2018, there was a significant increase in the level of investments over the last years. We made investments for more than Ps.8 billion aimed at improving both the electricity network&#8217;s capacity and the operation and we complied with the investment plan agreed upon with the ENRE.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal" color=red face="Times New Roman"> </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">For 2019, we intend to continue to increase our grid&#8217;s capacity, as we expect to incorporate an additional 780 MVAd. This includes a 300 MVA in substation EDISON and two new substations, AEROCLUB (160 MVA) and Jos&#233; Clemente Paz (80 MVA). The remainder of the capacity will be put in service in substations Paso del Rey, Altos and Ramos Mej&#237;a.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Debt</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The economic crisis in Argentina had a material adverse effect on our operations. The devaluation of the Peso caused the Peso value of our U.S. Dollar-denominated indebtedness to increase significantly, resulting in significant foreign exchange losses and a significant increase, in Peso terms, in our debt service requirements. At the same time, our cash flow remained Peso-denominated and our distribution margins were frozen and pesified by the Argentine Government pursuant to the Public Emergency Law. Moreover, the 2001 and 2002 economic crisis in Argentina had a significant adverse effect on the overall level of economic activity in Argentina and led to deterioration in the ability of our users to pay their bills. These developments caused us to announce on September 15, 2002 the suspension of principal payments on our financial debt. On September 26, 2005, our board of directors decided to suspend interest payments on our financial debt until the restructuring of this financial debt was completed.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The purpose of the restructuring was to restructure all, or substantially all, of our outstanding debt, in order to obtain terms that would enable us to service our financial debt. We believe that the restructuring was the most effective and equitable means of addressing our financial difficulties for our benefit and that of our creditors. We developed a proposal that we believed was necessary to address our financial and liquidity difficulties, while we continued to pursue tariff negotiations with the Argentine Government to improve our financial condition and operating performance.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">107</FONT></P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<a name="_bclPageBorder110"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On January 20, 2006, we launched a voluntary exchange offer and consent solicitation to the holders of our outstanding financial debt. All of these holders elected to participate in the restructuring and, as a result, on April 24, 2006, we exchanged all of our then-outstanding financial debt for the following three series of newly issued notes, which we refer to as the restructuring notes:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">U.S.$123,773,586 Fixed Rate Par Notes due December 14, 2016, with approximately 50% of the principal due and payable at maturity and the remainder due in semiannual installments commencing June 14, 2011, and bearing interest starting at 3% and stepping up to 10% over time;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">U.S.$12,656,086 Floating Rate Par Notes due December 14, 2019, with the same payment terms as the Fixed Rate Par Notes and bearing interest at LIBOR plus a spread, which starts at 1% in 2008 and steps up to 2% over time; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">U.S.$239,999,985 Discount Notes due December 14, 2014, with 60% of the principal due and payable at maturity and the remainder due in semiannual installments commencing on June 14, 2008, and bearing interest at a fixed rate that starts at 3% and steps up to 12% over time.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of the date of this annual report, all of the restructuring notes have been repaid and cancelled.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal" face="Times New Roman"> </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In October 2007, we completed an offering of U.S.$220 million aggregate principal amount of our 10.5% Senior Notes due 2017, which we refer to as the Senior Notes due 2017. We used a substantial portion of the proceeds from that offering to redeem in full our Discount Notes due 2014 in several transactions throughout the period from October through December 2007.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">During 2008, we repurchased and cancelled U.S.$17.5 million and U.S.$6 million of our Senior Notes due 2017, respectively. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In May 2009, we issued Ps.510.4 million principal amount of Par Notes due 2013 under our Medium-Term Note Program. The Par Notes due 2013 are denominated and payable in Pesos and accrue interest on a quarterly basis at a rate equal to the private BADLAR, as published by the Central Bank, for each such quarter plus 6.75%. Principal on the notes is payable in 13 quarterly installments, starting on May 7, 2010. As of December 31, 2013, these Notes had been fully paid. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">During 2009, we repurchased U.S.$53.8 million Senior Notes due 2017, U.S.$24.5 million of which was transferred to us as a consequence of the dissolution of the discretionary trust described below.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On October 25, 2010, we issued Senior Notes due 2022 with a face value of U.S.$230.3 million, of which U.S.$140 million were subscribed under a cash offer and U.S.$90.3 million were exchanged, as a result of an exchange offer, for Senior Notes due 2017, paying in cash U.S.$9.5 million plus accrued unpaid interest on those Senior Notes due 2017. Edenor launched an offer to purchase under which we purchased Senior Notes due 2017 with a face value of U.S.$33.6 million for U.S.$35.8 million, including payment of accrued and unpaid interest on the Senior Notes due 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;The Senior Notes due 2022 have a 12-year maturity and were issued at par, with interest accruing from the date of issuance at a fixed rate of 9.75% and payable semi-annually on October 25 and April 25 of each year, with the first interest payment on April 25, 2011. Edenor repurchased and cancelled U.S.$123.6 million during 2014.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On October 18, 2010, we cancelled Senior Notes due 2017 with a nominal value of U.S.$65.3 million.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In addition, on October 25, 2010, November 4, 2010, and December 9, 2010, we cancelled Senior Notes due 2017 for a face value of U.S.$122.6 million, U.S.$1.3 million, and U.S.$0.04 million, respectively, representing approximately 83.3% of the Senior Notes due 2017 then outstanding. As of December 2015, the outstanding amount of Senior Notes due 2017 was U.S.$14.8 million. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On February 2, 2016, we repurchased the Senior Notes due 2022 at market prices for a nominal value of U.S.$0.3 million. On July 12, 2016, we redeemed our outstanding Senior Notes due 2017 for a principal amount of U.S.$14.8 million, plus an accrued interest of U.S.$0.4 million. </FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">108</FONT></P></DIV>

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&nbsp; <A name="page_111"></A>

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<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2018, we repurchased Senior Notes due 2022 for U.S.$10.2 million (nominal value) at market prices and in successive transactions. </FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As a consequence, our outstanding debt amounted to U.S.$161.6 million consisting of our Senior Notes due 2022, as of December 31, 2018. </FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Long term loan by the Industrial and Commercial Bank of China Dubai (ICBC) Branch </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On October 11, 2017, we obtained a loan from the Industrial and Commercial Bank of China Dubai (ICBC) Branch in the amount of U.S.$50 million and for a term of 36 months. Proceeds were allocated to the financing our working capital and investment plan and will allowed us to partially offset the impact of the deferral of revenues generated by the staggered recognition of own distribution costs pursuant to ENRE Resolution No. 63/17, as determined by the RTI process. This loan consist of permitted indebtedness under the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">Senior Notes due 2022.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of December 31, 2018, the outstanding balance under these loans amounted to Ps.1,909.9 million.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal" color=red face="Times New Roman"> </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Derivatives Contracts</FONT></I></B></P>

<P style="MARGIN: 0in 7.1pt 0pt 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Management of derivative financial instruments </FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 7.1pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 7.1pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2016 and 2015, with the aim of hedging the currency risk associated with the payment of the next interest coupon of our Senior Notes 2017 and </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">Senior Notes due 2022</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> we entered into futures contracts to buy U.S. Dollars.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 7.1pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 7.1pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of December 31, 2017, the economic impact of the transactions carried out in 2017 resulted in a loss of Ps.21.1 million, which is recorded in the Other financial expense account of the Statement of Comprehensive Income.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal" face="Times New Roman"> </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 7.1pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 7.1pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2018, the Company did not enter into futures contracts to buy US dollars.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 7.1pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 7.1pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: normal" face="times new roman bold">Critical accounting policies and estimates</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">A summary of our significant financial policies is included in Note 6 to our financial statements, which are included elsewhere in this annual report. The preparation of financial statements requires our management to make estimates and assumptions that affect the amounts reported in our financial statements and accompanying footnotes. Our estimates and assumptions are based on historical experiences and changes in the business environment. However, actual results may differ from estimates under different conditions, sometimes materially. Critical accounting policies and estimates are defined as those that are both most important to the portrayal of our financial condition and results of operation and require management&#8217;s most subjective judgments. Our most critical accounting policies and estimates are described below.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 7.1pt 12pt 0in; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Impairment of long-lived assets </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 7.1pt 12pt 0in; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Long-lived assets are tested for impairment at the lowest disaggregation level at which independent cash flows can be identified (cash generating units, or CGU). </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 7.1pt 12pt 0in; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">The Company analyzes the recoverability of its long-lived assets on a periodical basis or when events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the carrying amount exceeds its recoverable amount, which is measured as the higher of value in use and fair value less costs to sell at the end of the year.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 7.1pt 12pt 0in; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">As of December 31, 2018, there are no indicators of a potential impairment of our long-lived assets.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=red face="Times New Roman"> </FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">109</FONT></P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_112"></A>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 7.1pt 12pt 0in; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Revenue recognition</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 7.1pt 12pt 0in; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Revenue is recognized on an accrual basis upon delivery to users, which includes the estimated amount of unbilled distribution of electricity at the end of each year. The accounting policy for the recognition of estimated revenue is considered critical because it depends on the amount of electricity effectively delivered to users, which is valued on the basis of applicable tariffs. Unbilled revenue is classified as current trade receivables.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 7.1pt 12pt 0in; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Allowances for the doubtful accounts</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 7.1pt 12pt 0in; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">The allowance for the impairment of accounts receivable is assessed based on the delinquent balance, which comprises all such debt arising from the bills for electricity consumption that remain unpaid 7 working days after their due dates for small-demand (T1), medium-demand (T2), and large-demand (T3) users. We record as an allowance applying to the delinquent balances of each user category an uncollectibility rate that is determined according to each user category based on the historical comparison of collections made.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 7.1pt 12pt 0in; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Additionally, and faced with temporary and/or exceptional situations, the Company&#8217;s Management may redefine the amount of the allowance, specifying and supporting the criteria used in all the cases.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">As from January 1, 2018, the Company has applied the amended IFRS 9 retrospectively with the allowed practical resources, without restating the comparative periods.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">The Company has performed a review of the financial assets it currently measures and classifies at fair value through profit or loss or at amortized cost and has concluded that they meet the conditions to maintain their classification; consequently, the initial adoption has not affected the classification and measurement of the Company&#8217;s financial assets.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Furthermore, with regard to the new hedge accounting model, the Company has not elected to designate any hedge relationship at the date of the initial adoption of the amended IFRS 9 and, consequently, has generated no impact on the Company&#8217;s results of operations or its financial position.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Finally, with regard to the change in the methodology for calculating the impairment of financial assets based on expected credit losses, the Company has applied the simplified approach of IFRS 9 for trade receivables and other receivables with similar risk characteristics. In order to measure the expected credit losses, receivables are grouped by segment, and on the basis of the shared credit risk characteristics and the number of days past the payment due date. The expected loss as of January 1, 2018 was determined based on the following coefficients calculated for the number of days past the payment due date:</FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt">&nbsp;</P>

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<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="71%" colSpan=11>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Number of days</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="29%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>0-30</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>30-60</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>60-90</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>90-120</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>120-150</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>+150</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Loss expected porcentage</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>8%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>19%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>26%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>59%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>69%</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">For such purpose, the adjustments determined as of December 31, 2017 are as follow:</FONT></P>

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<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="85%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Amount of the provisions for impairment of the trade receivables at 12.31.2017 by IAS 39</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(458,853) </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Adjustment of expected losses IFRS 9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(82,041) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="85%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Amount of the provisions for impairment of the trade receivables at 12.31.2017 by IAS 39</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(540,894) </FONT></B></P></TD></TR></TABLE><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">The adjustment determined as a result of the application of this new standard, net of its tax effect, amounts to Ps.60.2 million.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Current and deferred income tax/ Tax on minimum presumed income</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">A degree of judgment is required to determine the income tax provision inasmuch as the Company&#8217;s management has to evaluate, on an ongoing basis, the positions taken in tax returns in respect of situations in which the applicable tax regulation is subject to interpretation and, whenever necessary, make provisions based on the amount expected to be paid to the tax authorities. When the final tax </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">outcome of these matters differs from the amounts initially recognized, such differences will impact on both the income tax and the deferred tax provisions in the fiscal year in which such determination is made.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">110</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">There are many transactions and calculations for which the ultimate tax determination is uncertain. The Company recognizes liabilities for eventual tax claims based on estimates of whether additional taxes will be due in the future.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0pt 12pt 0in; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Deferred tax assets are reviewed at each reporting date and reduced in accordance with the probability that the sufficient taxable base will be available to allow for the total or partial recovery of these assets. Deferred tax assets and liabilities are not discounted. The realization of deferred tax assets depends on the generation of future taxable income in the periods in which these temporary differences become deductible. To make this assessment, the Company&#8217;s Management takes into consideration the scheduled reversal of deferred tax liabilities, the projections of future taxable income and tax planning strategies.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 7.1pt 12pt 0in; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Benefit plans</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">The liability recognized by the Company is the best estimate of the present value of the cash flows representing the benefit plan obligation at the closing date of the year together with the adjustments for past service costs and actuarial losses. Cash flows are discounted using a rate that contemplates actuarial assumptions about demographic and financial conditions that affect the determination of benefit plans. Such estimate is based on actuarial calculations made by independent professionals in accordance with the projected unit credit method.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 7.1pt 12pt 0in; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ENRE penalties and discounts </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">The Company considers its applicable accounting policy for the recognition of ENRE penalties and discounts critical because it depends on penalizable events that are valued on the basis of the Management&#180;s best estimate of the expenditure required to settle the present obligation at the date of this annual report. The balances of ENRE penalties and discounts are adjusted in accordance with the regulatory framework applicable thereto.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 7.1pt 12pt 0in; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Contingencies and provisions for lawsuits </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0pt 12pt 0in; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">The Company is a party to several complaints, lawsuits and other legal proceedings, including user claims, in which a third party is seeking payment for alleged damages, reimbursement for losses or compensation. The Company&#8217;s potential liability with respect to such claims, lawsuits and legal proceedings may not be accurately estimated. The Company&#8217;s management, with the assistance of its legal advisors (attorneys), periodically analyzes the status of each significant matter and evaluates the Company&#8217;s potential financial exposure. If the loss deriving from a complaint or legal proceeding is considered probable and the amount can be reasonably estimated, a provision is recorded. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0pt 12pt 0in; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Provisions for contingent losses represent a reasonable estimate of the losses that will be incurred, based on the information available to our management at the date of the financial statements preparation, taking into account the Company&#8217;s litigation and settlement strategies. These estimates are mainly made with the help of legal advisors. However, if our management&#8217;s estimates proved wrong, the current provisions could be inadequate and result in a charge to profits that could have a significant effect on the statements of financial position, comprehensive income, changes in equity and cash flows.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 7.1pt 12pt 0in; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 7.1pt 12pt 0in; TEXT-INDENT: 0.5in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman bold">Off-Balance Sheet Arrangements</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We did not have any off-balance sheet arrangements as of December 31, 2018.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">111</FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.25in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: normal" face="times new roman bold">CONTRACTUAL OBLIGATIONS</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Technical assistance fees</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Corresponds to the technical advice on financial affairs that EASA (as a result of the parent company&#8217;s merger process, Pampa has become the direct controlling company of Edenor., see&#8220;Item 7. Major Shareholders and Related Party Transactions&#8212;Parent Company Merger Process&#8221;) has provided to the Company since September 19, 2015. For this service, we pay Pampa an annual amount of U.S.$2.5 million. The agreement is valid for five years, unless either party gives notice not less than 60 days prior to the expiration of such term, with no obligations to fulfill and without paying compensation to the other party.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">112</FONT></P></DIV>

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&nbsp; <A name="page_115"></A>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Fines and penalties</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Pursuant to caption C of Section 37 of the Concession Agreement, the grantor of the concession may, without prejudice to other rights to which it is entitled thereunder, foreclose on the collateral granted by the Company when the cumulative value of the penalties imposed in the previous one-year period exceeds 20% of its annual billing, net of taxes and rates.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of December 31, 2018, total accrued fines and penalties imposed on us amounted to Ps.6,933.0 million, of which Ps.4,311.4 million (including accrued interest) corresponded to penalties accrued but not yet imposed on us and Ps.2,621.6 million (including accrued interest) correspond to penalties imposed on us but not yet paid. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Corporate Notes programs&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=Calibri,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The relevant information of our corporate notes program is detailed below (debt issued in U.S. Dollars):</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Million of USD</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Million of $</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Corporate Notes</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Class</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Rate</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Year of Maturity</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Debt structure at 12.31.17</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Debt repurchase </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Debt structure at 12.31.18</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">At 12.31.18</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Fixed Rate Par Note</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">9.75</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2022</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 171.87 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; (10.22) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">161.65 </FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; 6,249.78 </FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Total</FONT></B></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; 171.87 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp; (10.22) </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">161.65 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; 6,249.78 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="41%" colSpan=6>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Million of USD</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Million of $</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Corporate Notes</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Class</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Rate</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Year of Maturity</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Debt structure at 12.31.16</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Debt repurchase</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Debt structure at 12.31.17</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">At 12.31.17</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; COLOR: #000000; LINE-HEIGHT: normal" color=#000000 face="times new roman">Fixed Rate Par Note</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%"><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; COLOR: #000000; LINE-HEIGHT: normal" color=#000000 face="times new roman">9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%"><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; COLOR: #000000; LINE-HEIGHT: normal" color=#000000 face="times new roman">9.75</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%"><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; COLOR: #000000; LINE-HEIGHT: normal" color=#000000 face="times new roman">2022</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%"><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; COLOR: #000000; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; 171.87 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%"><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; COLOR: #000000; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%"><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; COLOR: #000000; LINE-HEIGHT: normal" color=#000000 face="times new roman">171.87 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="3%"><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; COLOR: #000000; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; 3,259.22 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp;&nbsp; 171.87 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; - </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">171.87 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new roman">&nbsp; 3,259.22 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -0.25in"><I><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">(1)</FONT></I><I><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><I><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Net of issuance expenses.</FONT></I></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></I></B>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Long term loan by the Industrial and Commercial Bank of China Dubai (ICBC) Branch </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On October 11, 2017, we obtained a loan from the Industrial and Commercial Bank of China Dubai (ICBC) Branch in the amount of U.S.$50 million for a term of 36 months. Proceeds will be allocated to financing our working capital and investment plan which will allow us to partially offset the impact of the deferral of revenues generated by the staggered recognition of CPD pursuant to ENRE Resolution No. 63/17, as determined by the RTI process</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of December 31, 2018 and 2017, the outstanding balance under these loans amounted to Ps.1,909.9 million and 1,390.0, respectively.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: normal" face="times new roman bold"></FONT></B>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.25in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: normal" face="times new roman bold">Tabular Disclosure of Contractual Obligations</FONT></B></P><FONT lang=PT-BR><BR clear=all></FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">The following table summarizes our contractual liabilities and commitments as of December 31, 2018. </FONT>

<P></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="51%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Payments due by period</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="48%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Less than</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1&#8209;3</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">4&#8209;5</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1 year</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">years</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">years</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="51%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(in millions of Pesos)</FONT></I></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Debt obligations and commercial debt obligations<SUP> (1)</SUP> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">13,597.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">6,404.8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">942.5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">6,250.0</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Accrued fines and penalties <SUP>(2) (3)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">6,933.4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">1,836.0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">5,097.4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Financial assistance fees <SUP>(4)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">164.9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">94.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">70.7</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Operating leases <SUP>(5)</SUP> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">396.0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">155.5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">240.5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">-</FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Capital expenditures <SUP>(6)</SUP>&nbsp; </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">-</FONT></P></TD></TR>

<TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Total </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">21,091.7</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">8,490.6</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">6,351.1</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">6,250.0</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">113</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">(1) Includes amortization of principal and interest payments. All of our financial indebtedness is unsecured. None of our financial indebtedness is guaranteed. See &#8220;Debt&#8221; in this section for a broader description of our financial debt.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">(2) See &#8220;Item. 4. Information on the Company&#8212;Business Overview&#8212;Our Concession&#8212;Fines and Penalties.&#8221;</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">(3) Refers to Fines and Penalties&#8217; payment plans, under the ENRE settlement. See &#8220;Item. 4. Information on the Company&#8212;Business Overview&#8212;Our Concession&#8212;Fines and Penalties.&#8221;</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">(4) Fees payable under our financial services agreement with Pampa, our controlling shareholder. This agreement expired in 2015 and was renewed for a five-year period. See &#8220;Item 7. Major Shareholders and Related Party Transactions&#8212;Related Party Transactions.&#8221; </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">(5) Represents our minimum required lease payments.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">(6) Our concession does not require us to make any specified amount of capital expenditures but requires us to meet certain quality and other service standards. See &#8220;&#8212;Liquidity and Capital Resources&#8212; Capital Expenditures.&#8221;</FONT></P>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Directors, Senior Management and Employees</FONT></I></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman bold">DIRECTORS AND SENIOR MANAGEMENT</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Board of Directors</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our business and affairs are managed by our board of directors in accordance with our bylaws and the Argentine Corporations Law. Our bylaws provide that our board of directors will consist of twelve directors and up to the same number of alternate directors. Pursuant to the Argentine Corporations Law, a majority of our directors must be residents of Argentina.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Edenor&#8217;s bylaws provide that holders of our Class A common shares are entitled to elect seven directors and up to seven alternate directors, while the holders of our Class B and Class C common shares are entitled to elect five directors and up to five alternate directors, one of which must be independent in accordance with CNV regulations. Holders of Class C common shares vote jointly as a single class with the holders of Class B common shares in the election of directors. In the absence of a director elected by holders of a class of shares, any alternate director elected by holders of the same class may legally attend and vote at meetings of our board of directors. The board of director&#8217;s elects among its members a chairman and a vice president.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Directors and alternate directors serve for one-year periods, indefinitely renewable.&nbsp;As of the </FONT><FONT lang=EN style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#212121 face=inherit>ordinary general meeting of shareholders held on April 26, 2018 and up to the meeting that appoints the authorities for the year 2019, the following directors and alternate directors were appointed</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">114</FONT></P></DIV>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Name&nbsp; </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Position</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Age</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Year of appointment<BR>(class electing director)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Ricardo Torres</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Chairman</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">60</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018 (Class A)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Gustavo Mariani</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Vice Chairman</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">48</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018 (Class A)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Marcos Marcelo Mindlin **</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Director</FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">54</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018 (Class A)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Damian Miguel Mindlin **</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Director</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">52</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018 (Class A)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Mar&#237;a Carolina Sigwald</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Director</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">51</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018 (Class A)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Maximiliano Alejandro Fernandez*</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Director</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">58</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018 (Class A)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Eduardo Llanos*</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Director</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">74</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018 (Class A)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Emilio Basavilbaso*</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Director</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">42</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018 (Class B/C)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Carlos Alberto Lorenzetti*</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Director</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">78</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018 (Class B/C)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Lucas Amado*</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Director</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">46</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018 (Class B/C)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Mariano Garc&#237;a Mithieux*</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Director</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">51</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018 (Class B/C)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Miguel &#193;ngel De Godoy*</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Director</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">55</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018 (Class B/C)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Leandro Carlos Montero</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Alternate Director</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">43</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018 (Class A)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Daniel Eduardo Flaks</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Alternate Director</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">54</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018 (Class A)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Eduardo Abel Maggi</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Alternate Director</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">63</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018 (Class A)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Mariano Batistella</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Alternate Director</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">36</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018 (Class A)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Gerardo Ruben Tabakman</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Alternate Director</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">43</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018 (Class A)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Carlos Dionisio Ariosa</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Alternate Director</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">52</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018 (Class A)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Carlos Perez Bello*</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Alternate Director</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">64</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018 (Class A)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Jos&#233; Mar&#237;a Tenaillon*</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Alternate Director</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">39</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018 (Class B/C)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Ignacio Gustavo &#193;lvarez Pizzo*</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Alternate Director</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">33</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018 (Class B/C)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Santiago Lucas Jonas Aguilar***</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Alternate Director</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">37</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018 (Class B/C)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Juan Martin Monge Varela***</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Alternate Director</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">44</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018 (Class B/C)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Carlos Andr&#233;s Rodriguez Lubary ***</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Alternate Director</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">58</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">2018 (Class B/C)</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">*&nbsp; &nbsp;Independent under Argentine law and under Rule 10A-3 under the Securities Exchange Act of 1934, as amended.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">**&nbsp; The following family relationships exist within the board of directors: Marcos Marcelo Mindlin and Dami&#225;n Miguel Mindlin are brothers.</FONT></P>

<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.1pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">***&nbsp; &nbsp;On October 10, 2018, Santiago Lucas Jonas Aguilar submitted his resignation to the position of Alternate Director, for which he had been appointed at the General Shareholders' Meeting held on April 26, 2018.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">**** &nbsp;On June 21, 2018, Juan Martin Monger Varela notified the Company of his non-acceptance to the position of Alternate Director, for which he had been appointed at the Ordinary General Shareholders' Meeting held on April 26, 2018.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">***** On August 7, 2018, Carlos Andres Rodriguez Lubary submitted his resignation to the position of Alternate Director, for which he had been appointed at the Ordinary General Shareholders' Meeting held on April 26, 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.25in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following is a brief description of our current directors&#8217; and alternate directors&#8217; background, experience and principal business activities:</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Ricardo Alejandro Torres</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;was born on March 26, 1958. Mr. Torres holds a degree in accounting from the Universidad de Buenos Aires and a Master&#8217;s degree in Business Administration from the Instituto de Altos Estudios Empresariales-Escuela de Negocios de la Universidad Austral. He has been Chairman of the Board of Directors of Edenor since March 2012. Mr. Torres has been a member of the board of directors of Pampa Energ&#237;a S.A. since November 2005 and serves as Vice Chairman and Co-CEO. Mr. Torres has also held a post as a professor of Tax and Finance at the school of Economics of the&nbsp;Universidad de Buenos Aires. He currently serves as Chairman at CPB, CTG, IPB and Pampa Inversiones S.A. Ponderosa Assets Holding I LLC.&nbsp;Ponderosa Assets Holding II LLC, RT Warrants S.A., Pop Argentina S.R.L. (Partner), Todos Capital S.R.L. (Partner);&nbsp;Or&#237;genes Seguros de Vida S.A., Or&#237;genes Seguro de Retiro S.A. Mr. Torres is also member of the board of directors of Bodega Loma la Lata S.A. CTG, CTLL, CITELEC (alternate director), EASA, HIDISA, HINISA, IEASA, Inversora Diamante S.A., Inversora Nihuiles, PACOSA, Pampa Participaciones S.A., Pampa Participaciones II S.A., PEASA,&nbsp;PEFMSA, Petrolera Pampa S.A., TRANSBA (alternate director) and Transelec Argentina S.A. Also, Mr. Torres is the spokesperson of the management board of &#8220;Fundaci&#243;n Pampa Energ&#237;a Comprometidos con la Educaci&#243;n.&#8221;</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Gustavo Mariani</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;was born on September 9, 1970. Mr. Mariani holds a degree in Economics from the Universidad de Belgrano and a Master&#8217;s degree in Business Administration from the Universidad del CEMA (Center of Macroeconomic Studies) and also is a Chartered Financial Analyst (CFA) since 1998. He has been a member of our board of directors since November 2005 and serves as Vice-Chairman. Mr. Mariani is also Vice Chairman of EASA. He has been a member of the board of directors of Pampa Energ&#237;a S.A. since November 2005 and serves as Vice-Chairman and Co-CEO. Mr. </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Mariani joined Grupo Dolphin in 1993 as an analyst and also served as an investment portfolio manager Mr. Mariani is currently Chairman of CTLL, CIESA, HIDISA, HINISA, IEASA, Inversora Diamante S.A., Inversora Nihuiles S.A., Pampa Comercializadora S.A., PEASA, PEFMSA , IECSA S.A., Transelec Argentina S.A. and TGS. He also serves as Director of ODS S.A., Bodega Loma la Lata S.A., CPB, CTG, GMA Warrants S.A., Transener S.A., Citelec, Consultores Fund Management S.A., Dolphin Cr&#233;ditos S.A., Dolphin Cr&#233;ditos Holding S.A., Dolphin Finance S.A, Grupo Mtres S.A., Emes Inversora S.A., Transba S.A., Grupo Emes S.A., Grupo Dolphin Holding S.A., ,IPB, Or&#237;genes Seguros de Vida S.A., Or&#237;genes Seguros de Retiro S.A., Pampa Participaciones S.A. II, Pampa Participaciones S.A., Petrolera Pampa S.A., Sitios Argentinos S.A, Dolphin Fund Management S.A., PELSA and TGS. In addition, Mr. Mariani is the executive secretary of the management board of &#8220;Fundaci&#243;n Pampa Energ&#237;a Comprometidos con la Educaci&#243;n.&#8221; </FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">115</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; LINE-HEIGHT: normal" color=black face="times new roman">Marcos Marcelo Mindlin&nbsp;</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; LINE-HEIGHT: normal" color=black face="times new roman">was born on January 19, 1964. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">He has been a member of our board of directors since November 2005. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; LINE-HEIGHT: normal" color=black face="times new roman">Mr. Mindlin has been a member of the board of directors of Pampa Energ&#237;a S.A. since 2006 and serves as Chairman. He is a member of the Council of the Americas. Mr. Mindlin received a Master of Science in Business Administration from the Universidad del CEMA (Center of Macroeconomic Studies). He also holds a degree in Economics from the&nbsp;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; LINE-HEIGHT: normal" color=black face="times new roman">Universidad de Buenos Aires</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; LINE-HEIGHT: normal" color=black face="times new roman">. In 2008, Mr. Mindlin founded and since that time has directed a charity foundation called &#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; LINE-HEIGHT: normal" color=black face="times new roman">Fundaci&#243;n Pampa Energ&#237;a Comprometidos con la Educaci&#243;n</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; LINE-HEIGHT: normal" color=black face="times new roman">&#8221; whose purpose is to improve childhood development and education. Mr. Mindlin is also a member and was Chairman of the Board of the Executive Committee of Tzedaka, a leading Jewish-Argentine foundation. From 1989 to 2004, Mr. Mindlin served as the founder, Senior Portfolio Manager and a shareholder of Grupo Dolphin. From 1991 to 2003, Mr. Mindlin was also a shareholder, Vice-Chairman and Chief Financial Officer of Inversiones y Representaciones S.A. (IRSA), a leading Argentine real estate company listed on the New York Stock Exchange. In November 2003, Mr. Mindlin resigned from IRSA to focus his work on Grupo Dolphin. Mr. Mindlin has extensive expertise in Latin America through his role as Chairman of the board of directors of Grupo Dolphin and several of its affiliates. From 1999 to 2004, Mr. Mindlin also served as Vice Chairman of Alto Palermo S.A. (a leading owner and operator of shopping centers in Buenos Aires), Vice Chairman at Cresud S.A.I.C. (one of the largest listed agricultural companies in Argentina) and as Director and member of the Executive Committee of Banco Hipotecario, the leading mortgage bank in Argentina.&nbsp;Mr. Mindlin is currently Chairman of EASA, &#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; LINE-HEIGHT: normal" color=black face="times new roman">Fundaci&#243;n Pampa Energ&#237;a Comprometidos con la Educaci&#243;n</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; LINE-HEIGHT: normal" color=black face="times new roman">&#8221;, Petrolera Pampa, Dolphin Finance S.A., Dolphin Cr&#233;ditos S.A., Dolphin Cr&#233;ditos Holding S.A., Grupo Emes S.A., Sitios Argentinos S.A. and Emes Inversora S.A.&nbsp;He is also Vice Chairman of ODS S.A. Mr. Mindlin also serves as director of Or&#237;genes Seguros de Retiro S.A., Or&#237;genes Seguros de Vida S.A., Consultores Fund Management, and Mindlin Warrants S.A.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; LINE-HEIGHT: normal" color=black face="times new roman">Dami&#225;n Miguel Mindlin&nbsp;</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; LINE-HEIGHT: normal" color=black face="times new roman">was born on January 3, 1966. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">He has been a member of our board of directors and P</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; LINE-HEIGHT: normal" color=black face="times new roman">ampa Energ&#237;a S.A.&#8217;s board of directors since November 2005. Mr. Mindlin joined Grupo Dolphin in 1991 as a shareholder and a director. Since November 2003, Mr. Mindlin has served as Investment Portfolio Manager of Grupo Dolphin. Mr. Mindlin is currently the Vice Chairman of the management board of &#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; LINE-HEIGHT: normal" color=black face="times new roman">Fundaci&#243;n Pampa Energ&#237;a Comprometidos con la Educaci&#243;n</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; LINE-HEIGHT: normal" color=black face="times new roman">&#8221;. </FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; BACKGROUND: white; LINE-HEIGHT: normal" color=black face="times new roman">Additionally, he is currently the Chairman of Bodega Loma La Lata S.A., Pampa Participaciones S.A., Pampa Participaciones II S.A., PELSA, Latina de Infraestructura Ferrocarriles e Inversiones S.L., ODS S.A., IECSA S.A., Creaurban S.A., IECSA Chile S.A., Constructora Incolur IECSA S.A LTDA (Chile), Inversora Andina S.A. (Chile), Profingas S.A., L&#237;neas del Norte S.A., Minera Geometales S.A., FIDUS S.G.R, &#8220;Compa&#241;&#237;a Americana de Trasmisi&#243;n El&#233;ctrica S.A. (CATESA), Corpus Energ&#237;a S.A., Posadas Encarnaci&#243;n S.A. Also, Mr. Mindlin is also the Vice Chairman of CTLL, EASA, HIDISA, HINISA, IEASA, Pampa Inversiones, PEASA, PEFMSA , Grupo Dolphin Holding S.A, Emes Inversora S.A., Dolphin Cr&#233;ditos Holding S.A., Dolphin Finance S.A.,and he is member of the board of directors of&nbsp;CTG,&nbsp;Transelec, Inversora Nihuiles, Inversora Piedra Buena, IECSA S.A. (Colombia), L&#237;neas del Comahue Cuyo S.A., L&#237;neas Mesopot&#225;micas S.A., , Petrolera Pampa, Citelec&nbsp;(alternate director), ARPHC S.A., PACOSA, Consultores Fund Management, Comunicaciones y Consumos S.A., Grupo Mtres S.A., Grupo Emes S.A., Pampa F&amp;F, DMM Warrants S.A., Or&#237;genes Seguros de Vida S.A., Or&#237;genes Seguros de Retiro S.A., Emes Air S.A. and Sitios Argentinos S.A</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Carolina Sigwald</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> was born on November 15, 1967. She was Director of Legal and Regulatory Affairs of Edenor from October 2015 to</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=red face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">October 31, 2017. Since November 2017, she has been the &nbsp;Executive Director of Legal Affairs of Pampa. She started her professional career as a lawyer in Central Puerto S.A. after its privatization and then joined Chadbourne &amp; Parke in New York and later the Inter-American Investment Corporation (IIC) in Washington. Carolina returned to Argentina in 1998 as founding partner of Law Firm D&#237;az Bobillo, Sigwald &amp; Vittone, where she served as an external advisor for energy companies, Pampa Energia among them. Likewise, she took office in Transportadora de Gas </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">del Sur&#8217;s and Telef&#243;nica de Argentina&#8217;s board of directors. Mrs. Sigwald obtained her law degree in from the University of Buenos Aires, where she graduated with honors. </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Maximiliano Alejandro Fern&#225;ndez</FONT></I></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">was born on April 21, 1960. He has been a director of Edenor since 2007 and served as a director of EASA from 2005 to 2007. Mr. Fern&#225;ndez has been an associate at Impsat Fiber Network since 1998, and currently serves as president of Red Alternative S.A. Mr. Fern&#225;ndez served as the chairperson of Alternativa Gratis S.A, which he founded along with IRSA, until its merger in 2005. Since 1991, he has worked as an independent contractor in the telecommunications industry. Mr. Fern&#225;ndez is an industrial engineer and graduate of the Universidad de Buenos Aires.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Eduardo Llanos</FONT></I></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">was born on April 29, 1944. He has been a director of Edenor since 2008. Mr. Llanos served as a member of the Supervisory Committee of Televisi&#243;n Federal S.A. (Telef&#233;), Telef&#243;nica de Argentina S.A. y Telef&#243;nica Holding Argentina S.A. From 1969 to 2000, Mr. Llanos worked at Arthur Andersen / Pistrelli, Diaz y Asociados, in the Auditing Division and the Tax Division. When he left Arthur Andersen, Mr. Llanos was an International Partner, the Director of Tax Practice for Argentina, Chile, Uruguay, Paraguay and Boliva and the Director of Operations in Bolivia. From 2000, Mr. Llanos has been a partner at Estudio E. Llanos y Asociados. Throughout his career, Mr. Llanos has taught tax and public finance classes at the Universidad de Buenos Aires, Universidad Nacional de Lomas de Zamora and Universidad de Mor&#243;n. Mr. Llanos graduated with a degree in Public Accounting from the Universidad de Buenos Aires in 1971.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Emilio Basavilbaso, </FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">was born on September 11, 1976. He has been a member of the Company&#8217;s board of directors since 2016. In December 2015, he was appointed Executive Director of the National Social Security Administration (ANSES). He performed different public duties such as President of Housing Institute, Sub-Secretary of Strategy and development of Human Resources and General Secretary of the Administrative Reform Committee, Sub-Secretary of Public Management Modernization and Strategic Planning General Director, all these positions within the Autonomous City of Buenos Aires&#8217; public administration. Likewise, he worked for Telef&#243;nica in Argentina, Spain and Brazil, in the Corporate marketing and Development area. He is currently an independent professional and he is a member of the Boards of Transener S.A., Estancias El Algarrobo S.A. and Estancias San Bruno S.A. Mr. Basavilbaso obtained a degree in Business Economics, issued by the Torcuato Di Tella University (UTDT). In addition, he obtained a Master&#8217;s in Business Administration with honors in the Antonio de Nebrija University in Spain.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">Carlos Alberto Lorenzetti</FONT></I></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">, </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">was born on July 7, 1940. From 1964 to 1971, he worked in Ducilo (Dupont Argentina) and he served the last two years as General Accountant. As from 1971, he worked as Administrative and Financial Director at Iveco Argentina. From 1976 until 1978, Mr. Lorenzetti held the General Management of Siderurgia Integrada. Later, in 1979, he served as advisor to the Presidency of the Banco de la Naci&#243;n Argentina. From 1981 to 1983, he served as Manager of the Administration and Finance area at Austral L&#237;neas A&#233;reas. From 1983 to 1988, he was Director of Finance for Sideco Americana. He was Director of Administration and Finance of C.R.M (Movicom) from 1988 to 1990, and of CICA S.A. from 1991 to 1992. In 1994, he served as Deputy Manager of Administration and Control at the Argentine Central Bank until 1997. He was Manager of Administration and Finance at Ambrosoli Argentina from 1997 to 2001 and at South Aurora from 2003 to 2005. From 2007 until 2013, he was Chairman of the Audit Committee of AUSA. Since 2013, he has been General Manager and Member of the Board of Directors of Teatro Col&#243;n. He holds the degrees of CPA, MBA and Ph Doctor Administration (candidate) from the Universidad de Buenos Aires.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Lucas Amado </FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">was born on May 24, 1974. Since 2016 he has been a member of the Company&#8217;s board of directors. He obtained a law degree from Universidad Cat&#243;lica Argentina. He served as Chief of the Land Registry, Real State Managing Director and Secretary of State of the Government of the province of Salta. He is member of the Salum, Amado &amp; Asociados Law firm in the province of Salta.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=red face="times new roman"> </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Mariano Garc&#237;a Mithieux </FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">was born on February 5, 1967. He has been a member of the Company&#8217;s board of directors since 2016. He graduated with a degree in Architecture from the University of Buenos Aires and works as an architect in EWG, Architectural Urban Group.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 21.3pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; Miguel Angel de Godoy </FONT></I></B><FONT lang=EN style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#212121 face="times new roman">was born on August 6, 1963. A Publicist currently Director of Distribuidora y Comercializadora Norte S.A., since April 2018. He worked as creative at the advertising agency Leo Burnett and then at Mauricio Souza y Asociados in Brazil. He also worked as an external </FONT>


<FONT lang=EN style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#212121 face="times new roman">consultant for companies and economic groups, and for MBA, a company that had the concession for metropolitan rail services in Buenos Aires. He was Director of Education for Health of the Ministry of Health and Social Action of the Nation. Later, he was undersecretary of Communication, General Director of Social Communication of the City of Buenos Aires (resigning in July 1999) and spokesman for Fernando de la R&#250;a, while Mr. de la R&#250;a was the Head of Government of the City of Buenos Aires between 1996 and 1999 and President of Argentina between 1999 and May 2000. Mr. de Godoy was Secretary of Administration Resources of the Porte&#241;o Government between 2011 and 2015. On January 4, 2016 he was officially appointed president of the board of ENACOM with the rank and hierarchy of the State Secretariat, a position he held until June 2018.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Leandro Carlos Montero </FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">was born on February 11, 1976. Mr. Montero has been a member of our board of directors since 2012. He is the chief financial officer of Edenor and previously served in the investment group of Pampa Energ&#237;a S.A. He also served as director in CAMMESA. Prior to joining Edenor in 2012, Mr. Montero held various positions in the administration and finance areas of Pampa Energ&#237;a and Petrobras Argentina S.A., both public and SEC-listed companies.&nbsp;Mr. Montero worked at Ernst &amp; Young - Pistrelli, Henry Martin y Asociados in the Advisory and Auditing Division. Mr. Montero holds a degree in Public Accounting from the Universidad de Buenos Aires and a Master&#8217;s degree in Business Administration from the Instituto de Altos Estudios Empresariales (IAE), school of business of the Universidad Austral.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Daniel Eduardo Flaks </FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">was born on November 19, 1964. Mr. Flaks has been a member of our board of directors since 2012. He joined Edenor in 1993. Between 1993 and 2003, Mr. Flaks served as department head and assistant manager in the areas of San Justo and Olivos. Between 2003 and 2006, he worked first as business manager and later as operations manager of the areas of Olivos and Pilar. Between 2006 and 2010, he worked as manager of distribution, responsible for directing, coordinating and controlling the technical and commercial operations of Edenor relating to the operation of the high, medium and low voltage facilities, control centers and commercial operations referring mainly to the attention of users and the relationship with municipal Governments and the ENRE. He currently serves as technical director of Edenor. Between 1993 and 1998, he was an assistant professor of electrical power systems at Universidad Tecnol&#243;gica Nacional. Mr. Flaks has a degree in electrical engineering from the Universidad Tecnol&#243;gica Nacional and holds an MBA from the Universidad del Salvador in Argentina.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 12pt 0in; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Eduardo Abel Maggi </FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">was born on December 31, 1955. Mr. Maggi was appointed Director of Operations at Edenor in 2001. Mr. Maggi also currently serves as a director of SACME, which is responsible for managing regional high-voltage distribution in the greater Buenos Aires metropolitan area, as well coordinating, controlling and supervising the generation, transmission and sub-transmission network in the City of Buenos Aires. Previously, Mr. Maggi served as Director of Operations in two of Edenor&#8217;s operation areas, San Mart&#237;n and Mor&#243;n. Mr. Maggi began his career at Edenor as a technical manager. He holds a degree in engineering from the Universidad Tecnol&#243;gica Nacional and an MBA from the Universidad del Salvador y Deusto in Spain.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Mariano Batistella</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">was born on July 31, 1982. He has been a member of our board of directors since 2012. He currently works as&nbsp;Executive Director of Strategy, Planning, M&amp;A and Related Companies of Pampa Energ&#237;a S.A. Mr. Batistella worked in investment banking at Goldman Sachs. Mr. Batistella holds a degree in business administration from the Universidad de San Andres and has a postgraduate degree in finance from the same institution. He currently serves as alternate director for Pampa Energ&#237;a S.A., CIESA and TGS.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 12pt 0in; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Gerardo Ruben Tabakman </FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">was born on January 22, 1975. He currently serves as Customer Service Director. Prior to this role, he was the Director of Information Technology and Telecommunications at Edenor and he also served as Manager of the same department from September 2011 to April 2012. From February 2008 to September 2011, he served as Manager of Systems at Pampa Energ&#237;a and also worked at Accenture from June 1997 to February 2008. Mr. Tabakman holds a degree in Business Administration from the Universidad de Buenos Aires and an MBA in Management Development Program from the Instituto de Altos Estudios Empresariales (IAE), school of business of the Universidad Austral.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Carlos Dionisio Ariosa</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> was born on February 2, 1966. He became the Legal Affairs Manager in May 2012 and reports to the General Management at Edenor. Previously, he reported to the Legal Affairs Directorate beginning in June 2012. From 2010 and 2012, he was a Legal Affairs Manager at EMDERSA. Prior to that, he was a Legal Affairs Director at Transportadora de Gas del Sur S.A. and </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Legal Affairs Manager at Petrobras. Beginning in 2013, he was a statutory auditor at SACME. In addition, from 2002 and 2006, he acted as statutory auditor within the Auditing Commissions of Transener, Transba, esur, Yacylec, Enecor, TGS and Compa&#241;&#237;a Mega. He was responsible for Perez Companc&#8217;s Legal Affairs in Bolivia and prior to that, worked at law firms specializing in energy law and the judicial branch. He is a lawyer and graduated with a degree in Law and Political Science from the Catholic University of Argentina. He carried out postgraduate studies in oil and gas legislation at the University of Buenos Aires, and also studied electric market and natural gas administration at ITBA.</FONT></P>

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<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Carlos Perez Bello</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> was born on September 19, 1954. He has been the deputy director of Edenor since April 2018. Mr. P&#233;rez Bello is also a director of Mantero, Arcucci &amp; Asociados and of Pereira, Teliz, Bonin &amp; Asociados, and is a member of the Commission of Change and Competitiveness of the CPCECABA, of the Support Network of the Argentine Family Business Club and of the Support Network of the Entrepreneurship Center of the IAE. He holds a degree in public accounting from the University of Belgrano, a postgraduate degree in marketing and agribusiness and a Master's degree in business management.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Jos&#233; Mar&#237;a Tenaillon</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> was born on October 23, 1979. He has been a member of our board of directors since April 1, 2017. Mr. Tenaillon obtained a law degree at the University of Buenos Aires, specializing in Commercial and Business Law. Mr. Tenaillon worked for Severgnini, Robiola Grinberg and Larrechea between 1998 and 2000, for Liendo &amp; Casti&#241;eyras from year 2000 to 2005, for the National Securities Committee (CNV) during 2005 and 2006, for Zang, Bergel &amp; Vi&#241;es during 2006 and 2007, for Marval, O&#8217; Farrell and Mairal from 2007 to 2010. As from the year 2010, Mr. Tenaillon works for the Sustainability Guarantee Fund. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Ignacio Gustavo &#193;lvarez Pizzo</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> was born on August 19, 1985. He has been a member of our board of directors since April 1, 2017. Mr. Alvarez Pizzo is a lawyer and obtained his degree at the Belgrano University. Likewise, he obtained a Master&#8217;s degree in Corporate Law at Austral University. At present, he holds the position of Corporate Issues Coordinator at ANSES&#180;s Sustainability Guarantee Fund.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)"> <BR></FONT><FONT lang=PT-BR><BR clear=all></FONT><FONT lang=EN style="FONT-SIZE: 10pt" color=#212121 face="times new roman">The ordinary general shareholders' meeting held on April 24, 2019 resolved the following directors and alternate directors were appointed: </FONT></P>

<DIV align=center>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%" vAlign=bottom width="58%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Name&nbsp; </FONT></B></P></TD>

   <TD>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Position</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ccecff" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Ricardo Torres </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="41%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Chairman</FONT></P></TD></TR>

<TR>

   <TD style="WIDTH: 58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Gustavo Mariani </FONT></P></TD>

   <TD style="WIDTH: 1%">&nbsp;</TD>

   <TD style="WIDTH: 41%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Vice Chairman</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ccecff" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Diego Salaverri</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="41%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Director</FONT></P></TD></TR>

<TR>

   <TD style="WIDTH: 58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Mar&#237;a Carolina Sigwald</FONT></P></TD>

   <TD style="WIDTH: 1%">&nbsp;</TD>

   <TD style="WIDTH: 41%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Director</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ccecff" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Mar&#237;a Jos&#233; Wuille Bille</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="41%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Director</FONT></P></TD></TR>

<TR>

   <TD style="WIDTH: 58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Carlos Iglesias</FONT></P></TD>

   <TD style="WIDTH: 1%">&nbsp;</TD>

   <TD style="WIDTH: 41%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Director</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ccecff" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Gustavo Capatti</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="41%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Director</FONT></P></TD></TR>

<TR>

   <TD style="WIDTH: 58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Emilio Basavilbaso</FONT></P></TD>

   <TD style="WIDTH: 1%">&nbsp;</TD>

   <TD style="WIDTH: 41%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Director</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ccecff" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Carlos Lorenzetti</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="41%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Director</FONT></P></TD></TR>

<TR>

   <TD style="WIDTH: 58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Lucas Amado</FONT></P></TD>

   <TD style="WIDTH: 1%">&nbsp;</TD>

   <TD style="WIDTH: 41%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Director</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ccecff" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Mariano Garc&#237;a Mithieux</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="41%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Director</FONT></P></TD></TR>

<TR>

   <TD style="WIDTH: 58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Miguel Angel De Godoy</FONT></P></TD>

   <TD style="WIDTH: 1%">&nbsp;</TD>

   <TD style="WIDTH: 41%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Director</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ccecff" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Mariano Batistella </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="41%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Alternate Director</FONT></P></TD></TR>

<TR>

   <TD style="WIDTH: 58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Leandro Carlos Montero</FONT></P></TD>

   <TD style="WIDTH: 1%">&nbsp;</TD>

   <TD style="WIDTH: 41%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Alternate Director</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ccecff" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Daniel Flaks</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="41%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Alternate Director</FONT></P></TD></TR>

<TR>

   <TD style="WIDTH: 58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Eduardo Abel Maggi</FONT></P></TD>

   <TD style="WIDTH: 1%">&nbsp;</TD>

   <TD style="WIDTH: 41%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Alternate Director</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ccecff" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Gerardo Tabakman</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="41%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Alternate Director</FONT></P></TD></TR>

<TR>

   <TD style="WIDTH: 58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Carlos Dionisio Ariosa</FONT></P></TD>

   <TD style="WIDTH: 1%">&nbsp;</TD>

   <TD style="WIDTH: 41%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Alternate Director</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ccecff" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Ariel Schapira</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="41%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Alternate Director</FONT></P></TD></TR>

<TR>

   <TD style="WIDTH: 58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Luciano Careri</FONT></P></TD>

   <TD style="WIDTH: 1%">&nbsp;</TD>

   <TD style="WIDTH: 41%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Alternate Director</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ccecff" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Alejandro Chiti</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="41%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Alternate Director</FONT></P></TD></TR>

<TR>

   <TD style="WIDTH: 58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Francisco Bosch</FONT></P></TD>

   <TD style="WIDTH: 1%">&nbsp;</TD>

   <TD style="WIDTH: 41%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Alternate Director</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ccecff" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Patricio Ezequiel Jaccoud Girart</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="41%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Alternate Director</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Mart&#237;n Nobel Valiente</FONT></P></TD>

   <TD style="WIDTH: 1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" width="41%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Alternate Director</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">119</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 36pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Diego Salaverri</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">, born on August 7, 1964, Lawyer graduated from Catholic University of Buenos Aires in the year 1988. He is founding parter of Estudio Salaverri, Burgio and Wezler Malbr&#225;n, specialist in mergers and acquisitions, competition defense, corporate law, capital market and corporate finance. Throughout his career he&#180;s been distinguished in several opportunities for his professional merits on international publishing such us Chambers, Latin Lawyer and International Financial Law Review among others. Salaverri performed as international lawyer in the firm Brown &amp; Brown, New York, actually named Sidley Austin. He was also member of Edenor Board between 2006 y 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 36pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Mar&#237;a Jos&#233; Wuille Billie </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">born on August 11, 1959. English Teacher graduated from Catholic University of Buenos Aires, with a Management on nonprofit organizations Postgraduate from San Andr&#233;s University of Buenos Aires. Actually, performs as a member of the International Board of MSIF and International Relations Director of INECO Foundation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 36pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Carlos Iglesias </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">born on February 5, 1956&nbsp; has a wide experience in the financial area in national and international Companies. Between 2002 and 2016 he was Director of the Investment Banking area at Raymond James Argentina. Previously Iglesias performed as Investment Banker at ING Argentina, Financial Manager at SAMAP (IRSA Group), Advisor at Booz Allen &amp; Hamilton, member of the consortium for the Entel acquisition with Bell Atlantic y Manufacturers Hanover, Head of the Industry &amp; External Commers Secretary and Financial Analyst at SOCMA. Iglesias holds a degree in Economics from the Buenos Aires University and a degree in Sociology from the Belgrano University. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 36pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Gustavo Capatti</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> born on January 12th, 1958. Certified Public Accountant - University of Buenos Aires (UBA), Argentina (1981). Retired on June 30th, 2018, from EY Argentina/Arthur Andersen after 37 years working on Audit &amp; Business Advisory (specialized in the Energy, Chemicals, Agroindustrial and Utilities industries), the last 14 years as Assurance Managing Partner and Member of the ExCom. Former Chairman of the Argentine External Audit Firms Forum and Former Board Member of IDEA (Instituto para el Desarrollo Empresario Argentino). Independent Director, Board of Directors and Audit Committee Consultant &amp; Business Advisor, with strong experience in Risk Management, External Audit, M&amp;A &amp; Consulting Advisory Services.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: normal" face="times new roman bold">Compensation</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">With regard to the remuneration policy for senior management, we have implemented a fixed and variable remuneration system. The fixed remuneration is related to both the level of responsibility required for the position and its competitiveness as compared to similar positions in the market, whereas the variable remuneration is associated with the business objectives set at the beginning of each fiscal year and the degree of achievement of such objectives by the performance of the executive member throughout each fiscal year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our board of directors has not designated a Remuneration Committee and has delegated to the Human Resources Department the approval of the general policy on the remuneration of the Company&#8217;s employees, as well as the responsibility of proposing options and subsequently implementing the specific decisions and policies on these issues. Due to the fact that he is a related party, our Chief Executive Officer&#8217;s remuneration has been approved by the Audit Committee and our board of directors. The aggregate remuneration paid to the members and alternate members of our board of directors, the members and alternate members of our supervisory committee and our senior management during 2018 was Ps.38.7 million, Ps.2.6 million and Ps.242.8 million, respectively.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: normal" face="times new roman bold">Board Practices</FONT></B></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The duties and responsibilities of the members of our board of directors are set forth in Argentine law and our by-laws. Under Argentine law, directors must perform their duties with loyalty and the diligence of a prudent business person. Directors are prohibited from engaging in activities that compete with our company without express authorization of a shareholders&#8217; meeting. Certain transactions between directors and our company are subject to ratification procedures established by Argentine law.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On November 29, 2012, the Argentine Government enacted Law No. 26,831 (the &#8220;Capital Markets Law&#8221; or &#8220;CML&#8221;) which revokes Law No. 17,811 and Decree No. 677/01. However, the CML adopted most of the provisions established in those regulations. The CML was enacted with the aim of creating an adequate legal framework to strengthen the level of protection of investors in the market. Other objectives of the CML were to promote the development, liquidity, stability, solvency and transparency of the market, generating procedures to guarantee the efficient distribution of savings and good practices in the administration of corporations.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The CML imposes the following duties on members of the board of directors of Argentine public companies:</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 71.45pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">a duty to disclose all material events related to the company, including any fact or situation which is capable of affecting the value or trading of the securities of the company;</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 71.45pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">a duty of loyalty and diligence;</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 71.45pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">a duty of confidentiality; and</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 71.45pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">a duty to consider the general interests of all shareholders over the interests of controlling shareholders.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">There are no agreements between our company and the members of our board of directors that provide for any benefits upon termination of their designation as directors.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">None of our directors maintains service contracts with us except as described in &#8220;Item 7. Major Shareholders and Related Party Transactions&#8212;Related Party Transactions.&#8221;</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The significant differences between our corporate governance practices and the NYSE standards are listed on our website in compliance with the NYSE requirements. For a summary of these differences see &#8220;Item 16. Corporate Governance&#8221;.</FONT></P>

<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Executive Committee</FONT></B></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On October 4, 2007, our board of directors created an executive committee, as contemplated by our by-laws and Law 19.550, and delegated to the executive committee the authority to take certain </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">actions on behalf of the board. The executive committee complements the work of the board by performing certain day-to-day tasks required to oversee our activity. By creating an executive committee, the board sought to increase the efficiency of our management. The Executive Committee consists of Ricardo Torres, Marcos Marcelo Mindlin, Gustavo Mariani and Dami&#225;n Mindlin.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">120</FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Audit Committee</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pursuant to the CML and CNV rules, Argentine public companies must appoint a </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">comit&#233; de auditor&#237;a</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> (audit committee) composed of at least three members of the board of directors, a majority of which must be independent in accordance with the criteria set forth by Argentine law. They serve for one-year periods</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pursuant to our by-laws, one director is appointed by holders of our Class A common shares and one by holders of our Class B common shares. Our audit committee&#8217;s duties include:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 71.45pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">monitoring our internal control, administrative and accounting systems;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 71.45pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">supervising the application of our risk management policies;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 71.45pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">providing the market adequate information regarding conflicts of interests that may arise between our company and our directors or controlling shareholders;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 71.45pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">rendering opinions on relevants transactions with related parties;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 71.45pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">supervising and reporting to regulatory authorities the existence of any kind of conflict of interest;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 71.45pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">supervising external audit and evaluating their independence, plans and performance;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 71.45pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">evaluating plans and performance of the internal audit, </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 71.45pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">supervising the operations of the complaints channel.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of December 31, 2018, the members of our audit committee were:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Name&nbsp; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Position</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Class electing member</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Eduardo Llanos <SUP>(1)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="29%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Member</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Class A</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Maximiliano Alejandro Fern&#225;ndez <SUP>(1)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="29%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Member</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Class A</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="45%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Lucas Amado <SUP>(1)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="29%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Member</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Class B/C</FONT></P></TD></TR></TABLE><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT></DIV>

<P style="MARGIN: 0in 0in 3pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 3pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;Independent under Argentine law and under Rule 10A-3 under the Securities Exchange Act of 1934.</FONT></P><FONT lang=PT-BR><BR clear=all></FONT><FONT lang=EN style="FONT-SIZE: 10pt" color=#212121 face="times new roman">The board of Director resolved on April 29, 2019 designated the members of the Audit Committee for the year 2019: </FONT>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Name&nbsp; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Position</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Class electing member</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Carlos Iglesias</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Member</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Class A</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Gustavo Capatti</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Member</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Class A</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Lucas Amado</FONT></P></TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="30%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Member</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Class B/C</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Senior Management </FONT></B></P><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following table sets forth information regarding our senior management, as of December 31, 2018:</FONT>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Name</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Current Position</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Age</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Ricardo Torres </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Chairman and Chief Executive Officer (CEO)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">60</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Daniel Eduardo Flaks</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Technical Director</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">54</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Eduardo Maggi</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Director of Operations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">63</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Gerardo Tabakman</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Customer Services Director</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">43</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Leandro Carlos Montero</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Chief Financial Officer (CFO)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">43</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Luis Lenkiewicz</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Director of Information Technology and Telecommunications</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">54</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Mariana De La Fuente</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Director of Human Resources</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">50</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Ariel Schapira</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Digital Transformation Director</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">56</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Carlos Ariosa</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Legal Affairs Manager</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">52</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">V&#237;ctor Augusto Ruiz</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Principal Accounting Officer</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">59</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">121</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Luis Lenkiewicz </FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">was born on March 1, 1964. He became the Director of Information Technology and Telecommunications at Edenor in November 2017. Between March and October 2017, he was a manager of the same area. Previously, from October 2013 to February 2017, he was a Systems Manager at Petrobras Argentina until it was acquired by Pampa Energ&#237;a. Since 1990, he served in several executive positions in the Systems and Human Resources departments at P&#233;rez Companc and Petrobras in Argentina and Brazil. He holds a degree in Social Sciences and Humanities from the National University of Quilmes, Systems Analyst issued by ORT Argentina and carried out postgraduate studies in General Management at Austral University in Rosario.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Mariana de la Fuente</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> was born on December 5, 1968. She became the Director of Human Resources at Edenor in July 2014. She has also served as Manager at Edenor. Prior to these roles, she served as Manager of Human Resources EDEN (Empresa Distribuidora Norte Energia SA), a company that was part of Pampa Energ&#237;a since 2011. Since 1990, she has served various human resources-related positions at several multinational companies, including Monsanto, Cerveceria Quilmes, Cabot and Abertis. Ms. de la Fuente has a degree in psychology from the University of Buenos Aires and an MBA in Management Development Program from the Instituto de Altos Estudios Empresariales (IAE) at the Universidad Austral.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Ariel Schapira</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; LINE-HEIGHT: normal" color=black face="times new roman">was born on March 12, 1962. Mr. Schapira is an industrial engineer and received his degree from the Universidad de Buenos Aires. Since 2007, Mr. Schapira has been director and shareholder of several companies related to Grupo Emes (formerly Grupo Dolphin) such as Origen Seguros de Retiro, Comunicaciones y Consumos, among others. Previously, Mr. Shapira was regional Director of Telefonica, Regional Vice President of Bellsouth International USA, Executive Director of Movicom, General Manager of Radio Message (Motorola IND), and General Manager of Pouyet Tecsel. Currently, Mr. Shapira serves as Digital Transformation Director.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; LINE-HEIGHT: normal" color=black face="times new roman">V&#237;ctor Augusto Ru&#237;z</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; LINE-HEIGHT: normal" color=black face="times new roman">was born on December 20, 1959 and is the Principal Accounting Officer. He began working at Edenor in 1992. Mr. Ruiz was one of the original partners from the consortium that participated in the privatization of Edenor. He also was part of the Grupo ASTRA CAPSA (Astra Compa&#241;&#237;a Argentina de Petroleo S.A.). Between 1992 and 2006, he worked as financial statements sub-manager and accounting sub-manager at Edenor. From 2006 and 2008, he worked as tax manager and has worked as principal accounting officer since 2008. He is a consultant member of the Tax Commission and the Accounting Rules and Public Offering Commission at la C&#225;mara de Sociedades An&#243;nimas (Chamber of Businesses). Mr. Ruiz holds a CPA from la University of Buenos Aires and an MBA from Universidad del Salvador in Argentina and Deusto in Spain.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Supervisory Committee </FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Argentine law requires certain corporations, such as us, to have a </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Comisi&#243;n Fiscalizadora</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> (supervisory committee). The supervisory committee is responsible for overseeing compliance with our by-laws, shareholders&#8217; resolutions and Argentine law and, without prejudice to the role of external auditors, is required to present to the shareholders at the annual ordinary general meeting a written report on the reasonableness of the financial information included in our annual report and in the financial statements presented to the shareholders by our board of directors. The members of the supervisory committee are also authorized to attend board of directors&#8217; audit committee&#8217; and shareholders&#8217; meetings, call extraordinary shareholders&#8217; meetings, and investigate written complaints of shareholders holding at least 2% of our outstanding shares. Pursuant to Argentine law, the members of the supervisory committee must be licensed attorneys or certified public accountants.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our by-laws provide that our supervisory committee must consist of three members and three alternate members, elected by our shareholders at an ordinary meeting. Members of our supervisory committee are elected to serve one-year terms and may be re-elected. Pursuant to our by-laws, holders of our Class A common shares are entitled to appoint two members and two alternate members of the supervisory committee and holders of our Class B and Class C common shares are entitled to collectively appoint one member and one alternate member.</FONT><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=Calibri,sans-serif><BR clear=all></FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The members and alternate members of our supervisory committee as of December 31. 2018 were:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Name</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Position</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Year of appointment<BR>(class electing director)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Jos&#233; Daniel Abelovich <SUP>(1)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Member</FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="39%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">2018 (Class A)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Germ&#225;n Wetzler Malbr&#225;n (1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Member</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">2018 (Class A)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Carlos Manuel Vidal <SUP>(2)</SUP></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Member</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">2018 (Class B/C)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Jorge Roberto Pardo (1)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Member</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">2018 (Class B/C)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Martin Fernandez Dussaut (1)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Alternate Member</FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="39%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">2018 (Class A)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Marcelo Fuxman (1)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Alternate Member</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">2018 (Class A)</FONT></P></TD></TR></TABLE></DIV></DIV>

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<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 28.35pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">Independent under Argentine law.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 28.35pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">On June 7, 2018, Carlos Manuel Vidal submitted his resignation to the position of Regular Statutory Auditor, for which he had been appointed at the Ordinary General Shareholders' Meeting held on April 26, 2018. To replace him , Jorge Roberto Pardo was appointed on July 11 of 2018.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">Jos&#233; </FONT></I></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman">Daniel Abelovich</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new roman"> was born on July 20, 1956. He has been a member of our supervisory committee since 2007. Mr. Abelovich holds a degree in Public Accounting from the Universidad de Buenos Aires. Mr. Abelovich is a partner of Abelovich, Polano &amp; Asociados/NEXIA INTERNATIONAL, an auditing firm. </FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face="times new roman">Mr. Abelovich also serves as member of the of the following supervisory committees, among others, of Alto Palermo S.A., Arcos del Gourmet S.A., Banco de Cr&#233;dito y Securitizaci&#243;n S.A., Banco Hipotecario S.A., BH Valores S.A. de Sociedad de Bolsa, BHN Seguros Generales S.A., BHN Sociedad de Inversi&#243;n S.A., BHN Vida S.A., Transener, Citelec, Convexity Sociedad Gerente de Fondos Comunes de Inversi&#243;n S.A., Cresud SACIF y A, EASA, Emprendimiento Recoleta S.A., Transba, Pampa Energ&#237;a, Hoteles Argentinos S.A., Inversora Bol&#237;var S.A., IRSA Inversiones y Representaciones S.A., Llao &#8211; Llao Resorts S.A., Nuevas Fronteras S.A., Or&#237;genes Seguros de Retiro S.A., Or&#237;genes Seguros de Vida S.A., Palermo Invest S.A., Panamerican Mall S.A., Petrolera Pampa, Shopping Neuqu&#233;n S.A., Solares de Santa Mar&#237;a S.A., Tarshop S.A. and Unicity S.A. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Germ&#225;n Wetzler Malbr&#225;n</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> was born on April 25, 1970. He has been a member of our supervisory committee since April 2018. He received his law degree from the Universidad Cat&#243;lica Argentina in 1993, where he later completed graduate studies in Corporate Law, Banking Law, Bankruptcy Law and Insurance Law. He is a founding partner of the Estudio Salaverri, Burgio and Wezler Malbr&#225;n and specializes in civil and </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">commercial</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> law, defense of competition, with a focus on litigious and transactional areas. He began his professional career in the National Commercial Court No. 11, serving as Secretary until the year 2000. Later he worked as an associate in the law firm Brochou Fern&#225;ndez Madero, Lombardi &amp; Mitrani and as an international associate in the Simpson Thacher &amp; Bartlett LLP. He participated in local and international financing, restructuring of judicial and extrajudicial debts, and litigation of various kinds, matters in which he had previously intervened as a judicial officer. He published various doctrinal articles on bankruptcy and litigation, mainly in the legal journals "La Ley" and "El Derecho" and was repeatedly distinguished in international publications such as Chambers</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">and Latin Lawyer.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><B><FONT lang=EN style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#212121 face="times new roman">Jorge Roberto Pardo</FONT></B><FONT lang=EN style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#212121 face="times new roman"> was born on March 31, 1953. He has been a member of our supervisory committee since April 26, 2018. From 1993, Mr. Pardo has worked at the General Sindicatura de la Naci&#243;n (SIGEN) and has held several positions relevance, including, among others, the Deputy General Syndic of the Nation during the period 2002/03. Between 1983 and 1992, he worked in the General Office of Public Companies, or SIGEP. Mr. Pardo is a national public accountant with a degree from the University of Buenos Aires.</FONT></P>

<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#212121 face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Martin Fernandez Dussaut</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> was born on January 29, 1981. He has been an alternate member of our supervisory committee since April 26, 2018. Mr. Fernandez Dussaut graduated with an honors degree from the legal career at the Pontificia Universidad Cat&#243;lica Argentina in 2004. Currently, he is partner of the Estudio Salaverri, Burgio and Wetzler Malbr&#225;n. as Additionally, he was an associate at Estudio Brouchou, Fernandez Madero, Lombardi &amp; Mitrani in 2004and later that year joined the firm Errecondo, Salaverri, Dellatorre, Gonz&#225;lez &amp; Burgio. In 2008, he worked in New York. NY as a foreign associate at Cleary Gottlieb Steen &amp; Hamilton LLP. He later returned to Argentina to continue his professional </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">practice as a specialist in mergers and acquisitions, defense of competition, corporate law, capital markets, corporate finance, regulation of changes and real estate law.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.3pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Marcelo Fuxman</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> was born on November 30, 1955. He has been an alternate member of our supervisory committee since June 2006, in November 2017 he assumed the position of alternate member.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal" face="Times New Roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Mr. Fuxman holds a degree in Accounting from the Universidad de Buenos Aires. </FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Mr. Fuxman is a partner of Abelovich, Polano &amp; Asociados/NEXIA INTERNATIONAL, an auditing firm, and managing partner of Real Estate Investments S.R.L. He currently serves as Director of Abelovich, Polano &amp; Asoc. S.R.L., Abus las Americas I S.A., Abus Securities S.A., Advanced Capital Securities S.A., Agra Argentina S.A., Agro Managers S.A., Agro Investment S.A., Agrotech S.A., Alto Palermo S.A., Arcos del Gourmet S.A., Austral Gold Argentina BACSAA S.A., Banco de Cr&#233;dito y Securitizaci&#243;n S.A., Banco Hipotecario S.A., Baicom Networks S.A., BH Valores S.A. de Sociedad de Bolsa, BHN Seguros Generales S.A., BHN Sociedad de Inversi&#243;n S.A., BHN Vida S.A., Bitania 26 S.A., Boulevard Norte S.A., Cactus Argentina S.A., G&#252;emes, Loma de la Lata, Transener, Citelec, Conil S.A., Convexity Sociedad Gerente de Fondos Comunes de Inversi&#243;n S.A., Cresud SACIF y A, Cyrsa S.A., Dolphin Cr&#233;ditos S.A., Dolphin Cr&#233;ditos Holding S.A., Dolphin Finance S.A., E-Commerce Latina S.A., EASA, Emprendimiento Recoleta S.A., Emprendimientos del Puerto S.A., Transba, Edenor, Exportaciones Agroindustriales Argentinas S.A., Fibesa S.A., Futuros y Opciones.com S.A., FYO Trading S.A., Grupo Dolphin Holding S.A., HIDISA, Hoteles Argentinos S.A., Inversora Bol&#237;var S.A., IRSA Inversiones y Representaciones S.A., Jordelis S.A., La Clara de Banderal&#243; S.A., La Pionera de Anta S.A., Llao &#8211; Llao Resorts S.A., Nuevas Fronteras S.A., Nabsa Corporation, Nuevo Puerto Santa Fe S.A., Or&#237;genes Seguros de Retiro S.A., Or&#237;genes Seguros de Vida S.A., Oberli S.A., Palermo Invest S.A., Panamerican Mall S.A., Petrolera Pampa, Pr&#233;stamos y Servicios S.A., Proyectos Edilicios S.A., Puerto Retiro S.A., Quality Invest S.A., Palermo Invest S.A., Real Estate Investments S.R.L., Shopping Neuqu&#233;n S.A., Solares de Santa Mar&#237;a S.A., Tarshop S.A., Torres del Puerto S.A., Torres de Puerto Madero S.A., TGS and Unicity S.A.<BR>&nbsp;</FONT><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=Calibri,sans-serif><BR clear=all></FONT><FONT lang=EN style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#212121 face="times new roman">The ordinary general shareholders' meeting held on April 24, 2019 resolved the following members and alternative members of our supervisory committee were appointed:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Name</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Position</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Year of appointment<BR>(class electing director)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Jos&#233; Daniel Abelovich</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Member</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">2019 (Class A)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Germ&#225;n Wetzler Malbr&#225;n</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Member</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">2019 (Class A)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Jorge Roberto Pardo</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">2019 (Class B/C)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Martin Fernandez Dussaut</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Alternate Member</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">2019 (Class A)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Marcelo Fuxman</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Alternate Member</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">2019 (Class A)</FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Sandra Auditore</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Member</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">2019 (Class B/C)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><FONT lang=ES-AR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">124</FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: normal" face="times new roman bold">Employees</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Edenor had 4,922 employees as of December 31, 2018, 4,789 employees as of December 31, 2017 and 4,692 employees as of December 31, 2016 ..</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of December 31, 2018, approximately 83% of our full-time employees were subject to two collective bargaining agreements. After our privatization, we implemented an employee reduction plan to reduce the number of employees from 6,368 employees at the time of the privatization. The employee reductions were primarily effected through an early retirement program.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Company&#8217;s labor relations with its employees are reflected in the collective bargaining agreements entered into with the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Sindicato de Luz y Fuerza</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> (Electric Light and Power Labor Union or &#8220;LYF&#8221;) for production personnel and the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Asociaci&#243;n del Personal Superior de Empresas de Energ&#237;a</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> (Association of Energy Companies&#8217; Supervisory Personnel or &#8220;APSEE&#8221;) for supervision personnel.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=red face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In July 1995, we signed two collective bargaining agreements with the Electric Light and Power Labor Union and Association of Energy Companies&#8217; Supervisory Personnel, which are currently in force pursuant to collective bargaining agreements 817/06 &#8220;E&#8221; (LYF) and 805/06 &#8220;E&#8221; (APSEE). Such agreements were renewed on November 8, 2006 and October 5, 2006 respectively. The union agreements have a joint commission integrated by representatives of the Company and the unions, to interpret the agreements and analyze claims and unresolved issues that arise in our daily activities. The most common issues that arise are related to changes in the organization of working tasks, the conformation of the working teams, relocation and readjustment of employees positions, detailed situations with personnel and the analysis of the suitability of different technological advances and their applications. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Although the terms of the collective bargaining agreements approved by the competent authorities have expired, the working conditions arising therefrom continue to apply until the signing of a new agreement by virtue of the provisions of Section 12 of Law No. 14,250, pursuant to which a collective bargaining agreement shall remain valid after its expiry if it is not renewed.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Furthermore, the Company has entered into several memorandum of understanding with the aforementioned unions with an aim to improving the productivity, efficiency, and the integral application of multi-functionalism and multi-professionalism in the development of the tasks of personnel in order to increase the quality levels of the service provided to users.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Additional improvements to optimize the Company&#8217;s human resources in the different operational areas include the incorporation and adoption of new technologies and the introduction of changes in organizational structures, work plans and management systems, including the realignment of positions, responsibilities, work shifts and integration of different workplaces.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of December 31, 2018, the Company&#8217;s employees are members of LYF and APSEE. The labor costs of employees who are members of labor unions depend on negotiations between the Company and the unions as a change in employment conditions could potentially generate a significant impact on the Company&#8217;s labor costs. In November 2018, the Company reached an agreement with the LYF on a total salary increase to be implemented in 5 tranches, beginning in November 2018 and ending in October 2019. Each increase will be calculated on the basis of the previous month&#8217;s salary and paid to the personnel who are union members and are currently employed at the time of each payment. The agreed-upon increases are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 71.45pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: " face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">10%, applicable as from December 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 71.45pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: " face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">8%, applicable as from February 2019.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 71.45pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: " face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">5%, applicable as from April 2019.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 71.45pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: " face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">5%, applicable as from July 2019. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 71.45pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: " face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">5%, applicable as from October 2019.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 71.45pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in">&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Additionally, it was agreed that the values of the Attendance Bonus, payable to those who have maintained perfect attendance for a full quarter or have a maximum of 2 absences over the period, would be adjusted as from November 2018. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of the date of the annual report, the Company&#8217;s negotiations with the APSEE, were pending. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We outsource a number of activities related to our business to third party contractors in order to achieve a lower and more flexible cost base, so as not to oversize our structure following works and </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">investments plans that change from year to year and&nbsp;to provide us with the ability to respond more quickly to changes in our market. We have contracts with third-party service companies that together employed a total of 7,397 employees as of December 31, 2018, 5,477 employees as of December 31, 2017 and 4,045 employees as of December 31, 2016. Although we have very strict policies regarding compliance with labor and social security obligations by our contractors, we are not in a position to ensure that, if conflicted, contractors&#8217; employees will not initiate legal actions to seek indemnification from us based upon a number of judicial rulings issued by labor courts in Argentina recognizing joint and several liabilities between the contractor and the entity to which it is supplying services under certain circumstances. As of December 31, 2018, 2017 and 2016 termination complaints amounted to Ps.186.4 million, Ps.414.5 million and Ps.266.7 million, respectively. &nbsp;</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">125</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman bold">Share Ownership</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">None of the members of our board of directors, our audit committee or our senior management beneficially own any shares of our capital stock, except for Mr. Ricardo Torres, Mr. Marcos Mr. Marcelo Mindlin, Mr. Dami&#225;n Miguel Mindlin and Mr. Gustavo Mariani who, through Pampa Energ&#237;a are indirect beneficiaries of all of our Class A common shares. In addition, Mrs. Carolina Sigwald, Mr. Leandro Montero, Mr. Eduardo Maggi, Mr. Daniel Flaks and Mr. Carlos Ariosa are the beneficial owners of our capital stock represented by Class B common shares. They receive Edenor's shares in the framework of the stock compensation plan. See &#8220;Item 7. Major Shareholders and Related Party Transactions.&#8221;</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Major Shareholders and Related Party Transactions</FONT></I></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following table sets forth information relating to the ownership of our common shares as of the date of this annual report. </FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Class</FONT></B><SUP><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">(1)</FONT></SUP></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Shares</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Percent Ownership</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Pampa Energ&#237;a S.A.<SUP>(2)</SUP></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">A</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">462,292,111</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">51.00%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Employee Stock Participation Program </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">C</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">1,952,604</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">0.22%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Public </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">B</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">170,715,565</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">18.83%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">ANSES<SUP>(3)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">B</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">242,999,553</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">26.81%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Treasury Shares </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">B</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">28,495,267</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">3.14%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Total </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10.05pt"><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">906,455,100</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">100.00%</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">Each class of shares entitles holders to one vote per share.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">All of our Class&nbsp;A common shares have been pledged to the Argentine Government to secure our obligations under our concession and cannot be transferred without the prior approval of the ENRE. See &#8220;Item 4. Information on the Company&#8212;Business Overview&#8212;Our obligations&#8221;.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">(3)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">On November 20, 2008, the Argentine Congress passed a law unifying the Argentine pension and retirement system into a system publicly administered by the ANSES and eliminating the retirement savings system previously administered by private pension funds under the supervision of the Superintendency of Retirement and Pension Funds Administrators, under the Ministry of Labor. In accordance with the new law, private pension funds transferred all of the assets administered by them under the retirement savings system to the ANSES. These transferred assets included 242,999,553 of our Class B common shares, representing 26.8% of our capital stock. The ANSES is subject to the same investment rules, prohibitions and restrictions that were applicable to the Argentine private pension funds under the retirement savings system, except as described in the following sentence. On April 12, 2011, the Executive Power issued Emergency Decree No. 441, which annulled the restrictions under Section 76(f) of Law No. 24,241 on the exercise of more than 5% of the voting power in any local or foreign company, such as us, in any meeting of shareholders, irrespective of the actual interest held in the relevant company&#8217;s capital stock. The annulment of the restrictions under Section 76(f) of Law No. 24,241 came into effect on April 14, 2011. As of such date, ANSES may exercise its voting power in any local or foreign company, such as us, based on the actual interest held in the relevant company&#8217;s capital stock.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">All of our shares have the same voting rights. As of December 31 2018, there was one registered shareholder of our ADSs in the United States and 6,462,139 of our ADSs were outstanding. Since certain of our ADSs are held by brokers or other nominees, the number of direct record holders in the United States may not be fully indicative of the number of direct beneficial owners in the United States or of where the direct beneficial owners of such shares are residents. We have no information concerning holders with registered addresses in the United States that hold our shares not represented by ADSs.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal" face="Times New Roman"> </FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">126</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Initial Public Offering </FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In April 2007, we completed the initial public offering of our Class B ordinary shares in the form of American Depository Shares (ADSs). We and a group of our shareholders sold 18,050,097 ADSs, representing 361,001,940 ordinary Class B common shares, in an offering in the United States and other jurisdictions outside of Argentina, and the Employee Stock Participation Program sold 81,208,416 ordinary class B shares in a simultaneous offering in Argentina. The ADSs are listed on the New York Stock Exchange under the symbol &#8220;EDN&#8221; and the Class B common shares are listed on the BASE under the same symbol. We received approximately U.S.$61.4 million from the initial public offering, before costs. Of this amount, we used approximately U.S.$36 million to repurchase some of our Discount Notes due 2014. The remainder of the proceeds from the initial public offering was used to repurchase some of our Fixed Rate Par Notes due 2016 and for capital expenditures. After the initial public offering, our controlling shareholder continues to own 51% of our ordinary shares.</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Parent Company Merger Process</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The merger by absorption between Central T&#233;rmica Loma de la Lata S.A. (&#8220;CTLL&#8221;), as merging and surviving company, and EASA, or parent company, and IEASA S.A. (&#8220;IEASA&#8221;) EASA&#8217;s majority shareholder. as the merged/absorbed companies, began in March 2017. On January 19, 2018, the CTLL&#8217;s shareholder&#8217;s approved the merger and the CTLL&#8217;s board of directors became responsible for the management of EASA and IEASA, in accordance with the provisions of Section 84 of the Argentine Corporations Law.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On September 22, 2017, PESA&#8217;s board of directors approved the merger of BLL, CTG, CTLL (the acquiring company of EASA), EG3 Red, INDISA, INNISA, IPB, PPII, Transelec, and PEPASA, as the acquired or absorbed companies, into PESA, as the acquiring or absorbing company, under the terms of tax neutrality (tax-free reorganization) pursuant to Section 77 and following sections of the Income Tax Law. The effective date of the merger was established as October 1, 2017, as from which date the transfer to the acquiring company of the totality of the acquired companies&#8217; equity will take effect, with all the latter&#8217;s rights and obligations, assets and liabilities becoming incorporated into the acquiring company&#8217;s equity; all that subject to the corporate approvals required under the applicable regulations and the registration with the Public Registry of Commerce of both the merger and the dissolution without liquidation of the acquired companies. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On August 24, 2018, the Company was notified of the registration by the IGJ of: (i) the merger of EASA (the parent company of Edenor.) and IEASA (the parent company of EASA), with and into CTLL, as the absorbing and surviving company of both; and (ii) the merger with and into Pampa, as the absorbing and surviving company, of CTLL, BLL, CTG, Eg3 Red, INNISA, INDISA, IPB, PPII and PEPASA, as the absorbed companies. As a result thereof, Pampa became the direct controlling company of Edenor.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Share Buy-Back Program</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On October 23, 2008, we launched a tender offer in Argentina for our Class B common shares</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">at a purchase price of Ps.0.65 per share in nominal currency, equivalent to Ps.4.5 in current currency, &nbsp;400,000 Class B common shares were validly tendered and purchased pursuant to the offer.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On November 14, 2008, we commenced an open-market share purchase program. Under the terms of the program, we were authorized to purchase our Class B common shares for up to Ps.45 million in nominal currency, equivalent to Ps.309.2 in current currency, subject to certain volume and price restrictions. The open market share purchase program expired on March 17, 2009. Pursuant to the program we purchased 9,012,500 Class B common shares, at an average price of Ps.0.65 per share in nominal currency, equivalent to Ps.4.5 in current currency, representing approximately 1.03% of our capital stock. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The original term of own shares in portfolio was extended by resolution of the Ordinary General Meeting of Shareholders of the Company dated March 3, 2011, for the same term, computable from November of that year. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On November 18, 2014, the Extraordinary General Meeting of the Company approved an additional extension of three years which will allow for an automatic reduction of capital under the </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Capital Market Law and develop a proposal to target those shares, which will be submitted for consideration and approval of the relevant corporate bodies.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">127</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On April 18, 2017, the Company held the Annual General Meeting that resolved by majority vote approve the allocation of own shares in portfolio to the implementation of the long-term incentive plan in favor of personnel dependent on company under the terms of article 67 of the CML. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On May 10, 2018, the Company held the Annual General Meeting that resolved by majority vote approve the allocation of own shares in portfolio under the terms of article 67 of the CML.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On December 4, 2018, the Company&#8217;s board of directors, approved a share repurchase pursuant to both Section 64 of the CML and the regulations of the CNV, under the following terms and conditions: a maximum amount of Ps.800 million can be invested; the treasury stock may not exceed the limit of 10% of share capital, as a whole; the maximum price to be paid for the shares is U.S.$30 per ADR in the New York Stock Exchange, or the equivalent amount in pesos at U.S.$1.5 per share in the Bolsas y Mercados Argentinos S.A.; the repurchases will be made with realized and liquid profits; and the shares may be acquired for a term of 120 calendar days beginning on December 5, 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In this framework, on December 31, 2018, the Company repurchased 15,590,860 of its own Class B shares with a nominal value of Ps.1.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of December 31, 2018 and 2017, the Company owned 23,385,028 and 7,794,168 shares, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On April 8, 2019, the Company held the Annual General Meeting that resolved by majority vote approve the allocation of own shares in portfolio under the terms of article 67 of the CML.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Company&#8217;s Share-based Compensation Plan</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2016, the Company&#8217;s board of directors proposed that the Company&#8217;s treasury shares be used for the implementation of a long-term incentive plan in favor of executive directors, managers or other personnel holding key executive positions that have an employment relationship with the Company and those individuals that are invited to participate in the future, under the terms of Section 67 of the CML. The plan was ratified and approved by the ordinary and extraordinary shareholders&#8217; meeting held on April 18, 2017. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">During 2018, the Company awarded a total of 272,241 shares as additional remuneration to executive directors and managers for special processes developed</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal" color=red face=calibri,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">as compared to 1,618,332 shares in 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Employee Stock Participation Program</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">At the time of the privatization of SEGBA (our predecessor), the Argentine Government allocated all of our Class C common shares, representing 10% of our outstanding capital stock, to establish a </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Programa de Propiedad Participada</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> (employee stock participation program</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">,</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> or PPP), pursuant to Law No. 23,696 and regulations thereunder, through which certain eligible employees (including former employees of SEGBA who became our employees) were each entitled to receive a specified number of our Class C common shares, calculated in accordance with a formula that considered a number of factors, including the employee&#8217;s salary level, position and seniority. In order to implement the PPP, a general transfer agreement, a share syndication agreement and a trust agreement were executed.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pursuant to the transfer agreement, participating employees were allowed to defer payment for the Class C common shares over time. As a guarantee for the payment of the deferred purchase price, the Class C common shares were pledged in favor of the Argentine Government. Furthermore, under the original trust agreement, the Class C common shares were placed in trust by the Argentine Government with Banco Naci&#243;n, acting as trustee for the Class C common shares, for the benefit of the participant employees and the Argentine Government. In addition, pursuant to the share syndication agreement, all political rights of the participant employees (including the right to vote at our ordinary and extraordinary shareholders&#8217; meetings) were to be exercised collectively until the payment in full of the deferred purchase price and the release of the pledge in favor of the Argentine Government. On April 27, 2007, the participant employees paid the deferred purchase price of all of the Class C common shares in full to the Argentine Government and, accordingly, the pledge was released and the share syndication agreement was terminated.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">According to the regulations applicable to the employee stock participation program, participating employees who terminated their employment with us before the payment in full of the </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">deferred purchase price to the Argentine Government were required to transfer their shares to the guarantee and repurchase fund, at a price calculated pursuant to a formula set forth in the transfer agreement. As of the date of payment of the deferred purchase price, the guarantee and repurchase fund had not paid in full the amounts due to the former participating employees for the transfer of their Class C common Shares. </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">A number of our and SEGBA&#8217;s former employees have brought claims against the guaranty and repurchase fund, the Argentine Government and, in certain limited cases, us, in each case relating to the administration of our Employee Stock Participation Program. The plaintiffs who are former employees of SEGBA were not deemed eligible by the relevant authorities to participate in the Employee Stock Participation Program at the time of its creation, which determination these plaintiffs dispute and are seeking compensation for. The plaintiffs, who are our former employees, are either seeking payment of amounts due to them by the guaranty and repurchase fund for share transfers that occurred upon their retirement from our employment or disputing the calculation of the amounts paid to them by the Guaranty and Repurchase Fund. In several of these claims, the plaintiffs have obtained attachment orders or injunctive relief against the guaranty and repurchase fund over approximately 1,567,231 Class C common shares and Ps. 709,149 of the funds on deposit in the fund, in each case up to the amount of their respective claims. Because the outcome of these proceedings has not yet been determined, the Argentine Government has instructed Banco Naci&#243;n to create a Contingency Fund to hold a portion of the proceeds of the offering of Class B common shares by the Employee Stock Participation Program pending the outcome of these legal proceedings. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">According to the agreements, laws and decrees that govern the employee stock participation program, our Class C common shares may only be held by our employees. Upon the closing of our initial public offering, substantially all of our Class C common shares were converted into Class B common shares and sold. In accordance with these agreements, laws and decrees, the rights previously attributable to the Class C common shares have been combined with those attributable to the Class B common shares, and holders of the remaining Class C common shares will vote jointly as a single class with the holders of Class B common shares in the election of directors. Only 1,952,604 Class C common shares remain outstanding, representing 0.2% of our capital stock.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Long-Term Incentive Plan</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2017, the &#8220;long term incentive plan&#8221; addressed to Edenor&#8217;s staff was developed with the purpose of keeping and attracting key staff and promoting the highest performance by offering company&#8217;s shares to the executive and management levels and other key employees. The plan will be administered and executed by an implementing committee to be composed of three members of the Company&#8217;s Executive Committee, which, in April of each year will decide on the implementation of the plan for the respective calendar year and shall issue the corresponding annual granting resolution. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">RELATED PARTY TRANSACTIONS</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Technical Assistance Agreement with EASA</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On April 4, 2006, we entered into a Technical Assistance Agreement with EASA pursuant to which it shall provide us with advisory services, as well as services related to the potential development of new lines of business compatible with our corporate objectives. The services performed by EASA include providing assistance and advice in respect of our financial performance, our finance management team and our financial decision&#8209;making process, our engagement of financial.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp; &nbsp;On August 31, 2010, we signed an amendment to the EASA agreement extending the term of the agreement to five years following September 19, 2010. Our board of directors approved the amendment on August 31, 2010. No other terms of the contract were modified.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On November 10, 2015, another amendment was executed to extend the term of the EASA agreement until September 19, 2020 and ratifying all other provisions. Such amendment was approved by our board of directors on November 9, 2015, with the prior favorable opinion of our Audit Committee.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Due to the merger process of EASA and its parent IEASA with and into CTLL, and, in turn, of CTLL with and into Pampa, the amount stipulated in the agreement in consideration of the services will be paid to Pampa as the acquiring and surviving company/companies of EASA.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Agreement with Comunicaciones y Consumos S.A.</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">During 2007 and 2008, the Company and Comunicaciones y Consumos S.A. (&#8220;CYCSA&#8221;) entered into agreements pursuant to which the Company granted CYCSA the exclusive right to provide telecommunications services to the Company&#8217;s users through the use of the Company&#8217;s network in accordance with the provisions of Executive Order 764/00 of the PEN, which contemplates the integration of voice, data and image transmission services through the existing infrastructure of electricity distribution companies such as the Company&#8217;s network, as well as the right to use the poles and towers of overhead lines under certain conditions. Additionally, the Company has the right to use part of the optical fiber capacity. In accordance with the terms of the agreements, CYCSA is responsible for all maintenance expenses and expenses related to the adoption of the Company&#8217;s network for the rendering of such telecommunications services. The term of the agreement, which was originally ten years to commence from the date on which CYCSA&#8217;s license to render telecommunications services was approved, was subsequently extended to 20 years by virtue of an addendum to the agreement. In consideration of the use of the network, CYCSA grants the Company 2% of the annual charges collected from users, before taxes, as well as 10% of the profits obtained from provision of services. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of December 1, 2016, CYCSA was no longer a related party.</FONT></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Agreement with SACME</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In the framework of the regulation of the Argentine electric power sector established by Law No. 24,065 and SEE Resolution No. 61/92, and after the awarding of the distribution areas of the city and metropolitan area of Buenos Aires to Edenor and Edesur S.A., the bidding terms and conditions of the privatization provided that both companies were required to organize SACME to operate the electric power supervision and control center of the transmission and sub-transmission system that feeds the market areas transferred to those companies. For such purpose, on September 18, 1992 SACME was organized by Edenor and Edesur S.A.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">SACME&#8217;s purpose is to manage, supervise and control the operation of both the electric power generation, transmission and sub-transmission system in the City of Buenos Aires and the Buenos Aires metropolitan area and the interconnections with the SADI, to represent distribution companies in the operational management before CAMMESA, and, in general, to carry out the necessary actions for the proper development of its activities.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The share capital of SACME is divided into 12,000 common, registered non-endorsable shares, of which 6,000 Class I shares are owned by Edenor and 6,000 Class II shares are owned by Edesur S.A.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2018, the Company&#8217;s operating costs amounted to Ps.81.6 million.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt"><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Or&#237;genes Seguros de Vida S.A.</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><B><FONT lang=ES-AR style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=Calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">During the process of hiring a compulsory life insurance and after receiving several proposals from insurance companies, our board of directors approved the insurance provider Origenes Seguros de Vida on March 8, 2016, and the audit committee&#8217;s favorable opinion was subsequently received.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2018, the Company&#8217;s operating costs relating to this agreement amounted to Ps.19.5 million. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pampa Energ&#237;a S.A.</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The board of directors in its meeting held on June 1st 2016 approved, after the favorable opining of Audit Committee, to enter into a works contract with Pampa Energ&#237;a, in which Pampa Energia is the Principal and Edenor the Contractor and the purpose of which is: (i) to perform the civil engineering works and electrical installation of a new output field of a double busbar 132Kv cable, jointly with all the auxiliary equipment required in the Substation No. 158 Pilar owned by Edenor (the SSEE Pilar) located in the Pilar Industrial Park, Province of Buenos Aires; and (ii) the execution of the project, civil engineering works and wiring of a CS 132kV single circuit line electroduct and a remote control optic fiber to link the SSEE Pilar with the future &#8220;Pilar&#8221; Thermal Plant owned by PESA, which is also located within the Pilar Industrial Park.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">SACDE S.A.</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">During 2018, due to the agreement between the Argentine Government and SACDE S.A. (&#8220;SACDE&#8221;) for the construction of the Presidente Per&#243;n highway extension, Edenor received requests from SACDE for relocating certain facilities owned by the Company located in areas that potentially impede the highway&#8217;s construction. As stipulated in Edenor&#8217;s Concession Agreement, SACDE will pay the entire cost of the removals in question as the requesting party. Therefore, the projects and permits area of the Company&#8217;s Operations Department prepared the respective works budgets in accordance with the effective price list, the related percentages for contingencies, Edenor&#8217;s fee for the project for providing works oversight and associated electric operations, in addition to the estimated time period for the completion of the works. As SACDE is a related party pursuant to the CML, the aforementioned works contracts were approved by the board of directors at the corresponding board meetings held on April 25, 2018 and January 30, 2019.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">FIDUS S.G.R.</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Company&#8217;s board of directors, at its meeting of December 4, 2018, approved the contribution of funds to Fidus SGR totaling Ps.25.0 million, in the capacity as protector partner and with the scope set forth in Law No. 24,467. As a result, the Company expects to strengthen its relationship with its suppliers by giving them the possibility of facilitating an improvement in financing conditions.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Financial Information</FONT></I></B></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">See &#8220;Item 18. Financial Statements&#8221; beginning on page F-1.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">LEGAL AND ADMINISTRATIVE PROCEEDINGS</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="times new roman">Legal Proceedings </FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In the ordinary course of our business, we participate as plaintiff and defendant in various types of lawsuits. Our management evaluates the merit of each claim and assesses its possible outcome, recording a reasonable allowance in our financial statements for the contingencies related to the claims filled in the lawsuits against the Company. On December 31, 2018, we had established provisions in the aggregate amount of Ps.1,257.6 million to cover potential losses from such claims and legal proceedings. Except as disclosed below, we are not a party to any legal proceedings or claims that may have a material adverse effect on our financial position or results of operations.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We are not aware of any other contingencies that are reasonably possible and, as of December 31, 2018, there were no losses in excess of the contingencies that we recognized in our Financial Statements as of and for the year ended December 31, 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The most significant legal actions in which the Company is a party involved are detailed below:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 0.75in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">a.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Proceedings Challenging the Renegotiation of our Concession</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-GB style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On October 26, 2009, we received notice of a complaint filed by a consumer association, the Consumer&#8217;s Cooperative for Community Action, against the Argentine Government, the ENRE, Edesur, Edelap and us. In accordance with the terms of the complaint, two additional associations for the defense of consumer rights, Association for the Legal Defense of Consumers (Asociaci&#243;n de Defensa de los Derechos de los Usuarios y Consumidores) and Consumers Union Legal Defense (Uni&#243;n de Usuarios y Consumidores en Defensa de sus Derechos), have joined the complaint.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-GB style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Additionally, the plaintiffs requested that the court issue a preliminary injunction suspending the rate hikes established in the resolutions questioned by the plaintiffs and that, alternatively, the application of the resolutions be partially suspended. Finally, the plaintiffs also requested that the application authority be ordered not to approve new increases other than within the framework of the RTI process. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-GB style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We answered the complaint denying all its terms and requesting the summoning of CAMMESA as a third-party. The relevant court upheld the third-party summon and CAMMESA answered such third-party summon. The Argentine Government answered the complaint filed against it by arguing lack of personal jurisdiction (&#8220;Falta de legitimaci&#243;n pasiva&#8221;). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-GB style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On February 17, 2017, the Court of First Instance pronounced a judgment whereby the court dismissed the claim, declared the existence of a settled matter and also declared that the issuance of ME&amp;M Resolutions No. 6 and 7/16, and Resolution No. 1/16 from the ENRE, the application of the legal framework questioned by the plaintiff was unsupported. Since the plaintiff did not submit an appeal against the decision of the Court of First Instance, the judgment was declared final. The proceedings terminated with a final judgment favorable to Edenor S.A.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.75in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><B><FONT lang=ES-AR style="FONT-SIZE: 10pt" face="Times New Roman">b.</FONT></B><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=ES-AR style="FONT-SIZE: 10pt" face="Times New Roman">Legal action brought by Consumidores Financieros Asociaci&#243;n civil para su defensa </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=ES-AR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In March 2010, Consumidores Financieros, Asociaci&#243;n Civil Para Su Defensa, a consumers&#8217; association, instituted an action against Edenor and Edesur in the National Court of First Instance in Federal Administrative Claims Tribunal No. 2, Secretariat 3 (Juzgado Nacional de Primera Instancia en lo Contencioso during a 10 year period. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The action is based on three claims. First, the plaintiffs claim a refund for the percentage payment of VAT over a taxable base they allege was inappropriately increased to include an amount that exceeded Edenor&#8217;s and Edesur&#8217;s own payments to the WEM. Second, the plaintiffs claim a refund for charges relating to interest on payments by users that the plaintiffs claim Edenor and Edesur failed to adjust to reflect the actual number of days the payment was outstanding. Finally, the plaintiffs claim a refund for late payment charges from 2008 onwards calculated at the rate of the tasa pasiva (the interest rate that Banco Naci&#243;n pays on deposits) in alleged contravention of the Law of Consumer Defense (Ley de Defensa del Consumidor) in April 2008. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On April 22, 2010, we answered the complaint and filed a motion to dismiss for lack of standing (&#8220;excepci&#243;n de falta de legitimaci&#243;n&#8221;), requesting, at such opportunity, that a summons be served upon the Argentine Government, the AFIP and the ENRE as third-party defendants. As of the date of this annual report, a decision on this case is pending. It is estimated that the proceedings will not conclude in 2019.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.75in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><B><FONT lang=ES-AR style="FONT-SIZE: 10pt" face="Times New Roman">c.</FONT></B><B><FONT lang=ES-AR style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=ES-AR style="FONT-SIZE: 10pt" face="Times New Roman">Legal action brought by Asociaci&#243;n de Defensa de Derechos de Usuarios y Consumidores &#8211; ADDUC</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On October 21, 2011, we were notified of a lawsuit filed by the Association for the Defense of Rights of Users and Consumers (Asociaci&#243;n de Defensa de Derechos de Usuarios y Consumidores, or &#8220;ADDUC&#8221;) requesting that the intervening court (i) order the reduction or moderation of penalty interest rates or late payment interest that we charge to users, because such rates allegedly violate Art. 31 of Law 24,240, and (ii) declare the non-implementation of the agreements or conventions which have stipulated the interest rates that we apply to its users, and of the administrative regulations on the basis of which we justify the interest charging and (iii) orders the restitution of wrongfully perceived interests of users. On April 8, 2014, the court granted the motion to dismiss on account of the existence of other action pending (lis pendens) and ordered that the proceedings be referred to such other court, to be consolidated with such other case &#8220;Consumidores Financieros Asociaci&#243;n Civil c/EDESUR y Otro s/ incumplimiento contractual&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of the date of this annual report, a decision on this case is pending. It is estimated that the proceedings will not conclude in 2019.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.75in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">d.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Legal action brought by the Company (&#8220;Edenor S.A. vs ENRE Resolution No. 32/11&#8221;)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On February 9, 2011, we challenged Resolution No. 32/11 of the ENRE, which, in the context of the power cuts that occurred between December 20 and December 31, 2010, established the following:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">- that the Company be fined in the amount of Ps.750,000 due to its failure to comply with the obligations arising from the Concession Agreement and Section 27 of Law No. 24,065.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">- that the Company be fined in the amount of Ps.375,000 due to its failure to comply with the obligations arising from Section 25 of the Concession Agreement and Resolution No. 905/1999 of the ENRE; and</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">- that our users be paid the following amounts as compensation for the power cuts suffered: Ps.180 to each small-demand residential user who suffered power cuts that lasted more than 12 continuous hours, Ps.350 of each of those who suffered power cuts that lasted more than 24 continuous hours, and Ps.450 to of each of those who suffered power cuts that lasted more than 48 continuous hours. The resolution stated that such compensation did not include damages to user facilities and/or appliances, which were to be dealt with in accordance with a specific procedure.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We filed a direct appeal with the Appellate Court in Contentious and Administrative Federal Matters No. 1, requesting that such resolution be declared null and void. Additionally, we filed a petition requesting injunctive relief aimed at suspending the application of the fine imposed until a decision on the direct appeal is issued. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On July 8, 2011, we were requested that process be served on the ENRE. On October 28, 2011, the court denied the request for injunctive relief. As a consequence, we filed a Federal Extraordinary Appeal with the Supreme Court which was dismissed. We then filed another appeal with the Supreme Court (&#8220;Recurso de Queja por apelaci&#243;n denegada&#8221;) requesting review of the rejected federal extraordinary appeal, which as of the date of this annual report had not been resolved. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On April 24, 2013, we were notified of the decision of the Appellate Court in Contentious and Administrative Federal Matters No. 1 to deny direct appeal filed by us. On May 3, 2013 and May 13, 2013, we filed an Ordinary Appeal and a Federal Extraordinary Appeal, respectively, with the Supreme Court. On November 7, 2014, our Ordinary Appeal was rejected and our Federal Extraordinary Appeal was partially granted. We timely submitted an extraordinary appeal on account of the partially denied appeal (&#8220;Recurso de Queja por Recurso Extraordinario Denegado&#8221;). </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of the year ended December 31, 2018, we made a provision for principal and interest accrued for an amount of Ps.57.3 million within the Other non-current liabilities account. As in the framework of the &#8220;Agreement&#8221; concluded with the ENRE, the procedure is still &#8220;suspended&#8221;, and we cannot estimate the date on which the litigation will end.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 0.75in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">e.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Legal action brought by the Company (&#8220;Edenor S.A. vs Federal Government &#8211; Ministry of Federal Planning / proceeding for the determination of a claim and motion to litigate in forma pauperis&#8221;)</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On June 28, 2013, we initiated a legal action against the Ministry of Planning, Public Investment and Services pursuant to the acknowledgment process and benefit of litigation without expenses, both entertained by the National Court of First Instance in Federal Administrative Claims Tribunal No. 11 (Juzgado Nacional de Primera Instancia en lo Contencioso Administrativo Federal No 12). We claimed a breach by the Argentine Government of the agreed terms under the Adjustment Agreement and sought compensation for damages. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On November 22, 2013, we amended the complaint so as to claim additional damages as a consequence of the Argentine Government&#8217;s omission to perform the obligations under the aforementioned &#8220;Adjustment Agreement&#8221;. On February 3, 2015, the court hearing the case ordered that notice of the complaint be served within the time limit prescribed by law, which was answered by the Argentine Government. Subsequently, the Company informed the Court of the issuance of SE Resolution No. 32/15 as new event (&#8220;hecho nuevo&#8221;), under the terms of Section 365 of the Federal Code of Civil and Commercial Procedure. After notice was served, the court rejected the treatment thereof as an &#8220;event&#8221;, holding Edenor liable for costs. The Company filed an appeal, which was admitted &#8220;with a delayed effect&#8221; (i.e. the Appellate Court will grant or reject the appeal when deciding on the granting or rejection of the appeal against final judgment). On December 4, 2015, we requested the suspension of the procedural time-limits, which as of the date of this annual report, are still suspended by mutual agreement. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The motion to litigate without liability for court fees or costs, which was filed on July 2, 2013, is at the discovery period and the period for the parties to put forward their arguments on the merits of the evidence produced has begun. As of the date of this annual report, and by &#8220;agreement of the parties&#8221;, the procedural time-limits continue to be suspended.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal" face="Times New Roman"> </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 0.75in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">f.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Summary Procedure DJ/36/14 initiated by the AFIP </FONT></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In May 2012, the Company filed the original minimum presumed income tax return for fiscal period 2011 with no assessed tax amount in the understanding that the payment of the tax for fiscal period 2011 when the Company&#8217;s cumulative income tax losses carry forward amounted to Ps.258 million, violated recognized constitutional guarantees and reflected its lack of payment capacity in relation to the taxes levied on income, such as the Minimum presumed income tax. This situation was duly informed to the AFIP. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">At the same time, in accordance with the terms of Section 322 of the CPCCN, the Company filed a declaratory judgment action (&#8220;acci&#243;n declarativa de certeza&#8221;) with the Federal Court against the Argentine Government, AFIP &#8211; DGI, with the aim of obtaining a declaratory judgment as to whether or not the minimum presumed income tax related to fiscal period 2011 applied in the sense resolved by the CSJN in the &#8220;Hermitage&#8221; case on June 15, 2010. In this case, the Supreme Court had declared that this tax was unconstitutional as it was deemed confiscatory.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Subsequently, the Court of Original Jurisdiction in Contentious and Administrative Federal Matters No. 7 rejected the action requested by the Company, decision which was ratified by the Court of Appeals. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Faced with this situation, and in order to avoid possible attachments or prohibitions to dispose of property that could affect the normal development of its activities for the provision of the public service, Edenor decided to rectify the minimum presumed income tax return for fiscal period 2011 and adhere to the easy payment plan implemented by AFIP General Resolution No. 3,451.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On November 19, 2015, pursuant to administrative proceedings DJ/36/14 initiated by the AFIP, the Company is accused of and fined for the filing of an inaccurate minimum presumed income tax return for fiscal period 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On December 30, 2015, the Company filed a post-judgment motion for reversal with the tax authority, requesting that the administrative proceedings be revoked, the fine imposed be annulled and the respective records be filed,which was denied.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Company did not intent to cause any harm to the national treasury, particularly considering that a rectifying tax return has been filed.</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"> </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Additionally, and as provided for in Law No. 27,260, the fines and other penalties related to substantive obligations accrued as of May 31, 2016 will be automatically waived by operation of the law unless they have become final at the date on which the referred to Law came into effect, or the main obligation had been settled as of that date. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 0.75in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">g.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Legal action brought by the Company (Study, Review and Inspection of Works in public spaces &#8220;TERI&#8221;)</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In December 2015, the Company filed a petition for a declaratory judgment and requested injunctive relief with the City of Buenos Aires Courts in Contentious and Tax-Related Matters (Fuero Contencioso Administrativo y Tributario de la Ciudad de Buenos Aires), in connection with a claim by the City of Buenos Aires against Edenor with respect to an alleged local tax liability (relating to the Study, Review and Inspection of Works in Public Spaces Fees, the &#8220;TERI&#8221;). The injunctive relief requested aims at suspending the foreclosure proceedings initiated by the City of Buenos Aires and avoiding an attachment on the Company&#8217;s assets. As of the date of the filing of the petition, the City of Buenos Aires&#8217; claim amounted to Ps.28.8 million. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In our opinion, such local taxes are not applicable under federal regulations and case law. The Company&#8217;s management and its external counsel understand that there are reasonable grounds to believe that Edenor should prevail on this matter.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal" face="Times New Roman"> </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 0.75in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">h.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Administrative Proceeding by the CNV </FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In October 2014, the CNV carried out a routine review of the Company&#8217;s corporate and accounting books. Following this inspection, in February 2015, the Commission requested Edenor, in addition to other information that was immediately provided, to complete the signatures of certain pages of the inventory and balance sheet books; to initiate the reports of the external auditors and the audit </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">committee on all their financials; and that the blank spaces observed on pages No. 2 from the minutes books of the board of directors, the Assembly, the Supervisory Committee and the Audit Committee were crossed, corresponding to the back of pages No. 1 in which the respective heading is stamped in each book. Notwithstanding that in February 2015, the CNV issued a notice stating that all the observations made had been corrected, in July 2017, the CNV informed the filing of an administrative proceeding against the Company, the board of directors and the Audit committee for the 2014 fiscal year. The corresponding defense was presented in a timely manner, both by the Company and by each of the summoned individuals. On February 23, 2018, the CNV issued a Resolution declaring the procedure in a dispute of applicable law. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.75in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">i.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">AGIP&#8217;s claim. Determinative Resolution N&#176; 3417/DGR/17</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">By Determinative Resolution N&#176; 3417/DGR/17 issued on December 5, 2017, the AGIP claims Edenor alleged differences in the contribution impacting on electricity companies. The difference is based on the content of the tax base of the Contribution, which the AGIP asserts is made up of the Company&#8217;s monthly income from the sale of electricity, without admitting the deduction for the sale of energy to railroads, pursuant to the federal laws that govern the Contribution. Through Resolution 3417/17, the General Tax Collection authority: a) challenged the tax returns submitted by Edenor in connection with &#8220;Contributions impacting Electricity Companies in relation to the fiscal periods in 2011 (1st to 12th monthly advances), 2012 (1st to 12th monthly advances) and 2013 (1st to 12th monthly advances); b) determined ex officio the taxable matter and the resulting tax from the taxpayer for the 2011, 2012 and 2013 fiscal years for a total amount of Ps. 233,624.02 plus interest; c) established that for the income obtained with respect to the activity &#8220;Electric power distribution and commercialization services,&#8221; the Company should pay the mentioned Contribution at a rate of 6% for the 2011, 2012 and 2013 fiscal years, and d) Imposed a fine of Ps. 151,855.61 on Edenor. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In a timely manner, on January 18, 2018, we filed an appeal for reconsideration under the terms of Article 150 of the Tax Code of the Autonomous City of Buenos Aires (T.O.2018), against AGIP&#8217;s Determinative Resolution N&#176; 3417/DGR/17.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">j.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Legal action brought by the Company (&#8220;Edenor S.A. vs Ribera Desarrollos S.A.&#8221;)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In connection with the purchase and construction of real estate property from RDSA for a total of U.S.$46 million (equivalent to Ps.439.3 million using the effective exchange rate at the time of the execution of the purchase agreement), we have initiated an arbitration process as a result of contract claims filed against RDSA for damages, and were involved in a mandatory conciliation proceeding (mediaci&#243;n obligatoria) with Aseguradores de Cauciones S.A (the &#8220;Insurer&#8221; or &#8220;Aseguradores de Cauciones&#8221;),&nbsp; in order to collect the mentioned amount plus interest under the surety bond issued by the Insurer, which guaranteed RDSA&#8217;s obligations, which proceeding ended in failure. Under Argentine law, such conciliation proceeding is a condition to pursuing collection proceedings in a court of law. As of the date of this annual report, RDSA had filed a voluntary petition for reorganization (similar to a Chapter 11 proceeding in the United States) and certain regulatory action of the Insurance Regulatory Agency (Superintendencia de Seguros de la Naci&#243;n) had imposed a restriction on the Insurer&#8217;s ability to make dispositions over its assets until a certain liquidity deficiency is solved; it is therefore uncertain if we will be able to collect the claimed amounts&nbsp; in full or at all (See &#8220;Item 4&#8212;Information on the Company&#8212;Property, Plant and Equipment&#8212;Termination of agreement on real estate property&#8221;).</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">DIVIDENDS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pursuant to the Argentine Corporations Law, declaration and payment of annual dividends, to the extent the distribution of available earnings complies with the requirements of such law, is determined by our shareholders at the annual ordinary shareholders&#8217; meeting. From time to time, the board of directors makes a recommendation with respect to the payment of dividends. Edenor has not declared or paid any dividends since August 14, 2001.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Amount available for distribution</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Dividends may be lawfully declared and paid only out of our retained earnings stated in our yearly financial statements prepared in accordance with IFRS and CNV regulations and approved by the annual ordinary shareholders&#8217; meeting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">According to the Argentine Corporations Law and our by-laws we are required to maintain a legal reserve of 20% of our outstanding capital stock. The legal reserve is not available for distribution to shareholders. Under the Argentine Corporations Law and our by-laws, our yearly net income (as adjusted to reflect changes in prior results) is allocated in the following order:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.75in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(i)&nbsp;&nbsp; to comply with the legal reserve requirement;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.75in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(ii)&nbsp; to pay the accrued fees of the members of our board of directors and supervisory committee;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.75in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(iii) to pay any amounts owed to our employees under the &#8220;Bonos de Participaci&#243;n para el Personal&#8221; (which are bonds issued to our employees according to the provisions of our by-laws, that entitle each holder to a pro rata portion of 0.5% of our earnings, after payment of taxes);</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.75in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(iv) for voluntary or contingent reserves, as may be resolved from time to time by our shareholders at the annual ordinary shareholders&#8217; meeting; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.75in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(v)&nbsp; remainder of the net income for the year may be distributed as dividends on common shares or as otherwise decided by our shareholders at the annual ordinary shareholders&#8217; meeting.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our board of directors submits our financial statements for the preceding fiscal year, together with reports thereon by the supervisory committee, at the annual ordinary shareholders&#8217; meeting for approval. Within four months of the end of each fiscal year, an ordinary shareholders&#8217; meeting must be held to approve the financial statements and determine the allocation of our net income for such year. Under applicable CNV regulations, cash dividends must be paid to shareholders within 30 days of the shareholders&#8217; meeting approving any dividends. In the case of stock dividends, shares are required to be delivered within three months of our receipt of notice of the authorization of the CNV for the public offering of the shares arising from such dividends. The statute of limitations for any shareholder to receive dividends declared by the shareholders&#8217; meeting is three years from the date in which they have been made available to the shareholder.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As from February 2017, pursuant to ENRE Resolution No. 63/17, the company no longer has regulatory restrictions to make dividend payments. Consequently, we could pay dividends out of our retained earnings, subject to the conditions set forth by the Argentine Corporations Law.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of December 31, 2018, we have 23,385,028 treasury shares. The adquisition costo of the same in the market, in accordance with the provisions of Title IV, Chapter III, article 3.11.c of the CNV&#8217;s Rules, restricts the amount of the realized and liquid gains that we may distribute to our shareholders.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">SIGNIFICANT CHANGES</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Except as identified in this annual report on Form&nbsp;20-F, no significant change in our financial condition has occurred since the date of the most recent audited financial statements contained in this annual report. See &#8220;Item 5. Operating and Financial Review and Prospects&#8212;Factors Affecting our Results of Operations&#8221;, &#8220;Item 5. Operating and Financial Review and Prospects&#8212;Liquidity and Capital Resources&#8221; and &#8220;Item 3. Key Information&#8212;Risk factors&#8212;Risks Relating to Our Business&#8212;Failure or delay to negotiate further improvements to our tariff structure, including increases in our distribution margin, and/or to have our tariffs adjusted to reflect increases in our distribution costs in a timely manner or at all, has affected our capacity to perform our commercial obligations and could also have a material adverse effect on our capacity to perform our financial obligations. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Offer and Listing</FONT></I></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Since April 26, 2007, our Class B common shares and the ADSs have been listed on the BASE and the NYSE, respectively. The ADSs have been issued by the Bank of New York as depositary. Each ADS represents 20 Class B common shares.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: normal" face="times new roman bold">Offer and Listing Details</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following table sets forth, for the periods indicated, the annual high and low market prices for the ADSs on the NYSE and for the shares on the BASE. </FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Buenos Aires Stock Exchange</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">New York Stock Exchange</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></I>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Pesos per Share</FONT></I></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></I>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">U.S. Dollars per ADS</FONT></I></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">High</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Low</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">High</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Low</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">2014</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">8.70</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">2.32</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">16.47</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">4.93</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">2015</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">14.55</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">5.39</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">19.75</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">8.90</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">2016</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">22.20</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">9.38</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">27.98</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">13.44</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">2017</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">45.75</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">21.75</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">52.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">28.63</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">2018</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">62.10</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">38.60</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">62.55</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">19.60</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following tables set forth, for the periods indicated, the reported high and low sales prices for our shares on the BASE and the reported high and low sales prices for the ADSs on the NYSE.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Buenos Aires Stock Exchange</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">New York Stock Exchange</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Pesos per Share</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></I>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">U.S. Dollars per ADS</FONT></I></P></TD></TR>

<TR>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Period</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">High</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Low</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">High</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Low</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">2017</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">First Quarter </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">27.95</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">21.75</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">34.95</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">28.63</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Second Quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">28.40</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">24.20</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">36.67</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">30.06</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Third Quarter </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">34.50</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">25.80</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">39.75</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">29.47</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Fourth Quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">45.75</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">35.55</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">52.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">40.25</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">136</FONT></P>

<DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_139"></A>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Buenos Aires Stock Exchange</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">New York Stock Exchange</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Pesos per Share</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></I>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">U.S. Dollars per ADS</FONT></I></P></TD></TR>

<TR>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Period</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">High</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Low</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">High</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Low</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">2018</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">First Quarter </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">62.10</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">46.60</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">62.55</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">50.05</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Second Quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">61.40</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">47.25</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">58.70</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">32.49</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Third Quarter </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">52.95</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">39.25</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">35.00</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">19.60</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Fourth Quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">50.95</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">38.60</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">27.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">20.70</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman">Buenos Aires Stock Exchange</FONT></B></P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman">New York Stock Exchange</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ffffff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman">Pesos per Share</FONT></I></P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman"></FONT></I>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ffffff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman">U.S. Dollars per ADS</FONT></I></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ffffff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman">Period</FONT></B></P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ffffff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman">High</FONT></B></P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ffffff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman">Low</FONT></B></P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ffffff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman">High</FONT></B></P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ffffff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman">Low</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">2018</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">November</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">48.15</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">40.25</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">27.05</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">22.59</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">December</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">50.95</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">46.60</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">27.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">25.00</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">2019</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">January</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">53.50</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">49.60</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">28.77</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">26.50</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">February</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">56.50</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">50.00</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">29.60</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">26.02</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">March</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">52.20</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">42.50</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">26.61</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">19.10</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">April (1)</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">41.50</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">36.80</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">19.73</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">17.00</FONT></P></TD></TR></TABLE></DIV></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 56.7pt; TEXT-INDENT: -7.05pt"><SUP><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">Represents the corresponding sale prices from April 1 through April 26, 2019.</FONT></P>

<P style="MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman bold">THE ARGENTINE SECURITIES MARKETS</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Trading on the Mercado de Valores de Buenos Aires </FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Trading in the Argentine securities market</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pursuant to the provisions of the CML, securities market in Argentina is comprised of several markets that require authorization from the CNV to operate (the &#8220;Authorized Markets&#8221;), including the BYMA, the Mercado Abierto Electr&#243;nico S.A., the Mercado Argentino de Valores S.A., the Mercado de Valores de C&#243;rdoba S.A., the Mercado a T&#233;rmino de Rosario S.A., among others. The CML allows the authorized Markets to delegate certain of its duties and rights as a market to other qualified entities, as previously authorized by the CNV. Securities listed on these exchanges include corporate equity, bonds and government securities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On December 29, 2016, the CNV authorized BYMA and on January 2, 2017, IGJ and CNV authorized the creation and operation of BYMA. Sixty percent of its capital stock is held by shareholders of S&amp;P MERVAL and the other 40 percent is owned by BASE.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The BYMA is the largest authorized market in Argentina. Pursuant to Resolution No. 18,629, the CNV authorized the BYMA to operate as an Authorized Market, and allowed BYMA to delegate certain of its rights and duties as a market in the BASE, including without limitation, the right to authorize the listing of issuers and securities in the BYMA, and the right to publish the daily market gazette. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In Argentina, debt and equity securities traded on an exchange or the over-the-counter market must, unless otherwise instructed by their shareholders, be deposited with Caja de Valores S.A. (&#8220;Caja de Valores&#8221;). Caja de Valores is the central securities depositary of Argentina and provides central depositary facilities, as well as acting as a clearing house for securities trading and as a transfer and paying agent for securities transactions. Additionally, Caja de Valores handles the settlement of securities transactions carried out by the BASE and operates the computerized exchange information system mentioned above. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">BYMA incorporated 99.96% of Caja de Valores &#8217;equity, and as a result, the operating cycle of the capital market industry will be vertically integrated. At the technological level, BYMA acquired the Millennium Stock Exchange platform belonging to the London Stock Exchange group as a sign of its innovative vocation and with the aim of providing the best attention to its participants and investors. Millennium, a leading global technology provider in trading and post-trading software, currently serves the London, Milan, Oslo and Johannesburg Stock Exchanges, among others.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Although companies may list all of their capital on the BYMA or any other Authorized Market, controlling shareholders in Argentina typically retain the majority of a company&#8217;s capital stock, resulting in a relatively small percentage of active trading of the companies&#8217; stock by the public on any such Authorized Market.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;Securities may also be listed and traded through over-the-counter market brokers who are linked to an electronic reporting system. The activities of such brokers are controlled and regulated by MAE, an electronic over-the-counter market reporting system that functions independently from the BYMA. Under an agreement between the BCBA and the MAE, trading in equity and equity-related securities is conducted exclusively on the BCBA (now BYMA) and trading in corporate debt securities is conducted on both the S&amp;P MERVAL/BCBA (now BYMA) and the MAE. Trading in Argentine Government securities, which are not covered by the agreement, may be conducted on either or both of the BYMA and the MAE. The agreement does not extend to other Argentine exchanges.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Regulation of the Argentine securities market</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Argentine securities market is regulated and overseen by the CNV, pursuant to Law No. 26,831, as well as stockbroker transactions, market operations, the public offering of securities, corporate governance matters relating to public companies and the trading of futures and options. Argentine insurance companies are regulated by a government agency, the Superintendencia de Seguros de la Naci&#243;n, whereas financial institutions are regulated primarily by the Central Bank.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In order to improve Argentine securities market regulation, the Argentine Government issued Decree No. 677/01 on June 1, 2001, which provided certain guidelines and provisions relating to capital markets transparency and best practices. Further improvements to Argentine securities market regulations were introduced in December 2011 when was modified the Argentine Criminal Code to include insider trading as a criminal offense. In addition, on November 29, 2012, the Argentine Government enacted the CML, which revoked law No. 17,811, and Decree No. 677/01. However, CML incorporated most of the provisions established in those regulations. These provisions were regulated by the CNV through Resolution No. 622/13 and further modifications.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On May 9, 2018, the Argentine Congress approved the Productive Financing Law No. 27,440, which introduced significant reforms to the CML, the Mutual Funds Law No. 24,083 and the Argentine Negotiable Obligations Law No. 23,576, among others. In this respect, the following key reforms are, among others:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 56.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Promoting access to MiPyMES (micro, small and medium-sized companies) to the capital market, among others;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 56.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Tender offers&#8217; regulatory framework: modifies the criteria to determine, such as the price and timing for launching a tender offer due to a change in control, among others. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 56.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(iii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The CNV has power to issue regulations in order to determine when an offer may be considered private placement or public;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 56.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(iv)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Amendments to the preemptive subscription rights in the public offers;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 56.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(v)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Amendments regarding the duties of the CNV and its financial sources, the most important is the removal of the Section 20 of the current CML, which provides that the CNV may inspect any entity subject to its oversight (such as us, our controlling shareholder or any of our affiliates subject to CNV oversight). If after any inspection the CNV determines that a resolution of the board of directors of such entity violated the interests of its minority shareholders or any holder of its securities subject to the Argentine public offering regime, it may appoint a vendor (observer) with veto powers. Additionally, the Subsection (i) of the Section 19 of the current CML is removed, as a result a previous administrative summary is required to the CNV could declare that an act under its control is irregular or ineffective. In the other hand, the project includes the ability of CNV to initiate administrative summaries;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 56.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(vi)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Reestablishes the jurisdiction of the courts in commercial matters to hear appeals relating to resolutions and fines imposed by the CNV;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 56.7pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(vii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Main amendments to the Argentine Negotiable Obligations Law No. 23,576: (a) expressly permits the issuance of Dollar-linked notes; (b) financial institutions and issuers engaged in construction, sale and financing of real property, infrastructure works and real estate development, will be authorized to issue notes with indexation clauses; (c) allows issuers to </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">establish a procedure to obtain the consent of the majority of bondholders without the need for bondholders meetings, subject to certain requirements; among others.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Before offering securities to the public in Argentina, an issuer must meet certain requirements established by the CNV with regard to the issuer&#8217;s assets, operating history and management, among others, and only securities for which an application for a public offering has been approved by the CNV may be listed on a stock exchange. Despite these requirements imposed by the CNV, CNV approval does not imply any kind of certification as to the quality of the securities or the solvency of the issuer, although issuers of listed securities are required to file unaudited quarterly financial statements and audited annual financial statements and various other periodic reports with the CNV and the stock exchange on which their securities are listed, as well as to report to the CNV and the relevant stock exchange any event related to the issuer and its shareholders that may affect materially the value or trading volume of the securities traded.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Money Laundering</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Law No. 25,246, as amended, categorizes money laundering as a crime, defining it as the exchange, transfer, management, sale or any other use of money or other assets obtained through a crime, by a person who did not take part in such original crime, with the potential result that such original assets (or new assets resulting from such original assets) appear as if obtained through legitimate means, provided that the aggregate value of the assets involved exceed in the aggregate (through one or more related transactions) Ps.300,000. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On June 1, 2011, the Argentine Congress adopted law 26,683. Pursuant to such law, money laundering is now an autonomous crime and self-money laundering is also punished. The law also extended the reporting obligations to certain private sector parties not obliged before, and also extended from 30 to 150 days the lapse of time within which certain private entities are required to report suspicious activities or operations, in order to permit those entities to analyze transactions and operations in more detail before reporting them to the relevant authorities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In addition, the Money Laundering Law created the Unidad de Informaci&#243;n Financiera (&#8220;UIF&#8221;), which is charged with the handling and the transmission of information in order to prevent the laundering of assets originating from: (i) Crimes related to illegal trafficking and commercialization of narcotics (Law No. 23,737); (ii) Crimes related to arms trafficking (Law No. 22,415); (iii) Crimes related to the activities of an illegal association as defined in Article 210 bis of the Penal Code; (iv) Illegal acts committed by illegal associations (Article 210 of the Penal Code) organized to commit crimes for with political or racial objectives; (v) Crimes of fraud against the Public Administration (Article 174, Section 5 of the Penal Code); (vi) Crime against the Public Administration under Chapters VI, VII, IX and IX bis of Title XI of Book Two of the Penal Code; and (vii) Crimes of underage prostitution and child pornography under Articles 125, 125 bis, 127 bis and 128 of the Penal Code.Law No. 25,246 assigns information and control duties to certain private sector entities, such as banks, agents, stock exchanges and insurance companies, according to the regulations of the UIF, and for financial entities, the Central Bank. These regulations apply to many Argentine companies. These obligations consist mainly of maintaining internal policies and procedures aimed at preventing money laundering and financing of terrorism, especially through the application of &#8220;know your customer&#8221; (&#8220;KYC&#8221;) policies. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Financial entities must inform UIF about any suspicious or unusual transaction, or transactions lacking economical or legal justification, or being unnecessarily complex. The Central Bank publishes a list of &#8220;non-cooperating&#8221; jurisdictions. In addition, it has established guidelines and internal procedures for unusual or suspicious transactions, which must be implemented by financial institutions and other entities. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pursuant to the same understanding that underlies the norm aforementioned, in 2012, the office of the Attorney General issued the Resolution No.914/12, under which was created the prosecution office specialized in economic crimes and money laundering (Procuradur&#237;a de Criminalidad Economica y Lavado de Activos &#8211;PROCELAC-). Given the fact, the PROCELAC has no competence to punish, its main role consists in providing collaboration to the Federal Prosecutors in the crime investigation and in receiving complaints for the purpose of assessing the initiation of preliminary investigations. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In February 2016, through Decree 360/16, the Argentine Government created the &#8220;National Coordination Program for Combating Money Laundering and Terrorist Financing&#8221; within the purview of </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">the Ministry of Justice and Human Rights. Its purpose is to rearrange, coordinate and strengthen the anti-money laundering and anti-terrorist financing system at the national level, in light of the actual risks that could impact the Argentine territory and the global requirements to be met under the scope of the obligations and international recommendations of the United Nations and the Financial Action Task Force standards.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Resolution No. 121/11 issued by the UIF (&#8220;Resolution 121&#8221;), as amended, is applicable to financial entities subject to Law No. 21,526, to entities subject to the Law No. 18,924, as amended, and to natural and legal entities authorized by the Central Bank to intervene in the purchase and sale of foreign currency through cash or checks issued in foreign currency or through the use of credit or payment cards, or in the transfer of funds within or outside the national territory (the &#8220;Obligated Parties to Resolution 121&#8221;), and Resolution No. 229/11 of the UIF (&#8220;Resolution 229&#8221;), as amended, is applicable to brokers and brokerage firms, companies managing common investment funds, agents of the over-the-counter market, intermediaries in the purchase or leasing of securities affiliated with stock exchange entities with or without associated markets, and intermediary agents registered on forwards or option markets regardless of the object (the &#8220;Obligated Parties to Resolution 229&#8221;). Resolution 121 and Resolution 229 regulate, among other matters, the obligation to collect documentation from clients and the terms, obligations and restrictions for compliance with the reporting duty regarding suspicious money laundering and terrorism financing operations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In turn, Decree No. 27/18, dated January 10, 2018, amended Law No. 25,246 related to the requirements imposed upon obliged subjects (&#8220;Obliged Subjects&#8221;), the management of their clients information and the information required for KYC purposes. Such decree now requires Obliged Subjects to refrain from revealing any investigations carried out in compliance with Law No. 25,246 to their clients and/or any third parties.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On January 11, 2017, the UIF published Resolution No. 4/17, which established that special due diligence measures must be applied for identifying foreign and domestic investors (who shall comply with the requirements therein set forth to qualify as such) in the Republic of Argentina upon requesting the opening of special investment accounts.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Subsequently, the UIF published Resolution No. 30-E/17, effective as of September 15, 2017, which derogated Resolution No. 121 and established new guidelines to be followed by financial and securities institutions in their capacity as parties legally obliged to provide financial information under the Anti-Money Laundering Law, based on the revised recommendations of the GAFI for 2012. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">These amendments facilitate compliance of the requirements imposed upon the Obliged and continue the migration of the system towards a risk-based approach.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Resolution No. 30-E/17 determines the minimum compliance elements that must be included in a system for the prevention of money laundering and terrorist financing, such as the process of customer due diligence, training programs, operations monitoring, reporting of suspicious operations and rules applicable in cases of non-compliance, among others.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Recently, the UIF published Resolution No. 21/18 which states that reporting parties under Resolution No. 229 must evaluate their risks and adopt measures to mitigate them, in order to prevent money laundering as efficiently as possible. Within this framework, individuals are enabled to implement reputable technological platforms which allow carrying out long-distance procedures without the need to present documentation in person.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Central Bank and the CNV should also comply with provisions of the Money Laundering Law. In this respect, the CNV regulations provide that entities involved in the public offering of securities (other than issuers), including, among others, underwriters of any primary issuance of securities, must comply with the standards set by the UIF. in particular, they must comply with the obligation regarding customer identification and required information, record-keeping, precautions to be taken to report suspicious operations, policies and procedures to prevent money laundering and terrorist financing. with respect to issuers (such as the Company), CNV regulations provide that any entity performing significant capital contributions or loans must be identified, whether or not a shareholder at the time of the contributions, and must meet the requirements for general participants in the public offering of securities, provided in the CNV regulations and the UIF regulations, especially with regards to the identification of such persons and to the origin and legality of the funds and loans provided.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The CNV rules, under Title XI of &#8220;Prevention of Money Laundering and Terrorist Financing,&#8221; establish that brokers and brokerage firms, and companies managing common investment funds, agents of the over-the-counter market, intermediaries in the purchase or lease of securities affiliated with stock exchange entities with or without associated markets and intermediary agents registered on forwards or option markets, and individuals or legal entities acting as trustees, for any type of trust fund, and individuals or legal entities, owners of or related to, directly or indirectly, with trust accounts, trustees and grantors in the context of a trust agreement, shall comply with Law No. 25,246, the UIF&#8217;s rulings and the CNV&#8217;s regulations. Additionally, companies managing common investment funds, any person acting as placement agent or performing activities relating to the trading of common investment funds, any person acting as placement agent in any primary issuance of marketable securities, and any issuer with respect to capital contributions, irrevocable capital contributions for future issuances of stock or significant loans, must also comply with such regulations.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pursuant to the same understanding, the Central Bank established certain regulations to prevent money laundering and terrorist financing. In September 2016, the Central Bank Communication &#8220;A&#8221; 6060 entered into force and established that when existing clients cannot comply with identification and know-your-customer procedures in accordance with applicable regulations, it will be necessary to carry out a risk analysis in order to evaluate whether to continue the relationship with the client. The criteria and procedures to be applied to this process must be described by the financial entities in their internal risk management manuals governing prevention of money laundering and terrorist financing. If it is necessary to begin the process of discontinuing a transaction, it will be necessary to observe the procedures and existing terms of the rules of the Central Bank applicable to the product(s) contracted by the client(s). The obligated parties must save, for a period of 10 years, the written procedures applied in each case regarding the discontinuation of the client transaction.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Non-compliance with the requirements established by the Central Bank to access the domestic exchange market for transactions of purchase and sale of values of all types constitute an infringement subject to the criminal foreign exchange regime.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Additionally, in November 2016, the Central Bank Communication &#8220;A&#8221; 6094 established that the regulations of the prevention of money laundering, terrorist financing and other illicit activities issued by the Central Bank must also be complied with by the foreign representatives of the financial entities that are not authorized to operate in Argentina.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Moreover, through Law No. 27,260 and Decree No. 895/16, the UIF was granted the ability to communicate information to other public entities with intelligence or investigative capabilities, making it clear that it could only do so with a prior reasoned decision of the president of the UIF and only with precise and serious indications of the commission of any of the crimes contemplated in the Prevention of Money Laundering Law. The communications of the UIF will include the transfer of the confidentiality obligation established in Article 22 of the Prevention of Money Laundering Law, holding the officials of the entities receiving the confidential information who disclose such confidential information liable for the penalties established therein. It was made clear that the UIF does not exercise the ability referenced in cases related to voluntary and exception declarations made under Law No. 27,260.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On December 22, 2017, the Central Bank enacted Communication &#8220;A&#8221; 6399 by means of which it abrogated item 1.3 of the regulations regarding &#8220;Anti-Money Laundering, Terrorism Financing and other illegal activities&#8221; which regulated the obligation of financial institutions and foreign exchange agencies to maintain certain databases, as of January 1, 2018. The abrogated regulations established the obligation for financial institutions and foreign exchange agencies subject to the Central Bank&#8217;s regulation to maintain databases regarding client operations. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In June 2018, Law No. 27,446 amended certain provisions of the Money Laundering Law, with te purpose of simplifying judicial proceedings, adopting certain international standards.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 35.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For more information, you should seek advice from their legal counsel and read the applicable rules mentioned herein, including their amendments, which are at the following websites: www.infoleg.gov.ar, the UIF&#8217;s website: www.uif.gov.ar and the Central Bank&#8217;s website: www.bcra.gov.ar. The information contained on these websites is not part and shall not be deemed incorporated into, this annual report.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">In August, 2018, pursuant Resolution No. 97/18 published by the UIF, the regulation of the duty of cooperation of the Central Bank with the UIF was approved in order to adequate said regulation to Resolution No. 30-E/17. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">In November, 2018 the UIF published Resolution No. 134/18, which updates the list of persons that should be considered &#8220;politically exposed&#8221; (PEP) in Argentina, considering the functions they perform or have performed, as well as its relationship of closeness or affinity with third parties who perform or have performed in such functions.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">On December 26, 2018, the UIF published Resolution No. 154/18, which amended the current supervision procedures through new designs adapted and according to international standards promoted by the GAFI based on risks. As a consequence, the UIF approved the &#8220;Supervision Procedures Based on Risks of the Unidad de Informaci&#243;n Financiera&#8221;, repealing the dispositions of Annex II, III and IV of Resolution No. 104/10, section 7 and dispositions of Annex V and Annex VI of Resolution No. 165/11 and Annex III of Resolution No. 229/14.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">Finally, on December 28, 2018, UIF Resolution No. 156/2018 approved the restated texts of UIF Resolution No. 30-E/2017, UIF Resolution No. 21/2018 and UIF Resolution No. 28/2018, in accordance with Decree No. 891/2017 on Good Simplification Practices. UIF Resolution No. 156/18 amended and restated the measures, procedures and controls that the reporting parties listed in such resolutions should implement and apply to manage the risk of application by third parties with the intent of pursuing criminal activities involving money laundering and financing of terrorism. It is further established that such reporting parties shall provide a schedule for digitalization of pre-existing client files based on risk.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">For more information, you should seek advice from your legal counsel and read the applicable rules mentioned herein, including their amendments, which can be found at the following websites: www.infoleg.gov.ar, the UIF&#8217;s website: </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; TEXT-DECORATION: none; LINE-HEIGHT: normal" color=windowtext face="times new (w1)">www.uif.gov.ar</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)"> and the Central Bank&#8217;s website: www.bcra.gov.ar. The information contained on these websites is not part and shall not be deemed incorporated into, this annual report.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Corporate Criminal Liability Law</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On March 1, 2018, the Corporate Criminal Liability Law No. 27,401 (&#8220;the Corporate Criminal Liability Law&#8221;) came into effect, after having been enacted by the Argentine Congress on November 8, 2017, providing for the criminal liability of corporate entities for offenses against the public administration and cross-border bribery committed by, among others, its shareholders, attorneys-in-fact, directors, managers, employees, or representatives. A company found liable under this law may be subject to various sanctions, including, among others, fines from two to five times the undue benefit obtained or that could have been obtained and the partial or total suspension of activities for up to ten years. In addition, this law extended the criminal liability under the Argentine Criminal Code to actions committed outside Argentina by Argentine citizens or companies domiciled in Argentina.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On April 6, 2018, the Executive Branch issued Decree No. 277/18, which regulates the Corporate Criminal Liability Law, providing that the Anticorruption Office of the Ministry of Justice and Human Rights will establish the guidelines to comply with the Corporate Criminal Liability Law&#8217;s provisions related to the Integrity Program. On October 4, 2018, the Anticorruption Office issued Resolution No. 27/2018, which approved the &#8220;Integrity&#8217;s Guidelines for the best compliance of sections 22 and 23 of the Corporate Criminal Liability Law&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Upon the enactment and entry into force of the Corporate Criminal Liability Law, our board of directors assessed the level of compliance with the Integrity Program set forth in sections 22 and 23 of such law, which seeks to implement a set of internal proceedings, mechanisms and actions for integrity, supervision and control, geared at preventing, detecting and correcting the irregularities and illegal acts covered by such law.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Integrity Program set forth by law has mandatory and optional requirements, and we have defined the need to comply with all of them. </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Furthermore, the Integrity Program is periodically monitored by the board of directors to identify the existence of improvement opportunities or necessary updates. The board of directors has defined that our legal affairs department will be responsible for the implementation of the Integrity Program.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 10.</FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional Information</FONT></I></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">MEMORANDUM AND ARTICLES OF INCORPORATION</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Set forth below is a brief summary of certain significant provisions of our by-laws and Argentine law. This description does not purport to be complete and is qualified by reference to our by-laws, which have been filed as an exhibit to this annual report. For a description of the provisions of our by-laws relating to our board of directors and statutory auditors, see &#8220;Item 6. Directors, Senior Management and Employees.&#8221;</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Description of Capital Stock</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We are a public service company incorporated on July 21, 1992 as a </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">sociedad an&#243;nima, </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">a limited liability corporation, duly incorporated under the laws of Argentina for a 95&#8722;year period and registered on August 3, 1992 with the Public Registry of Commerce of the City of Buenos Aires under No. 7041 of Book 111, Volume A of </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Sociedades An&#243;nimas.</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of the date of this annual report, our capital stock consists of Ps.906,455,100, represented by 462,292,111 book-entry Class A common shares, with a par value of one Peso each and the right to one vote per share, 442,210,385 book-entry Class B common shares, with a par value of one Peso each and the right to one vote per share, and 1,952,604 book-entry Class C common shares, with a par value of one Peso each and the right to one vote per share. Under our by-laws, we are required to ensure, unless the ENRE approves otherwise, that Class A common shares represent 51% of our outstanding capital stock and that new Class A, Class B and Class C common shares are issued </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">pro rata</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> to the percentage of the outstanding capital stock represented by them prior to a capital increase, unless a general or special shareholder&#8217;s meeting approves otherwise. All of our outstanding shares are currently fully paid.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal" face="Times New Roman"> </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our shareholders authorized a capital increase of 83,161,020 common shares on June 7, 2006 composed of 42,412,120 Class A common shares, 32,432,797 Class B common shares and 8,316,102 Class C common shares. Our Class B common shares have been listed on the BASE since 1995 although they have never been traded effectively on that exchange or any other market. Holders of Class A common shares may convert any Class B common shares they may hold into Class A common shares, on a one&#8722;for&#8722;one basis, if such conversion would be required to maintain at all times 51% of our outstanding capital stock. Our Class A common shares have been pledged in favor of the Argentine Government to secure our obligations under our concession and may not be transferred, not even to shareholders of the same class, without the prior approval of the ENRE. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Upon the closing of our IPO, substantially all our Class C common shares were converted into Class B common shares. The rights previously attributable to our Class C common shares were combined with those attributable to our Class B common shares, and holders of our remaining Class C common shares vote jointly as a single class with the holders of our Class B common shares in the election of directors.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Corporate Purpose</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Article 4 of our by-laws establishes that our corporate purpose is to engage in the distribution and sale of electricity within our concession area. We can also acquire the capital stock of other electricity distribution companies, subject to regulatory approval, lease our network to provide power line communication or other voice, data and image transmission services, and render operating, advisory, training, maintenance, consultancy, management services and know-how related to the distribution of electricity both in Argentina and abroad. These activities may be conducted directly by us or through subsidiaries or affiliates. In addition, we may act as trustees of trusts created under Argentine law to the extent they are related to credit facilities granted to vendors and service providers acting in the distribution and sale of electricity who have guaranties granted by reciprocal guaranty companies owned by us.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Shareholders&#8217; Liability</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Under the Argentine Corporations Law, shareholder liability for a company&#8217;s losses is limited to the value of the shareholder&#8217;s shareholding in the company. However, shareholders who have a conflict of interest with the company with respect to certain matters and who do not abstain from voting on such matters may be held liable for damages to the company, provided that their votes were involved in the adoption of the relevant decision. In addition, shareholders who voted in favor of a resolution that is subsequently declared void by a court as contrary to Argentine law or the company&#8217;s by-laws (or regulations, if any) may be held jointly and severally liable for damages to the company, other shareholders or third parties resulting from the resolution. See also &#8220;Item 3. Key Information&#8212;Risk factors&#8212;Risks related to our ADSs and common shares&#8212;Our shareholders may be subject to liability for certain votes of their securities.&#8221;</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Appraisal Rights</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Whenever our shareholders approve:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 0.75in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">a merger or spin-off in which we are not the surviving corporation, unless the acquirer shares are authorized for public offering or listed on any stock exchange;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 0.75in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">a transformation of our corporate legal status;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 0.75in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">a fundamental change in our by-laws;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 0.75in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">a change in our domicile outside Argentina;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 0.75in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">a voluntary termination of the public offering or listing authorization;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 0.75in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">a decision in favor of our continuation upon delisting or cancellation of our public offering authorization; or</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 0.75in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">a total or partial recapitalization following a mandatory reduction of our capital or liquidation.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Any shareholder that voted against such action or did not attend the relevant meeting may exercise appraisal rights, that is, the rights to withdraw as our shareholder and have its shares cancelled in exchange for the book value of its shares, determined on the basis of our latest Statement of Financial Position, or that should have been prepared, in accordance with Argentine laws and regulations, provided that such shareholder exercises its appraisal rights within the time frame set forth below.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Appraisal rights must be exercised within five days following the meeting at which the relevant resolution was adopted, in the event of a dissenting shareholder that voted against such resolution, or within 15 days following such meeting in the case of a dissenting shareholder that did not attend the meeting and who can prove that it was a shareholder at the date of the meeting. In the case of mergers or spin-offs involving an entity authorized to make public offering of its shares, appraisal rights may not be exercised if the shares to be received as a result of the transaction are listed in any stock exchange. Appraisal rights are terminated if the resolution giving rise to such rights is overturned at another shareholders&#8217; meeting held within 60 days as from the meeting at which the resolution was adopted.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Payment of appraisal rights must be made within one year of the date of the shareholders&#8217; meeting at which the resolution was adopted, except where the resolution was to delist our capital stock, in which case the payment period is reduced to 60 days from the date of the relevant resolution.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Because of the absence of legal precedents directly on point, there is doubt as to whether holders of ADSs would be able to exercise appraisal rights either directly or through the depositary with respect to our Class B common shares represented by ADSs.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal" face="Times New Roman"> </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Redemption or Repurchase</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">According to the CML, a &#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">sociedad an&#243;nima&#8221;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> may acquire its own shares, provided that the public offering and listing thereof has been authorized, subject to the following terms and conditions and other regulations that may be issued by the CNV. The conditions are: (a) the shares to be acquired should be fully paid; (b) there shall be a resolution of the board of directors to such effect, (c) the acquisition shall be made out of net profits or voluntary reserves; (d) the total amount of shares acquired by the </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">company, including previously acquired shares, shall not exceed 10% of the capital stock or such lower percentage determined by the CNV. The shares acquired in excess of such limit shall be disposed of within 90 days after the date of the acquisition originating the excess.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The shares acquired by the company shall be disposed of by the company within a maximum term of three years counted as from the date of the acquisition thereof. Upon disposition of the shares, the company shall make a preemptive rights offering of such shares. The offer is not mandatory if the shares are issued in connection with a compensation plan or program for the company&#8217;s employees or if the shares are distributed among all shareholders in proportion to their shareholding. If shareholders do not exercise in whole or in part, their preemptive rights, the sale shall be made in a stock exchange.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">In 2008, we acquired 9,412,500 Class B treasury shares with a nominal value of Ps.1.0 in nominal currency, equivalent to Ps.6.9 in current currency. The amount disbursed to acquire these shares totaled Ps.6.1million in nominal currency, equivalent to Ps.41.9 million, which was deducted from unappropriated retained earnings of the equity attributable to the owners of the Company at that date. As of December 31, 2017, the Company owns 7,794,168 shares, 1,618,332 shares were delivered as additional remuneration in favor of executive directors and managers for special processes developed during the year 2016 (See &#8220;Item 7. Major Shareholders and Related Party Transactions - The Company&#8217;s Share-based Compensation Plan&#8221;).</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On November 18, 2014, we held the general annual meeting which resolved by majority of votes to extend for another three years the term for holding the treasury shares acquired within the scope of Section 68 of Law No. 17,811 (text consolidated by Decree No. 677/01). All the shares issued have been fully paid-in. On April 18, 2017, the Company held the Annual General Meeting that resolved by majority vote approve the allocation of own shares in portfolio to the implementation of the long-term incentive plan in favor of personnel dependent on company under the terms of article 67 of the CML.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif> </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Preemptive and Accretion Rights</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Under Argentine law, shareholders of any given class of common shares have preemptive rights, on a </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">pro rata</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> basis, to subscribe shares of the same class owned by them, and accretion rights, on a </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">pro rata</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> basis, to subscribe additional shares of its class or other classes of shares not subscribed by other shareholders of the same class. Preemptive rights and accretion rights may be waived only by each shareholder on a case-by-case basis. Pursuant to the Argentine Corporations Law, in exceptional cases and on a case by case basis when required for the best interest of the relevant company, its shareholders at an extraordinary meeting with a special majority may decide to limit or suspend preemptive rights, provided that the resolution is included in the meeting&#8217;s agenda and the shares to be issued are paid in kind or are issued to cancel preexisting obligations.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In the event of a capital increase, our by-laws provide that holders of Class A, Class B and Class C common shares have preemptive rights, on a </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">pro rata</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> basis, to subscribe new Class A, Class B or Class C common shares, as the case may be, in order to maintain their </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">pro rata</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> interest in our capital stock, unless otherwise decided at our general or extraordinary shareholders&#8217; meeting. The holders of our Class A common shares, in any capital increase, must exercise their preemptive rights to maintain at least 51% of our capital stock outstanding after giving effect to the capital increase, unless otherwise authorized by the ENRE or to the extent any other legal mechanism is used to secure the 51% ownership of our capital stock. In order for the participant employees of the PPP to participate in such an offering, all of our Class C common shares (including shares of PPP participants who will not participate in such an offering) shall be converted into Class B common shares.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pursuant to Argentine law, if approved by an extraordinary shareholders&#8217; meeting, companies authorized to make a public offering of their securities may shorten the period during which preemptive rights may be exercised from 30 to 10 days following the publication of the offering in the Argentine Official Gazette and a newspaper of wide circulation in Argentina. Preemptive rights are exercisable following such publication (which must be made for three days) for a period of 30 days, provided the period is not reduced in the manner described above.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Shareholders who have exercised their preemptive rights have the right to exercise accretion rights, on a </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">pro rata</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> basis, with respect to any unsubscribed shares. Shares not subscribed by shareholders by virtue of preemptive or accretion rights may be offered to third parties. Pampa and certain of our </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">selling shareholders have assigned their preemptive and accretion rights to the international underwriters. Holders of ADSs may be restricted in their ability to exercise preemptive rights if a prospectus under the Securities Act relating thereto has not been filed or is not effective or an exemption is not available.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Voting Rights</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Under our by-laws, each class of common shares entitles its holder to one vote per share at any meeting of our shareholders. Pursuant to the Argentine Corporations law, a shareholder is required to abstain from voting any resolution in which his direct or indirect interest conflicts with that of, or is different from, the company. In the event that such shareholder votes on such resolution, and such resolution would not have been approved without such shareholder&#8217;s vote, the resolution may be declared void by a court and such shareholder may be held liable for damages to the company, other shareholders and third parties.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Registration Requirements of Foreign Companies Holding Class B Shares</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Under Argentine regulations, foreign companies that hold shares directly (and not indirectly through ADSs) in an Argentine company must register with the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Inspecci&#243;n General de Justicia</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> (the City of Buenos Aires Public Registry of Commerce) to exercise certain shareholder rights, including voting rights. The registration requires the filing of certain corporate and accounting documents in order to demonstrate that the foreign shareholder is not a special purpose vehicle organized solely to conduct business in Argentina that it is entitled to conduct business in its place of incorporation and meets certain foreign assets requirements.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Liquidation Rights</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In case of liquidation or dissolution, our assets will be applied to satisfy our outstanding liabilities and then be proportionally distributed among holders of our common stock without distinction of classes.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Ordinary and Extraordinary Shareholders&#8217; Meetings</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Shareholders&#8217; meetings may be either ordinary meetings or extraordinary. We are required to convene and hold an ordinary meeting of shareholders within four months of the close of each fiscal year to consider the matters specified in the first two paragraphs of Section 234 of the Argentine Corporations Law, such as the approval of our financial statements, allocation of net income for such fiscal year, approval of the reports of the board of directors and the statutory audit committee and election, performance and remuneration of directors and members of the statutory audit committee. In addition, pursuant to the CML, at an ordinary shareholders&#8217; meetings, our shareholders must consider (i) the disposition of, or creation of any lien over, our assets as long as such decision has not been performed under the ordinary course of our business and (ii) the execution of administration or management agreements and whether to approve any agreement by virtue of which the assets or services provided to us are paid partially or totally with a percentage of our income, results or earnings, if the payment is material when measured against the volume of the ordinary course of business and our shareholders&#8217; equity. Other matters which may be considered at an ordinary meeting convened and held at any time include the responsibility of directors and members of the statutory audit committee, capital increases and the issuance of certain corporate bonds. Extraordinary shareholders&#8217; meetings may be called at any time to consider matters beyond the authority of an ordinary meeting including, without limitations, the amendment of our by-laws, issuance of debentures, early dissolution, merger, spin off, reduction of capital stock and redemption of shares, transformation from one type of entity to another, appointment, removal and retribution of the liquidators and limitation or suspension of shareholders&#8217; preemptive rights.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Special Shareholders Meetings of Classes of Shares</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In the event a shareholder&#8217;s meeting is held to adopt any resolution affecting the rights of a class of shares, the consent or ratification of shareholders of that class is required and a special shareholder&#8217;s meeting shall be held. The special shareholder&#8217;s meetings shall be governed by the rules provided for the ordinary shareholder&#8217;s meetings.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Notices of Meetings</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Notices of shareholders&#8217; meetings are governed by the provisions of Argentine Corporations Law. Furthermore, notice of shareholders&#8217; meetings must be published for five days in the Official Gazette, in an Argentine newspaper of wide circulation and in the bulletin of the BASE, at least 20 but not more than 45 days prior to the date on which the meeting is to be held. Such notice must include information regarding the type of meeting to be held, the date, time and place of such meeting and the agenda. If quorum is not available at such meeting, a notice for a second meeting, which must be held within 30 days of the date on which the first meeting was called, must be published for three days, at least eight days before the date of the second meeting. Notices of shareholders&#8217; meetings may be published simultaneously for the second meeting to be held on the same day as the first meeting, only in the case of ordinary meetings and special shareholder&#8217;s meetings of a relevant class of shares. Shareholders&#8217; meetings may be validly held without notice if all shares of our outstanding capital stock are present and resolutions are adopted by unanimous vote of shares entitled to vote.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Quorum and Voting Requirements</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The quorum for ordinary meetings of shareholders on first call is a majority of the shares entitled to vote, and action may be taken by the affirmative vote of an absolute majority of the shares present that are entitled to vote on such action. If a quorum is not available at the first meeting a second meeting may be held at which action may be taken by the holders of an absolute majority of the shares present, regardless of the number of such shares. The quorum for an extraordinary shareholders&#8217; meeting on first call is 70% of the shares entitled to vote, and if such quorum is not available, a second meeting may be held, for which the quorum is 35% of the shares entitled to vote.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Action may be taken at extraordinary shareholders&#8217; meetings by the affirmative vote of an absolute majority of shares present that are entitled to vote on such action, except that: the approval of a majority of shares with voting rights (for these purposes non&#8722;voting preferred shares shall have voting rights), without application of multiple votes, is required at both the first and second meeting for: (i) the transfer of our domicile outside Argentina, (ii) a fundamental change of the corporate purpose set forth in our bylaws, (iii) our anticipated dissolution, (iv) the total or partial redemption of shares, or (v) the transformation of our corporate legal status, in which cases resolutions shall be adopted by the affirmative vote of the majority of shares with the right to vote. Preferred shares will be entitled to one vote in these circumstances. Moreover, pursuant to our by-laws, the extension of the company&#8217;s duration, the withdrawal from public offering or delisting, the total or partial recapitalization, the merger or spin-off (including if we are the surviving entity) or the termination of the Concession Agreement for the distribution and sale of electricity, on first and second calls, shall be taken by the affirmative vote of shares representing at least 80% of the outstanding shares entitled to vote, whether present or not at the shareholder&#8217;s meeting, without application of multiple votes, if applicable. An amendment to our by-laws requires the prior approval of the ENRE. Shareholder&#8217;s meetings shall approve amendments &#8220;ad-referendum&#8221; of the ENRE.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Shareholders&#8217; meetings may be called by the board of directors or the members of the statutory audit committee whenever required by law or whenever they deem it necessary. Also, the board or the members of the statutory audit committee are required to call shareholders&#8217; meetings upon the request of shareholders representing an aggregate of at least five percent of our outstanding capital stock in which case the meeting must take place within 40 days of such shareholders&#8217; request. If the board or the statutory audit committee fails to call a meeting following such a request, a meeting may be ordered by the CNV or by the courts. In order to attend a meeting, a shareholder must also deposit with us a certificate of book-entry shares registered in its name and issued by </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Caja de Valores. </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">at least three business days prior to the date on which the meeting is to be held. If so entitled to attend a meeting, a shareholder may be represented by proxy. Proxies may not be granted to our board, members of the statutory audit committee, officers or employees.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Election of Directors</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our board of directors must have 12 acting directors and the number of alternate directors that the shareholders may resolve in a general annual ordinary meeting or at a class annual ordinary meeting, such number not to exceed the number of acting directors. All directors are elected to serve for one fiscal year. Holders of Class A common shares are entitled to elect, at a general annual ordinary meeting or at an annual ordinary meeting of Class A holders 7 directors, two of which must be independent in </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">accordance with CNV regulations and our by-laws. Holders of Class B common shares are entitled to elect, at a general annual ordinary meeting or at an annual ordinary meeting of Class B holders, 4 directors one of which must also be independent in accordance with CNV regulations and our by-laws. Holders of Class C common shares are entitled to elect, at a general annual ordinary meeting or at an annual ordinary meeting of Class C holders 1 director until the percentage of our capital stock represented by Class C common shares decreases below 6% at which moment holders of Class C common shares will be required to vote together with holders of Class B common shares to elect, as a common class, 5 directors. Upon the closing of the Argentine offering (to the extent consummated), substantially all Class C common shares will have been converted into Class B common shares and a nominal amount of Class C common shares will remain outstanding. Accordingly, any rights previously attributable to the Class C common shares will have been combined with those attributable to the Class B common shares, and holders of the remaining Class C common shares will vote jointly as a single class with the holders of Class B common shares in the election of directors. </FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Form and Transfer</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our current capital stock is represented by book-entry shares. Our shareholders are required to hold their shares through book-entries directly made by </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Caja de Valores </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">in the stock registry of the company carried by </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Caja de Valores </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">or through book-entries with brokers, banks and other entities approved by the CNV that have accounts with </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Caja de Valores</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">, or with the participants of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Caja de Valores</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">. </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Caja de Valores </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">is in charge of maintaining a stock registry on our behalf based on information received from shareholders that chose to hold their shares directly by registration on the stock registry of the company and from participants of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Caja de Valores</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">, and in accordance with Argentine law only those holders listed in the stock registry either directly or through participants of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Caja de Valores </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">will be recognized as shareholders. Shares held by participants of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Caja de Valores -</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">have the same rights as shares recorded in our shareholders&#8217; register.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">MATERIAL CONTRACTS</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We are party to various contracts in the ordinary course of business.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)"> &#8220;See Item</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> 5. Operating and Financial Review and Prospects &#8211; Contractual Obligations&#8221;</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">EXCHANGE CONTROLS</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 12pt 0in 10pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">In January 2002, the Argentine Congress issued the Public Emergency Law and declared a state of public emergency in respect of its social, economic, administrative, financial and foreign exchange matters, authorizing the Argentine Government to establish a system to determine the foreign exchange rate between the Peso and foreign currencies and to issue foreign exchange-related rules and regulations. On February&nbsp;8, 2002, through Decree No. 260/02, the Argentine Government established (i) the MULC through which all foreign exchange transactions in foreign currency must be conducted, and (ii) that foreign exchange transactions in foreign currency must be conducted at the foreign exchange rate to be freely agreed upon among contracting parties, subject to the requirements and regulations imposed by the Central Bank. A summary of the main regulations is set forth below. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">On June 9, 2005, through Decree No. 616/05, the Argentine Government mandated that (i)&nbsp;all inflows of funds into the local foreign exchange market arising from foreign debts incurred by residents (including both individuals and legal entities in the Argentine private sector), other than those concerning foreign trade financing and primary issuances of debt securities offered to the public and listed on self-regulated markets, and (ii)&nbsp;all inflows of funds by non-residents channeled through the MULC and intended to be held in local currency for acquiring all types of financial assets or liabilities in the financial or non-financial private sector (except for foreign direct investments and primary issuances of debt securities and shares offered to the public and listed on self-regulated markets), as well as investments in securities issued by the public sector and acquired in secondary markets, had to meet the following requirements: (a) such inflows of funds could only be transferred outside the local foreign exchange market at the expiration of a term of 365 calendar days from the date of settlement of such funds into Pesos; (b) the proceeds of such inflows of funds had to be credited to an account in the local banking system; (c) a non-transferable and non-interest-bearing deposit for 30% of the amount of the transaction had to be kept in Argentina for a period of 365 calendar days, in accordance with the terms and conditions set forth in the applicable regulations (the &#8220;Deposit&#8221;); and (d) the Deposit had to be denominated in U.S. Dollars and held in Argentine financial institutions, and it may not be used to guarantee or serve as collateral for any type of credit transactions. The requirements of Decree No. 616/05 were subsequently revoked, as explained below.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On December 16, 2015, following the election of President Macri, the newly appointed Central Bank authorities issued Communication &#8220;A&#8221; 5,850, which lifted many of the existing restrictions and, among other things, established free access to the MULC to purchase foreign currency for general purposes without requiring the Central Bank&#8217;s or the AFIP&#8217;s prior authorization and eliminated the requirement of the mandatory deposit of 30% of certain funds remitted to Argentina. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">With the tightening of exchange controls beginning in late 2011, in particular with the introduction of measures that allowed limited access to foreign currency by private companies and individuals (such as requiring authorization from tax authorities to access the foreign currency exchange market), the implied exchange rate, as reflected in the quotations for Argentine securities that trade in foreign markets, compared to the corresponding quotations in the local market, increased significantly over the official exchange rate. Most foreign exchange restrictions were lifted in December 2015, May 2016 and August 2016, re-establishing Argentine residents&#8217; rights to purchase and remit outside of Argentina foreign currency with no maximum amount and without specific allocation or the need to obtain prior approval.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In December 2015, the Ministry of Treasury and Public Finance issued Resolution No. 3/15 that repealed the requirement to comply with the Deposit. As a result, the Deposit is no longer applicable to, among other transactions, foreign financial debts, inflows by non-residents and repatriations by residents. In addition, Resolution No. 3/15 reduced the minimum term that proceeds received from any new financial indebtedness (incurred by residents and granted by foreign creditors) and transferred into Argentina must be kept in Argentina, from 365 calendar days to 120 calendar days from the date the funds were transferred. In January 2017, the Ministry of Treasury and Finance Public through Resolution 1/17 reduced from 120 calendar days to 0 the permanence term from any new financial indebtedness transferred into Argentina applicable to (i) the inflow of funds to the local foreign exchange market arising from certain foreign indebtedness and (ii) any entry of funds to the foreign exchange market by non-residents. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On May 19, 2017, the Central Bank issued Communication &#8220;A&#8221; 6244 dated May 19, 2017 and effective as of July 1, 2017 (amended by Communication &#8220;A&#8221; 6312 dated August 30, 2017), providing certain new rules that govern access to the MULC and that supersede previous rules on the matter. Communication &#8220;A&#8221; 6244 (as amended by Communication &#8220;A&#8221; 6312) has replaced all previous rules governing exchange transactions, the general exchange position and the provisions of Decree No. 616/05, while rules governing information and filing requirements were not replaced.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In addition, Communication &#8220;A&#8221; 6244 (as amended by Communication &#8220;A&#8221; 6312 and Communication &#8220;A&#8221; 6363) sets forth:</FONT></P>

<DIV>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

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   <P style="MARGIN-BOTTOM: 5pt" align=right><FONT size=2>&nbsp;1.</FONT></P></TD>

   <TD width="93%" align=left>

   <P style="MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 15pt" align=left><FONT size=2>The principle of freedom of exchange: Argentine residents, as well as non-Argentine residents, may freely access the MULC.</FONT></P></TD></TR>

<TR>

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   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2>&nbsp;2.</FONT></P></TD>

   <TD width="93%" align=left>

   <P style="MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 15pt"><FONT size=2>The obligation of carrying out any exchange transaction through an entity authorized by the Central Bank has been maintained.</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2>3.</FONT></P></TD>

   <TD width="93%" align=left>

   <P style="MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 15pt"><FONT size=2>Time restrictions to trade in the MULC for carrying out foreign exchange transactions have been eliminated.</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2>4.</FONT></P></TD>

   <TD width="93%" align=left>

   <P style="MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 15pt"><FONT size=2>The mandatory inflow and settlement of export proceeds through the MULC within the applicable term.</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2>5.</FONT></P></TD>

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   <P style="MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 15pt"><FONT size=2>The Argentine residents are obliged to comply with the &#8220;Review of Debt Securities and External Liabilities Issued by the Financial Sector and the Non-Financial Private Sector&#8221; (Communication &#8220;A&#8221; 3602 and its complementary provisions) and the &#8220;Review on direct investments&#8221; (Communication &#8220;A&#8221; 4237 and its complementary provisions), even though there has not been an income of funds to the MULC nor any future access through the transactions to be declared has been maintained.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pursuant to Communication &#8220;A&#8221; 6401, dated December 26, 2017, a new reporting regime was created through which the &#8220;Review of Debt Securities and External Liabilities Issued by the Financial Sector and the Non-Financial Private Sector&#8221; established by Communication &#8220;A&#8221; 3602, and the &#8220;Survey on direct investments,&#8221; established by Communication &#8220;A&#8221; 4237, were replaced by a unified report on direct investments and debt. Only Argentine residents (both legal entities or natural persons) whose flow of balance of foreign assets or debts during the previous calendar year reaches or exceeds the equivalent of U.S.$1 million in Pesos are required to report foreign holding of (i) shares and other capital participations; (ii) debt; (iii) financial derivatives; and (iv) real estate, on an annual basis. Argentine </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">residents whose flow or balance of foreign assets or debts reaches or exceeds the equivalent of U.S.$50 million in Pesos, shall comply with the report on a quarterly basis.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On November 1, 2017, the Argentine Government enacted Decree No. 893/17 that repealed Decrees No. 2581/64, 1555/86 and 1638/01, eliminating the Argentine residents&#8217; mandatory inflow and settlement of export proceeds through the MULC within the applicable term. Subsequently and complementing Decree No. 893/17, the Central Bank through Communication &#8220;A&#8221; 6363 dated November 10, 2017 (amended by Communication &#8220;A&#8221; 6436 dated January 19, 2018) eliminated all provisions regarding transactions of funds coming from export proceeds through the MULC applicable to Argentine residents.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On January 6, 2018, the Public Emergency Law ceased to be in effect. The Public Emergency Law was passed by Congress in the immediate aftermath of Argentina&#8217;s 2001 political, economic and social crisis, and established a state of emergency in social, economic, administrative, financial and foreign exchange matters. The Public Emergency Law has been subsequently renewed until its final expiration on January 6, 2018, formally ending Argentina&#8217;s state of general emergency.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On January 11, 2018, with the aim of providing more flexibility to the foreign exchange system and promoting competition, allowing the entrance of new players to the system, the MELI was created pursuant to Decree No. 27/18. On June 18, 2018 the Argentine Congress enacted Law No. 27,444 by which the Decree No. 27/18 was repealed, but notwithstanding the foregoing such law confirms the creation of the MELI.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pursuant to Communication &#8220;A&#8221; 6,443, dated March 1, 2018, any company operating in the MELI can operate as an exchange agency by being registered electronically in the &#8220;Register of exchange operators&#8221;.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: normal" face="times new roman bold">Taxation</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following summary contains a description of the principal Argentine and U.S. federal income tax consequences of the Acquisition, ownership and disposition of common shares or ADSs, but it does not purport to be a comprehensive description of all the tax considerations that may be relevant to a decision to purchase common shares or ADSs. The summary is based upon the tax laws of Argentina and regulations thereunder and on the tax laws of the United States and regulations thereunder as in effect on the date hereof, which are subject to change. Investors should consult their own tax advisors as to the tax consequences of the Acquisition, ownership and disposition of common shares or ADSs.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Although there is present no income tax treaty between Argentina and the United States, the tax authorities of the two countries have had discussions that may culminate in such a treaty. No assurance can be given, however, as to whether or when a treaty will enter into force or how it will affect the U.S. holders of common shares or ADSs. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Argentine Tax Considerations Capital gains tax</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: normal" face="Times New Roman"> </FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Resident individuals. </FONT></I></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">The Law No. 27,430 provides for the taxation of Argentine resident individuals&#8217; income from the sale, exchange or other disposition of shares will be subject to income tax rate of 15%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">The Tax Reform establishes an exemption for individuals tax residents on the sale of shares that are publicly traded in stock exchanges under the supervision of the </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;Argentine Securities and Exchange Commission (CNV).</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Foreign beneficiaries. </FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">Pursuant to the Law No. 27,430, all income resulting from the purchase and sale, exchange or other disposition of shares and other securities earned by foreign beneficiaries will be exempt of the Income Tax, if they are listed on stock exchanges or securities markets and/or have an authorization for public offering under the supervision of the CNV and the foreign beneficiaries do not reside in or the funds not arising from &#8220;non-cooperating jurisdictions&#8221;. In case that the disposition does not meet such requirements, the income obtained by foreign individual and legal entities will be taxable at a 13,5% rate </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">on the gross price or 15% rate on the net capital gain (with the possibility of upgrading the cost of acquisitions from January 1, 2018 and onwards, considering&nbsp; the variation of the Internal Wholesale Price Index).</FONT></P>

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<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">The non-cooperating jurisdictions list will be prepared and published by the executive branch. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">In the case the foreign beneficiaries reside in or the funds arise from &#8220;non-cooperating jurisdictions&#8221;, the exemption will not apply and income will be subject to income tax rate of 35% applied on a presumed net gain of the sale price.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">The Tax Reform, effective as of January 1, 2018, specifies that in case of share certificates issued abroad that represent shares issued by Argentine companies (i.e., ADSs), the &#8220;source&#8221; is defined by the location of the original issuer of the shares. However, the tax will not be due if the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">exemption for foreign beneficiaries on the sale of shares that are</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">publicly traded, in stock exchanges. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Local entities. </FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">Capital gains obtained by Argentine entities in general, entities organized or incorporated under Argentine law, certain traders and intermediaries, local branches of non-Argentine entities, sole proprietorships and individuals carrying on certain commercial activities in Argentina derived from the sale, exchange or other disposition of our common shares or ADSs are subject to income tax at the rate of 30% for the years 2018 and 2019 and at the rate of 25% from 2020 and later. Losses arising from the sale of our common shares or ADSs can be applied to offset such income.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" color=black face="times new roman">Additionally, a withholding of 7% or 13% is established for the periods mentioned above, on the dividends distributed by the capital companies in favor of their shareholders, when they are legal persons or undivided successions resident in the country, or are foreign beneficiaries.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 9.35pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Dividends tax</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">Pursuant to Law No. 26,893, dividends and other profits paid in cash or in kind &#8212;except for stock dividends&#8212;by companies and other entities incorporated in Argentina referred to in the Argentine Income Tax Law (the &#8220;Income Tax Law&#8221;), Sections 69 (a)(1), (2), (3), (6) and (7), and Section 69(b), were subject to income tax at a 10% rate except for those beneficiaries that were domestic corporate taxpayers. Law No. 27,260 repealed this withholding tax as of July 23, 2016. Consequently, no withholding tax is to levied on dividends distributed to either Argentine or non-Argentine resident shareholders since then. This treatment applies only to dividends to be distributed at any time out of retained earnings accumulated until the end of the last fiscal year starting before January 1, 2018. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">Likewise, the portion of those dividends exceeding the company&#8217;s accumulated net taxable income (as determined by application of the Argentine Income Tax Law), if any, is subject to a 35% withholding tax on such excess (the &#8220;Equalization Tax&#8221;). For purpose of the Equalization Tax, the amount of accumulated net taxable income to be considered shall be determined by (1) deducting the income tax paid by the company, and (2) adding the dividends and profits not subject to tax received as distributions from other corporations. If the distribution is in-kind, then the corporation must pay the tax to the Argentine tax authorities and will be entitled to seek reimbursement from the shareholders. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">Dividends to be distributed out of earnings accrued in fiscal years starting on or after January 1, 2018, are to be subject to a tax treatment different from the one previously described, based on the recent enactment of a comprehensive tax reform -Law No. 27,430-, published in the Official Gazette on December 29, 2017, and generally effective since January 1, 2018. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">Pursuant to Law No. 27,430, dividends and other profits paid in cash or in kind &#8212;except for stock dividends&#8212;by companies and other entities incorporated in Argentina referred to in the Argentine Income Tax Law, Sections 69 (a)(1), (2), (3), (6), (7) and (8), and Section 69(b) out of retained earnings accumulated in fiscal years starting on or after January 1, 2018, will be subject to withholding tax at a 7% rate (on profits accrued during fiscal years starting January 1, 2018 to December 31 2019), and at a 13% rate (on profits accrued in fiscal years starting January 1, 2020 and onwards), provided that they are distributed to Argentine resident individuals and foreign shareholders. No dividend withholding tax applies if dividends are distributed to the Argentine corporate entities mentioned above required to assess </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">the dividend withholding tax. In addition, the Equalization Tax is repealed after the consumption of the company&#180;s accumulated net taxable income until December 31, 2017. </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">With respect to dividends paid to shareholders residing abroad, such withholding may be reduced by a tax treaty between Argentina and their country of residence. See &#8220;Tax Treaties&#8221; below.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Capital reductions and other distributions </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new (w1)">Capital reductions and redemptions of our shares and ADSs are not subject to income tax up to an amount equivalent to the contributed capital corresponding to the shares and ADSs to be redeemed. Any distribution exceeding this amount, however, will be considered as a dividend for tax purposes and subject to withholding tax as described above.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Other Income Tax provisions </FONT></I></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Transfer pricing</FONT></I></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Transfer Pricing regime includes import and export controls of any product with the intervention of an international intermediary, that is not the importer at destination or exporter at origin, respectively,</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In addition, for exports of goods with known prices and with the intervention of an intermediary (either related, or located in &#8220;non-cooperating&#8221; or low or no tax jurisdictions), the Law requires the Argentine exporter to file with AFIP the agreements supporting the transactions.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Equalization income tax</FONT></I></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Equalization income tax -established by Income Law, art. 69.1- will not be applicable on profits generated from the 2018 -.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Upgrade</FONT></I></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Tax Reform re-establishes the adjustment for inflation procedures in the Income Tax Law with the following rules: (i) inflation adjustment of new acquisitions and investments carried out from January 1, 2018 and onwards, considering the variation of the Internal Wholesale Price Index (in Spanish, Indice de Precios Internos al Consumidor Nivel General or IPC) supplied by the INDEC; and (ii) the application of an integral inflation adjustment mechanism when, the variation of the IPIM is higher than 100% for the 36-month period before the end of the fiscal period or else, with respect to the first, second and third fiscal year of effectivenes, this procedure will be applicable in case the accumulated variation of the IPC, calculated from the beginning of the first of them and until</FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> the end of </FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">each year, exceeds fifty-five percent (55%), thirty percent (30%) and fifteen percent (15%) for the first, second and third year of application, respectively.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Tax and accounting revaluation </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Tax Reform establishes the possibility of upgrade certain assets that are part of the assets of tax payers, in order to update their value, since the period of acquisition until December 31, 2017. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">This revaluation is optional, and the amount of revaluation will be taxable at special rate 8% to 15%, depending on the type of property to be revalued.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Personal assets tax </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Argentine entities, such as us, are required to pay the personal assets tax corresponding to Argentine and foreign individuals and foreign entities for the holding of our shares at December 31 of each year. The applicable tax rate is 0.25% and is levied on the equity value, or the book value, of the shares arising from the last balance sheet. Pursuant to the Personal Assets Tax Law, the Argentine company is entitled to seek reimbursement of such paid tax from the applicable Argentine individuals and/or foreign shareholders or by withholding dividend payments.</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=Calibri,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">However, our Company has obtained an exemption based on Law No, 27.260 applicable to personal assets tax from 2016 to 2018.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">152</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Tax on Minimum Notional Income (Impuesto a la Ganancia M&#237;nima Presunta or (&#8220;IGMP)</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Companies domiciled in Argentina, partnerships, foundations, sole proprietorships, trusts, certain mutual funds organized in Argentina, and permanent business establishments owned by foreign persons, among other taxpayers, shall apply a 1% rate to the total value of assets held by such persons, above an aggregate nominal amount of Ps.200,000. Nevertheless, common shares and ADSs issued by entities subject to such tax are exempt from the IGMP. The reform introduced by Law No. 27,260 establishes this tax will expire in 2019.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" face="times new (w1)"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">153</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">Gross Income Tax</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new (w1)">The gross income tax is a local tax; therefore, the rules of the relevant provincial jurisdiction should be considered, which may levy this tax on the customary purchase and sale, exchange or other disposition of common shares and ADSs, and/or the collection of dividends at an average rate between 6% and 10%, unless an exemption is applicable. In the particular case of the City of Buenos Aires, any transaction involving common shares and/or the collection of dividends and revaluations is exempt from this tax</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Value added tax</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The sale, exchange or other disposition of our common shares or ADSs and the distribution of dividends are exempted from the value added tax.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Transfer taxes</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The sale, exchange or other disposition of our common shares or ADSs is not subject to transfer taxes.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Stamp taxes</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Stamp taxes may apply in the City of Buenos Aires and in certain Argentine provinces in case transfer of our common shares or ADSs is performed or executed in such jurisdictions by means of written agreements.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Other taxes</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=Calibri,sans-serif>&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Commissions paid on brokerage transactions for the sale of our common shares on the BCBA are subject to VAT at a rate of 21%.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">There is no inheritance, gift, succession or VAT applicable to the ownership, transfer, exchange or disposition of our common shares or ADSs, except for the inheritance tax applicable only to corporations or individuals with tax domicile in the Province of Buenos Aires with a fixed amount tax plus a tax rate between 1% and 9% depending on the relationship and the amount of inheritance).</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Tax treaties</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Argentina has signed tax treaties for the avoidance of double taxation with Australia, Belgium, Spain, Bolivia, Brazil, Canada, Chile, Denmark, Finland, France, Germany, Italy, Mexico, the Netherlands, Norway, Russia, Sweden, Swiss, Uruguay, the United Arab Emirates and the United Kingdom. In addition, Argentina has signed tax treaties with Turkey, Qatar and China but to date they are pending ratification in Argentine Congress for its entry into force. There is currently no tax treaty or convention in effect between Argentina and the United States. It is not clear when, if ever, a treaty will be ratified or entered into effect. As a result, the Argentine tax consequences described in this section will apply, without modification, to a holder of our common shares or ADSs that is a U.S. resident. Foreign shareholders located in certain jurisdictions with a tax treaty in force with Argentina may be exempted from the payment of the personal asset tax.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Value Added Tax (VAT)</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" color=black face="times new roman">Investments Tax Returns</FONT></I></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The return of tax credits originated in investments in fixed assets will be given, in case that, 6 months after their payment, have not been absorbed by fiscal debits generated by the activity.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face="times new roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Tax on Fuels</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fuel tax scheme is modified, incorporating a tax on carbon dioxide emissions. The same tax pressure existing before the reform will be maintained.</FONT></P><FONT style="FONT-VARIANT: small-caps" face="times new roman"></FONT>

<P style="MARGIN: 0in 0in 10pt"><FONT style="FONT-VARIANT: small-caps" face="times new roman"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT></B></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><FONT style="FONT-VARIANT: small-caps" face="times new roman"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">U</FONT></B></FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">nited</FONT></B><FONT style="FONT-VARIANT: small-caps"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> S</FONT></B></FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">tates</FONT></B><FONT style="FONT-VARIANT: small-caps"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> F</FONT></B></FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">ederal</FONT></B><FONT style="FONT-VARIANT: small-caps"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> I</FONT></B></FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">ncome</FONT></B><FONT style="FONT-VARIANT: small-caps"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> T</FONT></B></FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">ax</FONT></B><FONT style="FONT-VARIANT: small-caps"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> C</FONT></B></FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">onsiderations</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">This summary describes certain U.S. federal income tax consequences for a U.S. holder (as defined below) of acquiring, owning, and disposing of ADSs. This summary applies to a holder only if such holder holds the ADSs as capital assets for tax purposes. This summary does not address the Medicare tax on net investment income and does not apply to investors that are members of a class of holders subject to special rules, such as:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.6pt; TEXT-INDENT: -10.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">a dealer in securities or currencies;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.6pt; TEXT-INDENT: -10.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">a trader in securities that elects to use a mark-to-market method of accounting for securities holdings;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.6pt; TEXT-INDENT: -10.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">a bank;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.6pt; TEXT-INDENT: -10.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">a life insurance company;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.6pt; TEXT-INDENT: -10.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">a tax-exempt organization;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.6pt; TEXT-INDENT: -10.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">an entity treated as a partnership for U.S. federal income tax purposes, or a partner therein;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.6pt; TEXT-INDENT: -10.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">a person that holds ADSs that are a hedge or that are hedged against interest rate or currency risks;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.6pt; TEXT-INDENT: -10.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">a person that holds ADSs as part of a straddle or conversion transaction for tax purposes;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.6pt; TEXT-INDENT: -10.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;a person who is liable for the alternative minimum tax;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.6pt; TEXT-INDENT: -10.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">a person whose functional currency for U.S. tax purposes is not the U.S. Dollar; or</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 49.6pt; TEXT-INDENT: -10.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">a person that owns or is deemed to own 10% or more of any class of our stock.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">This summary is based on the Internal Revenue Code of 1986, as amended, its legislative history, existing and proposed regulations promulgated thereunder, published rulings and court decisions, all as currently in effect. These laws are subject to change, possibly on a retroactive basis. Investors should consult their own tax advisors concerning the consequences of purchasing, owning, and disposing of ADSs in their particular circumstances, including the possible application of state, local, non-U.S. or other tax laws. For purposes of this summary, an investor is a &#8220;U.S. holder&#8221; if such investor is a beneficial owner of an ADS and is:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.6pt; TEXT-INDENT: -10.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">a citizen or resident of the United States;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 49.6pt; TEXT-INDENT: -10.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">a U.S. domestic corporation; or</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 49.6pt; TEXT-INDENT: -10.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">otherwise subject to U.S. federal income tax on a net income basis with respect to income from the ADS.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In general, if an investor is the beneficial owner of ADSs, such investor will be treated as the beneficial owner of the common stock represented by those ADSs for U.S. federal income tax purposes, and no gain or loss will be recognized if such investor exchanges an ADS for the common stock represented by that ADS.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Dividends</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The gross amount of distributions that investors receive (prior to deduction of Argentine taxes) generally will be subject to U.S. federal income taxation as foreign source dividend income, to the extent paid out of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. We do not expect to maintain calculations of our earnings and profits in accordance with U.S. federal income tax principles. U.S. Holders therefore should expect that distributions generally will be treated as dividends for U.S. federal income tax purposes. Dividends paid in Argentine Pesos will be included in an investor&#8217;s income in a U.S. Dollar amount calculated by reference to the exchange rate in effect on the date of the depositary&#8217;s receipt of the dividend, regardless of whether the payment is in fact converted into U.S. Dollars. A U.S. holder will have a tax basis in such Pesos for U.S. federal income tax purposes equal to the U.S. Dollar value on the date of such receipt. Any subsequent gain or loss in respect of such Pesos arising from exchange rate fluctuations will be ordinary income or loss and will be treated as income from U.S. sources for foreign tax credit purposes. If such a dividend is converted into U.S. </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Dollars on the date of receipt, investors generally should not be required to recognize foreign currency gain or loss in respect of the dividend income. Subject to certain exceptions for short-term (60 days or less) positions, the U.S. Dollar amount of dividends received by an individual U.S. holder in respect of ADSs generally will be subject to taxation at a maximum rate of 20% if the dividends are &#8220;qualified dividends.&#8221; Dividends paid on the ADSs will be treated as qualified dividends if (i) the ADSs are readily tradable on an established securities market in the United States and (ii) we were not, in the year prior to the year in which the dividend was paid, and are not, in the year in which the dividend is paid, a passive foreign investment company (a &#8220;PFIC&#8221;). The ADSs are listed on the New York Stock Exchange and will qualify as readily tradable on an established securities market in the United States so long as they are so listed. Based on our audited financial statements and relevant market and shareholder data, we believe that we were not treated as a PFIC for U.S. federal income tax purposes with respect to our 2018 taxable year. In addition, based on our current expectations regarding the value and nature of our assets, the sources and nature of our income, and relevant market and shareholder data, we do not anticipate becoming a PFIC for our 2019 taxable year.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal" face="Times New Roman"> </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Because the common shares are not themselves listed on a U.S. exchange, dividends received with respect to the common shares may not be treated as qualified dividends. U.S. holders should consult their own tax advisors regarding the availability of the reduced dividend tax rate in the light of their own particular circumstances.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Distributions of additional shares in respect of ADSs that are made as part of a pro-rata distribution to all of our shareholders generally will not be subject to U.S. federal income tax, unless a U.S. Holder that receives the distribution has the right to receive cash or property, in which case the U.S. Holder will be treated as if it received cash equal to the fair market value of the distribution.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Sale or other disposition</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Upon a sale or other disposition of ADSs, an investor will recognize gain or loss for U.S. federal income tax purposes in an amount equal to the difference between the U.S. Dollar value of the amount realized and such investor&#8217;s tax basis, determined in U.S. Dollars, in the ADSs. Generally, such gain or loss realized on the sale or other disposition of ADSs will be treated as U.S. source capital gain or loss, and will be long-term capital gain or loss if the ADSs were held for more than one year. The ability to offset capital losses against ordinary income is limited. Long-term capital gain recognized by an individual U.S. holder generally is subject to taxation at a reduced rate.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 9.35pt; TEXT-INDENT: 26.65pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Foreign tax credit considerations</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Investors should consult their own tax advisors to determine whether they are subject to any special rules that limit their ability to make effective use of foreign tax credits. If no such rules apply, a U.S. holder may be able to claim a credit against its U.S. federal income tax liability for Argentine income taxes withheld at the appropriate rate applicable to the U.S. holder from cash dividends on the ADSs, so long as the U.S. holders has owned the ADSs if the tax is treated for U.S. federal income tax purposes as imposed on the U.S. holder, (and not entered into specified kinds of hedging transactions) for at least a 16-day period that includes the ex-dividend date. If a gain realized on the sale or other disposition of ADSs is subject to withholding tax, a U.S. holder may not be able to credit the tax against its U.S. federal income tax liability unless such credit can be applied (subject to applicable conditions and limitations) against tax due on other income treated as derived from foreign sources. It is unclear whether the Argentine personal assets tax (as described in &#8220;&#8212;Argentine Tax Considerations&#8221;) is treated as an income tax for U.S. federal income tax purposes. If the Argentine personal assets tax is not treated as an income tax for U.S. federal income tax purposes, a U.S. holder would be unable to claim a foreign tax credit for any Argentine personal assets tax withheld. A U.S. holder may be able to deduct such tax in computing its U.S. federal income tax liability, subject to applicable limitations. The calculation of foreign tax credits and, in the case of a U.S. holder that elects to deduct foreign taxes, the availability of deductions, involve the application of complex rules that depend on a U.S. holder&#8217;s particular circumstances. Investors should consult their own tax advisors regarding the creditability or deductibility of such taxes.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal" face="Times New Roman"> </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.25in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">U.S. Information reporting and backup withholding rules</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Payments of dividends and sales proceeds that are made within the United States or through certain U.S.-related financial intermediaries are subject to information reporting unless the holder is an </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">exempt recipient and may also be subject to backup withholding unless the holder (1) provides its taxpayer identification number and certifies that it is not subject to backup withholding or (2) otherwise establishes an exemption from backup withholding. Investors may obtain a refund of any excess amounts withheld under the backup withholding rules by timely filing the appropriate claim or refund with the Internal Revenue Service and filing any required information.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">A holder that is a foreign corporation or a non-resident alien individual may be required to comply with certification and identification procedures in order to establish its exemption from information reporting and backup withholding.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.25in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Specified Foreign Financial Assets</FONT></I></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> </FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Certain U.S. holders that own &#8220;specified foreign financial assets&#8221; with an aggregate value in excess of U.S.S.50,000 are generally required to file an information statement along with their tax returns, currently on Form 8938, with respect to such assets. &#8220;Specified foreign financial assets&#8221; include any financial accounts held at a non-U.S. financial institution, as well as securities issued by a non-U.S. issuer that are not held in accounts maintained by financial institutions. Higher reporting thresholds apply to certain individuals living abroad and to certain married individuals. Regulations extend this reporting requirement to certain entities that are treated as formed or availed of to hold direct or indirect interests in specified foreign financial assets based on certain objective criteria. U.S. holders who fail to report the required information could be subject to substantial penalties. In addition, the statute of limitations for assessment of tax would be suspended, in whole or part. Investors should consult their own tax advisors concerning the application of these rules to their particular circumstances.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.25in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: normal" face="times new roman bold">Description of American Depositary Shares</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">American Depositary Receipts</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Bank of New York is the depositary for the American Depositary Shares, also referred to as ADSs. Each ADS represents 20 Class B common shares (or a right to receive 20 Class B common shares) deposited with the principal Buenos Aires office of Banco R&#237;o de la Plata S.A., as custodian for the depositary in Argentina. Each ADS will also represent any other securities, cash or other property which may be held by the depositary. The depositary&#8217;s office at which the ADRs are administered is located at 101 Barclay Street, 22W, New York, NY 10280.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The depositary is required to keep books at its corporate trust office for the registration of ADSs and transfers of ADSs which at all reasonable times shall be open for inspection by the holders of ADSs, provided that such inspection shall not be for the purpose of communicating with holders in the interest of a business or object other than the business of Edenor or a matter related to the deposit agreement or the receipts.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Investors hold ADSs directly either by having an American Depositary Receipt, also referred to as an ADR, which is a certificate evidencing a specific number of ADSs, registered in the investor&#8217;s name, or by having ADSs registered in the investor&#8217;s name in the Direct Registration System. Investors also hold ADSs indirectly by holding a security entitlement in ADSs through the investor&#8217;s broker or other financial institution. If investors hold ADSs directly, they are ADS registered holders. This description assumes that such investors are ADS registered holders. If investors hold the ADSs indirectly, the investors must rely on the procedures of their broker or other financial institution to assert their rights as ADS registered holders described in this section. Investors should consult with their broker or financial institution to learn what those procedures are.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Direct Registration System, or DRS, is a system administered by The Depository Trust Company, also referred to as DTC, pursuant to which the depositary may register the ownership of uncertificated ADSs, which ownership shall be evidenced by periodic statements sent by the depositary to the registered holders of uncertificated ADSs.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We do not treat ADS holders as one of our shareholders and ADS holders do not have shareholder rights. Argentine law governs shareholder rights. The depositary is the holder of the common shares underlying the ADSs. Holders of ADSs have ADS holder rights. A deposit agreement among us, </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">the depositary, the ADS holder, and the beneficial owners of ADSs sets out ADS holder rights as well as the rights and obligations of the depositary. New York law governs the deposit agreement and the ADSs.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The following is a summary of the material provisions of the deposit agreement. For more complete information, investors should read the entire deposit agreement and the form of ADR.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and Other Distributions</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">How will investors receive dividends and other distributions on the shares?</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The depositary has agreed to pay to ADS holders the cash dividends or other distributions it or the custodian receives on common shares or other deposited securities, after deducting its fees and expenses described below. ADS holders will receive these distributions in proportion to the number of common shares your ADSs represent.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Cash</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 20.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The depositary will convert any cash dividend or other cash distribution we pay on the common shares into U.S. Dollars; if it can do so on a reasonable basis and can transfer the U.S. Dollars to the United States. If that is not possible or if any Government approval is needed and cannot be obtained, the deposit agreement allows the depositary to distribute the foreign currency only to those ADR holders to whom it is possible to do so. It may hold the foreign currency it cannot convert for the account of the ADR holders who have not been paid. It will not invest the foreign currency and it will not be liable for any interest.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Before making a distribution, the depositary will deduct any withholding taxes that must be paid. See &#8220;Taxation&#8221;. It will distribute only whole U.S. Dollars and cents and will round fractional cents to the nearest whole cent. If the exchange rates fluctuate during a time when the depositary cannot convert the foreign currency, holders of ADSs may lose some or all of the value of the distribution.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Shares</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The depositary may distribute additional ADSs representing any common shares we distribute as a dividend or free distribution. The depositary will only distribute whole ADSs. It will try to sell common shares, in lieu of delivering fractional ADS and distribute the net proceeds in the same way as it does with cash. The depositary may also sell a portion of the distributed common shares to pay its fees and expenses in connection with the distribution. If the depositary does not distribute additional ADSs, the outstanding ADSs will also represent the new common shares.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Rights to Purchase Additional Common Shares</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">If we offer holders of our securities any rights to subscribe for additional common shares or any other rights, the depositary may make these rights available to holders of ADSs. If the depositary decides it is not legal and practical to make the rights available but that it is practical to sell the rights, the depositary will use reasonable efforts to sell the rights and distribute the proceeds in the same way as it does with cash. The depositary will allow rights that are not distributed or sold to lapse. In that case, holders of ADSs will receive no value for them.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">If the depositary makes rights to purchase common shares available to holders of ADSs, it will exercise the rights and purchase the common shares on their behalf. The depositary will then deposit the shares and deliver ADSs to the investor. It will only exercise rights if the investor pays it the exercise price and any other charges the rights require the investor to pay.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">U.S. securities laws may restrict transfers and cancellation of the ADSs representing common shares purchased upon exercise of rights. For example, you may not be able to trade these ADSs freely in the United States. In this case, the depositary may deliver restricted depositary shares that have the same terms as the ADSs described in this section except for changes needed to put the necessary restrictions in place.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Other Distributions</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The depositary will send to holders of ADSs anything else we distribute on deposited securities by any means it thinks is legal, fair and practical. If it cannot make the distribution in that way, the depositary has a choice. It may decide to sell what we distributed and distribute the net proceeds, in the same way as it does with cash. Or, it may decide to hold what we distributed, in which case ADSs will also represent the newly distributed property. However, the depositary is not required to distribute any securities (other than ADSs) to holders of ADSs unless it receives satisfactory evidence from us that it is legal to make that distribution. The depositary may sell a portion of the distributed property to pay its fees and expenses in connection with the distribution.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The depositary is not responsible if it decides that it is unlawful or impractical to make a distribution available to any ADR holders. We have no obligation to register ADSs, common shares, rights or other securities under the Securities Act. We also have no obligation to take any other action to permit the distribution of ADSs, common shares, rights or anything else to ADS holders. This means that holders of ADSs may not receive the distributions we make on our common shares or any value for them if it is illegal or impractical for us to make them available to holders of ADSs.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit, Withdrawal and Cancellation</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">How are ADSs issued?</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The depositary will deliver ADSs if the investor or the investor&#8217;s broker deposits common shares or evidence of rights to receive common shares with the custodian. Upon payment of its fees and expenses and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, the depositary will register the appropriate number of ADSs in the names the investor requests.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">How do ADS holders cancel ADSs and obtain shares?</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">If an investor surrenders ADSs to the depositary, upon payment of the investor&#8217;s fees and expenses and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, the depositary will deliver the common shares and any other deposited securities underlying the surrendered ADSs to the investor or a person the investor designates at the office of the custodian. Or, at the investor&#8217;s request, risk and expense, the depositary will deliver the deposited securities at its office, if feasible.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">How do ADS holders interchange between certified ADSs and uncertified ADSs?</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Investors may surrender their ADRs to the depositary for the purpose of exchanging their ADR for uncertificated ADSs. The depositary will cancel that ADR and will send to the ADS registered holder a statement confirming that the ADS registered holder is the registered holder of uncertificated ADSs. Alternatively, upon receipt by the depositary of a proper instruction from a registered holder of uncertificated ADSs requesting the exchange of uncertificated ADSs for certificated ADSs, the depositary will execute and deliver to the ADS registered holder an ADR evidencing those ADSs.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voting Rights</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">How do holders ADSs vote?</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Holders of ADSs may instruct the depositary to vote the number of common shares their ADSs represent. If we ask for the instructions of the holders of the ADSs, the depositary will notify the holders of the ADSs of shareholders&#8217; meetings and the upcoming vote and arrange to deliver our voting materials to the holder of the ADSs. Those materials will describe the matters to be voted on and explain how holders of ADSs may instruct the depositary to vote the shares or other deposited securities underlying their ADSs as the holder of the ADSs directs by a specified date. For instructions to be valid, the depositary must receive them on or before the date specified.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The depositary will try, as far as practical, subject to Argentine law and the provisions of our by-laws or similar documents, to vote or to have its agents vote the number of common shares or other deposited securities represented by the ADSs as the holder of the ADSs instructs. Otherwise, the holder of the ADSs will not be able to exercise their right to vote unless they withdraw the shares underlying their ADSs. In the absence of the instruction of the holder of the ADSs, our company may request the depositary to vote as we instruct at the corresponding meeting. The holder of the ADSs may otherwise not know about the meeting far enough in advance to withdraw the shares. We will use our best efforts to </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">request that the depositary notify holders of ADSs of upcoming votes and ask for the instructions of holders of ADSs.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">159</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">If we timely ask the depositary to solicit the instructions of holders of ADSs and the depositary does not receive voting instructions from the holder of the ADSs by the specified date, the depositary will consider the holder of the ADSs to have authorized and directed it to vote the number of deposited securities represented by their ADSs in favor of all resolutions proposed by our board of directors or, if not so proposed, to vote in the same manner as the majority of all other shares voted in respect of this resolution. The depositary will vote as described in the preceding sentence unless we notify the depositary that:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 74.55pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">we do not wish the depositary to vote those deposited securities;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 74.55pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">we think there is substantial shareholder opposition to the particular question; or</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 74.55pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">we think the particular question would have an adverse impact on our shareholders.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 60.55pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Fees and Expenses</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Reclassifications, Recapitalizations and Mergers</FONT></I></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 6pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 6pt" vAlign=top width="52%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 6pt 0in 12pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">If we:</FONT></I></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 6pt; PADDING-RIGHT: 6pt" vAlign=top width="48%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 6pt 0in 12pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Then:</FONT></I></B></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 6pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 6pt" vAlign=top width="52%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Change the nominal or par value of our common shares</FONT></P>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Reclassify, split up or consolidate any of the deposited securities</FONT></P>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Distribute securities on the common shares that are not distributed to the holders of ADSs</FONT></P>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Recapitalize, reorganize, merge, liquidate, sell all or substantially all of our assets, or take any similar action</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 6pt; PADDING-RIGHT: 6pt" vAlign=top width="48%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The cash, shares or other securities received by the depositary will become deposited securities. Each ADS will automatically represent its equal share of the new deposited securities.</FONT></P>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The depositary may distribute some or all of the cash, shares or other securities it received. It may also deliver new ADRs or ask the holder of ADSs to surrender their outstanding ADRs in exchange for new ADRs identifying the new deposited securities.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limitations on Obligations and Liability</FONT></I></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Limits on Our Obligations and the Obligations of the Depositary; Limits on Liability to Holders of ADRs</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The deposit agreement expressly limits our obligations and the obligations of the depositary. It also limits our liability and the liability of the depositary. We and the depositary:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 74.55pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">are only obligated to take the actions specifically set forth in the deposit agreement without negligence or bad faith;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 74.55pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">are not liable if either of us is prevented or delayed by law or circumstances beyond our control from performing our obligations under the deposit agreement;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 74.55pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">are not liable if either of us exercises discretion permitted under the deposit agreement;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 74.55pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">have no obligation to become involved in a lawsuit or other proceeding related to the ADRs or the deposit agreement on behalf of holders of ADSs or on behalf of any other party; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 74.55pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">may rely upon any documents we believe in good faith to be genuine and to have been signed or presented by the proper party.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">160</FONT></P></DIV>

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&nbsp; <A name="page_163"></A>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In the deposit agreement, we agree to indemnify the depositary for acting as depositary, except for losses caused by the depositary&#8217;s own negligence or bad faith, and the depositary agrees to indemnify us for losses resulting from its negligence or bad faith.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Requirements for Depositary Actions</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Before the depositary will deliver or register a transfer of an ADR, make a distribution on an ADR, or permit withdrawal of common shares, the depositary may require:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 74.55pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">payment of stock transfer or other taxes or other Governmental charges and transfer or registration fees charged by third parties for the transfer of any common shares or other deposited securities;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 74.55pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">satisfactory proof of the identity and genuineness of any signature or other information it deems necessary; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 6pt 74.55pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">compliance with regulations it may establish, from time to time, consistent with the deposit agreement, including presentation of transfer documents.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The depositary may refuse to deliver ADSs or register transfers of ADSs generally when the transfer books of the depositary or our transfer books are closed or at any time if the depositary or we think it advisable to do so.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Right of Holders of ADSs to Receive the Common Shares Underlying their ADRs</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Holders of ADSs have the right to surrender their ADSs and withdraw the underlying common shares at any time except:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">When temporary delays arise because: (i) the depositary has closed its transfer books or we have closed our transfer books; (ii) the transfer of common shares is blocked to permit voting at a shareholders&#8217; meeting; or (iii) we are paying a dividend on our common shares.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">When holder of ADSs seeking to withdraw common shares owe money to pay fees, taxes and similar charges.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">When it is necessary to prohibit withdrawals in order to comply with any laws or Governmental regulations that apply to ADRs or to the withdrawal of common shares or other deposited securities.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">This right of withdrawal may not be limited by any other provision of the deposit agreement.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-Release of ADSs</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The deposit agreement permits the depositary to deliver ADSs before deposit of the underlying common shares. This is called a Pre-Release of the ADSs. The depositary may also deliver common shares upon the receipt and cancellation of pre-released ADSs (even if the ADSs are surrendered before the Pre-Release transaction has been terminated). A Pre-Release is terminated as soon as the underlying common shares are delivered to the Depositary. The depositary may receive ADSs instead of common shares to satisfy a Pre-Release. The depositary may pre-release ADSs only under the following conditions: (a) before or at the time of the pre-release, the person to whom the pre-release is being made represents to the depositary in writing that it or its user (i) owns the common shares or ADSs to be deposited; (ii) transfers all beneficial right, title and interest in such common shares or ADSs, as the case may be, to the Depositary in its capacity as such and for the benefit of the Beneficial Owners, and (iii) will not take any action with respect to such common shares or ADSs, as the case may be, that is inconsistent with the transfer of ownership (including, without the consent of the Depositary, disposing of common shares or ADSs, as the case may be, other than in satisfaction of such Pre-Release); (b) the pre-release is fully collateralized with cash or other collateral that the depositary considers appropriate; (c) the depositary must be able to terminate the pre-release on not more than five business days&#8217; notice and (d) Pre-Release is subject to such further indemnities and credit regulations as the Depositary deems appropriate. In addition, the depositary will limit the number of ADSs that may be outstanding at any time as a result of Pre-Release, although the depositary may disregard the limit from time to time, if it thinks it is appropriate to do so.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">161</FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct Registration System</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In the deposit agreement, all parties to the deposit agreement acknowledge that the DRS and Profile Modification System, or Profile, will apply to uncertificated ADSs upon acceptance thereof to DRS by DTC. DRS is the system administered by DTC pursuant to which the depositary may register the ownership of uncertificated ADSs, which ownership shall be evidenced by periodic statements sent by the depositary to the registered holders of uncertificated ADSs. Profile is a required feature of DRS which allows a DTC participant, claiming to act on behalf of a registered holder of ADSs, to direct the depositary to register a transfer of those ADSs to DTC or its nominee and to deliver those ADSs to the DTC account of that DTC participant without receipt by the depositary of prior authorization from the ADS registered holder to register that transfer.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In connection with and in accordance with the arrangements and procedures relating to DRS/Profile, the parties to the deposit agreement understand that the depositary will not verify, determine or otherwise ascertain that the DTC participant, which is claiming to be acting on behalf of an ADS registered holder in requesting registration of transfer and delivery described in the paragraph above, has the actual authority to act on behalf of the ADS registered holder (notwithstanding any requirements under the Uniform Commercial Code). In the deposit agreement, the parties agree that the depositary&#8217;s reliance on and compliance with instructions received by the depositary through the DRS/Profile System and in accordance with the deposit agreement, shall not constitute negligence or bad faith on the part of the depositary.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder Communications and Inspection of Register of Holders of ADSs</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The holders of ADSs are holders of deposited securities. As such, the depositary will make available for inspection by the holders of ADSs at its office all communications that it receives from us that we make generally available to holders of deposited securities. The depositary will send holders of ADSs copies of those communications if we ask it to. Holders of ADSs have a right to inspect the register of holders of ADSs, but not for the purpose of contacting those holders about a matter unrelated to our business or the ADSs.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Amendment and Termination</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We may agree with the depositary to amend the deposit agreement and the ADRs without the consent of holders of ADSs for any reason. If an amendment adds or increases fees or charges, except for taxes and other Governmental charges or expenses of the depositary for registration fees, facsimile costs, delivery charges or similar items, or prejudices a substantial right of ADR holders, it will not become effective for outstanding ADRs until 30 days after the depositary notifies ADR holders of the amendment. At the time an amendment becomes effective, the holders of ADSs are considered, by continuing to hold their ADR, to agree to the amendment and to be bound by the ADRs and the deposit agreement as amended.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The depositary will terminate the deposit agreement if we ask it to do so. The depositary may also terminate the deposit agreement if the depositary has told us that it would like to resign and we have not appointed a new depositary bank within 60 days. In either case, the depositary must notify the holder of ADSs at least 30 days before termination.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">After termination, the depositary and its agents will do the following under the deposit agreement but nothing else: (a) advise the holders of ADSs that the deposit agreement is terminated, (b) collect distributions on the deposited securities, (c) sell rights and other property, and (d) deliver common shares and other deposited securities upon surrenders of ADRs. One year after termination, the depositary may sell any remaining deposited securities by public or private sale. After that, the depositary will hold the money it received on the sale, as well as any other cash it is holding under the deposit agreement for the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">pro rata</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> benefit of the ADR holders that have not surrendered their ADRs. It will not invest the money and has no liability for interest. The depositary&#8217;s only obligations will be to account for the money and other cash. After termination our only obligations will be to indemnify the depositary and to pay fees and expenses of the depositary that we agreed to pay.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Fees, Expenses and Payment of Taxes</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">See &#8220;Item 12. Description of Securities other than Equity Securities/&#8221;.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">DOCUMENTS ON DISPLAY</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The materials included in this annual report on Form 20-F, and exhibits thereto, may be inspected and copied at the Securities and Exchange Commission&#8217;s public reference room in Washington, D.C. Please call the Securities and Exchange Commission at 1-800-SEC-0330 for further information on the public reference rooms. The Securities and Exchange Commission maintains a World Wide Web site on the Internet at http://www.sec.gov that contains reports and information statements and other information regarding us. The reports and information statements and other information about us can be downloaded from the Securities and Exchange Commission&#8217;s website.</FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Quantitative and Qualitative Disclosures about Market Risk</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Market risk generally represents the risk that losses may occur in the value of financial instruments as a result of movements in interest rates, foreign currency exchange rates or commodity prices. We are exposed to changes in financial market conditions in the ordinary course of our business due to our use of certain financial instruments and to our execution of transactions in various foreign currencies.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of December 31, 2018, we had no material exposure to commodity price risk, since they represented a minor part of our operating expenses. See Note 5 of our financial statements for further information.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Foreign Currency Risk</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our cash and deposits in U.S. Dollars amounted to U.S.$0.3 million as of December 31, 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of December 31, 2018, the potential loss to the Company that would result from a hypothetical 10% change in foreign currency exchange rates, after giving effect to the impact of the change on our assets and liabilities denominated in foreign currency as of December 31, 2018, was approximately Ps.472.4 million, primarily due to the increase in the principal amount of, and debt service payments on, our foreign currency indebtedness.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Company does not currently hedge its exposure to currency risk. Therefore, any devaluation of the peso could significantly increase its debt service burden, which, in turn, could have a substantial adverse effect on its financial and cash position (including its ability to repay its Corporate Notes) and the results of its operations.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Interest rate risk </FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Interest rate risk is the risk of fluctuation in the fair value or cash flows of an instrument due to changes in market interest rates. The Company&#8217;s exposure to interest rate risk arises mainly from its long-term debt obligations. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Indebtedness at floating rates exposes the Company to interest rate risk on its cash flows. Indebtedness at fixed rates exposes the Company to interest rate risk on the fair value of its liabilities. As of December 31, 2018 and 2017 -except for a loan applied for by the Company and granted by ICBC Bank as from October 2017 for a three-year term at a six-month Libor rate plus an initial 2.75% spread, which will be adjusted semi-annually by a quarter-point-, 100% of the loans were obtained at fixed interest rates. The Company&#8217;s policy is to keep the highest percentage of its indebtedness in instruments that accrue interest at fixed rates.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The table below shows the breakdown of the Company&#8217;s loans according to interest rate and the currency in which they are denominated: </FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Year ended December 31,</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">2018</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">2017</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">(in millions of Pesos)</FONT></I></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Fixed rate:</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">US dollar</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,359.8 </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,904.4 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Sobtotal loans at fixed rates:</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">6,359.8 </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,904.4 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="68%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Floating rate:</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">US dollar</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,910.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,390 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Sobtotal loans at floating rates:</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">1,910.1 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,390.1 </FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Total loans:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,269.9 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,294.5 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">As of December 31, 2018, based on the simulations performed, a 1% increase/decrease in floating interest rates, with all the other variables remaining constant, would give rise a decrease/increase in the profit (loss) for the year of Ps.4.2 million. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Description of Securities Other than Equity Securities</FONT></I></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Persons depositing common shares or holders of ADSs will be required to pay certain fees and expenses, as described in the table below, which the depositary is entitled to deduct prior to making any cash dividend or other cash distribution on the deposited shares.</FONT></P>

<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 6pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 6pt" vAlign=top width="45%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 2.9pt; TEXT-JUSTIFY: inter-ideograph"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Persons depositing common shares or ADS holders must pay</FONT></I></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">:</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 6pt; PADDING-RIGHT: 6pt" vAlign=top width="55%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For</FONT></I></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">:</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 6pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 6pt" vAlign=top width="45%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.9pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">$5.00 (or less) per 100 ADSs (or portion of 100 ADSs)</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 6pt; PADDING-RIGHT: 6pt" vAlign=top width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 36.6pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Issuance of ADSs, including issuances resulting from a distribution of common shares or rights or other property</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 36.6pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Cancellation of ADSs for the purpose of withdrawal, including if the deposit agreement terminates</FONT></P></TD></TR>

<TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">$0.02 (or less) per ADS</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 6pt; PADDING-RIGHT: 6pt" vAlign=top width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 36.6pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Any cash distribution to the holder of the ADSs</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 6pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 6pt" vAlign=top width="45%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">$0.02 (or less) per ADS per year</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 6pt; PADDING-RIGHT: 6pt" vAlign=top width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 36.6pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Depositary services</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">A fee equivalent to the fee that would be payable if securities distributed to the holder of ADSs had been common shares and the shares had been deposited for issuance of ADSs </FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 6pt; PADDING-RIGHT: 6pt" vAlign=top width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 36.6pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Distribution of securities distributed to holders of deposited securities which are distributed by the depositary to ADR holders</FONT></P></TD></TR>

<TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.9pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Registration or transfer fees</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 6pt; PADDING-RIGHT: 6pt" vAlign=top width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 36.6pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Transfer and registration of common shares on our common share register to or from the name of the depositary or its agent when the holder of ADSs deposits or withdraw common shares.</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 6pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 6pt" vAlign=top width="45%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.9pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Expenses of the depositary in converting foreign currency to U.S. Dollars</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 6pt; PADDING-RIGHT: 6pt" vAlign=top width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 36.6pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 6pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 6pt" vAlign=top width="45%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.9pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Expenses of the depositary</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 6pt; PADDING-RIGHT: 6pt" vAlign=top width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 36.6pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Cable, telex and facsimile transmissions (when expressly provided in the deposit agreement)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 6pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 6pt" vAlign=top width="45%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Taxes and other Governmental charges the depositary or the custodian have to pay on any ADSs or common share underlying ADSs, for example, stock transfer taxes, stamp duty or withholding taxes</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 6pt; PADDING-RIGHT: 6pt" vAlign=top width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 36.6pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 6pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 6pt" vAlign=top width="45%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Any charges incurred by the depositary or its agents for servicing the deposited securities</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 6pt; PADDING-RIGHT: 6pt" vAlign=top width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 36.6pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">No charges of this type are currently made in the Argentine market </FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">164</FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_167"></A>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 12pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Reimbursement of fees</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 12pt 0in; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Bank of New York Mellon, as depositary, reimbursed us for certain expenses relating to our initial public offering and establishment of our ADR program in 2007. Aside from that initial payment, we do not receive any reimbursement from the depositary for expenses we incur that related to the maintenance of the ADS program.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 12pt 0in; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The depositary collects fees for delivery and surrender of ADSs directly from investors depositing shares or surrendering ADSs for the purpose of withdrawal or from intermediaries acting for them. The depositary collects fees related to making distributions to investors by deducting those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The depositary may collect its annual fee for depositary services by deduction from cash distributions or by directly billing investors or by charging the book-entry system accounts of participants acting for them. The depositary may generally refuse to provide fee-attracting services until its fees for those services are paid.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Payment of taxes</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The depositary may deduct the amount of any taxes owed from any payments to the holder of ADSs. It may also sell deposited securities, by public or private sale, to pay any taxes owed. The holder of ADSs will remain liable if the proceeds of the sale are not enough to pay the taxes. If the depositary sells deposited securities, it will, if appropriate, reduce the number of ADSs to reflect the sale and pay to the holder of ADSs any proceeds, or send to the holder of ADSs any property, remaining after it has paid the taxes</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt 0.5in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">PART II</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Defaults, Dividend Arrearages and Delinquencies</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The 2001 and 2002 economic crisis in Argentina had a material adverse effect on our operations. The devaluation of the Peso caused the Peso value of our U.S. Dollar-denominated indebtedness to increase significantly, resulting in significant foreign exchange losses and a significant increase, in Peso terms, in our debt service requirements. At the same time, our cash flow remained Peso-denominated and our distribution margins were frozen and pesified by the Argentine Government pursuant to the Public Emergency Law. Moreover, the 2001 and 2002 economic crisis in Argentina had a significant adverse effect on the overall level of economic activity in Argentina and led to deterioration in the ability of our users to pay their bills. These developments caused us to announce on September 15, 2002 the suspension of principal payments on our financial debt. On September 26, 2005, our board of directors decided to suspend interest payments on our financial debt until the restructuring of this debt was completed.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On January 20, 2006, we launched a voluntary exchange offer and consent solicitation to the holders of our then-outstanding financial debt. All of these holders elected to participate in the restructuring and, as a result, on April 24, 2006, we exchanged all of our then-outstanding financial debt for three series of newly-issued notes, which we refer to as the restructuring notes. As of the date of this annual report, all of the restructuring notes have been repaid and cancelled.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal" face="Times New Roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">For a description of our debt following the restructuring see &#8220;Item 5. Operating and Financial Review and Prospects&#8212;Liquidity and Capital Resources&#8212;Debt&#8221;.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Material Modifications to the Rights of Security Holders and Use of Proceeds</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Use of Proceeds</FONT></B></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">165</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">On April 30, 2007, we completed an initial public offering. We received U.S.$57.7 million in net proceeds from the offering. We did not receive any proceeds from the sale of our shares and ADSs by our selling shareholders in the offering. We used all of the net proceeds we received from the offering to repurchase a part of our then outstanding Fixed Rate Par Notes due 2016 and Discount Notes due 2014 in various market repurchase transactions during 2007 and to make capital expenditures. </FONT></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Controls and Procedures </FONT></I></B></P>

<P style="MARGIN: 0in 0in 12pt 1in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Disclosure Controls and Procedures.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our management has evaluated, with the participation of our chief executive officer and chief&nbsp;financial officer, the effectiveness of the design and operation of the Company&#8217;s disclosure controls and procedures pursuant to Rule 13a-15e of the Securities Exchange Act of 1934 as of December 31, 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives. Based upon that evaluation, management, including the chief executive officer and chief financial officer concluded that as of December 31, 2018, the Company&#8217;s disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed by the Company in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.</FONT></P>

<P style="MARGIN: 0in 0in 12pt 1in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">b)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Management&#8217;s Annual Report on Internal Control Over Financial Reporting</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934. The company&#8217;s internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. The company&#8217;s internal control over financial reporting includes those policies and procedures that:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 1in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">i.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 1in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ii.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 1in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">iii.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company&#8217;s assets that could have a material effect on the financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our management assessed the effectiveness of the company&#8217;s internal control over financial reporting as of December 31, 2018. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO 2013) in Internal Control-Integrated Framework. Based on our assessment and those criteria, management believes that the company maintained effective internal control over financial reporting as of December 31, 2018.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">166</FONT></P>

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&nbsp; <A name="page_169"></A>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The effectiveness of the Company&#8217;s internal control over financial reporting as of December 31, 2018 has been audited by Price Waterhouse &amp; Co. S.R.L., an independent registered public accounting firm, as stated in their report, which is included herein.</FONT></P>

<P style="MARGIN: 0in 0in 12pt 1in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">c)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Attestation Report of the Registered Public Accounting Firm</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Reference is made to the report of the Price Waterhouse &amp; Co. S.R.L. on page F-102 of this annual report.</FONT></P>

<P style="MARGIN: 0in 0in 12pt 1in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">d)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Changes in Internal Control over Financial Reporting</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">There has been no change in our internal control over financial reporting during 2018 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 16A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Audit Committee Financial Expert</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our board of directors has determined that Eduardo Llanos, an independent member of our board of directors, under Argentine law and Rule 10A-3, is an &#8220;audit committee financial expert&#8221; as defined in Item 16A of Form 20F under the Securities and Exchange Act of 1934 until April 29, 2019. See &#8220;Item 6. Directors, Senior Management and Employees</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8212;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Directors and Senior Management</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&#8212;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Audit Committee&#8221;.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 16B.&nbsp;&nbsp; </FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Code of Ethics</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our company adopted a code of ethics in May 1999, which applies to all of our employees, including our principal executive, financial and accounting officers. In 2012 and 2015, we reviewed and updated our code of ethics, and we posted a copy of our revised code of ethics on our website at http://www.edenor.com.ar.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Company continues to apply the Code of Ethics approved in 2015 and updated in 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Code provides a roadmap to how we are expected to conduct ourselves and lays the foundation for delivering the service of excellence in service we aim to achieve. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">In 2018, internal dissemination campaigns addressed to the personnel continued to be made concerning the values and the ethical lines to report or make inquiries about any eventual violation of the Code. They are dealt with continuously, taking the required actions in each particular case.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Code of Ethics is available, for dissemination purposes and in order for the employees to adhere thereto, on both the integration, communication and management platform &#8220;edenorcerca&#8221; and the platform where employee pay stubs are stored.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 16C.&nbsp;&nbsp; </FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Principal Accountant Fees and Services </FONT></I></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Price Waterhouse &amp; Co. S.R.L. (member firm of PricewaterhouseCoopers network) acted as our independent registered public accounting for the fiscal years ended December 31, 2018 and 2017. The chart below sets forth the services rendered to us by Price Waterhouse &amp; Co. S.R.L. and the fees accrued in the last two years for those services (including related expenses), and breaks down these amounts by category of service in Pesos in nominal currency: </FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Year ended December 31,</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">2018</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">2017</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp; 13,082,177 </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp; 12,254,793 </FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp; - </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="68%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Tax fees</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp; - </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp; - </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="68%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">All other fees</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp; - </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Total</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp; 13,082,177 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp; 12,254,793 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">We have adopted pre-approval policies and procedures under which all audit services provided by our external auditors must be pre-approved by the audit committee as set forth in our internal policies. Any service proposals submitted by external auditors need to be discussed and approved by the audit </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">committee during its meetings. Once the proposed service is approved, we formalize the engagement of services. The approval of any audit services to be provided by our external auditors is specified in the minutes of our audit committee.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">167</FONT></P>

<DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_170"></A>




<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 16D.&nbsp;&nbsp; </FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Exemptions from the Listing Standards for Audit Committees</FONT></I></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Not applicable.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 16E.&nbsp;&nbsp; </FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Purchases of Equity Securities by the Issuer and Affiliated Purchasers&nbsp;</FONT></I></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BORDER-TOP: #000000 1px solid; BACKGROUND: #1a458c; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=#ffffff face=verdana,sans-serif>Period</FONT></B></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid; BACKGROUND: gray; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="25%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=#ffffff face=verdana,sans-serif>(a) Total Number of Shares(or Units) Purchased</FONT></B></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=#000000 face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BACKGROUND: gray; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="25%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=#ffffff face=verdana,sans-serif>(b) Average Price Paid per Share (or Units)</FONT></B></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=#000000 face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BACKGROUND: gray; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=#ffffff face=verdana,sans-serif>(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs </FONT></B></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=#000000 face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BACKGROUND: gray; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=#ffffff face=verdana,sans-serif>(d) Maximum Number (or Approximate Dollar Value) of Shares ( or Units) that May Yet Be Purchased Under the Plans or Programs </FONT></B></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new (w1)"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=#000000 face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=#000000 face=verdana,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=#000000 face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=#000000 face=verdana,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face="times new (w1)"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>2018</FONT></B></P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>ADS</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>Common Shares</FONT></B></P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>ADS</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>Common Shares</FONT></B></P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>Common Shares <SUP>(*)</SUP></FONT></B></P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new (w1)"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>Jan.</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>- </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>Feb.</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>Mar.</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>Apr.</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>May&nbsp; </FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>372,000</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>U.S.$ 45.43</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>7,440,000</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>for up to U.S.$40 million, or any lower amount resulting in such acquisition reaching 10% of our capital stock.</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>(i)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>Jun.</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>273,891</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>U.S.$ 41.88</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>5,477,820</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>for up to U.S.$40 million, or any lower amount resulting in such acquisition reaching 10% of our capital stock.</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>(i)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>Jul.&nbsp; </FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>Aug.&nbsp; </FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>Sep.&nbsp; </FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>Oct.&nbsp; </FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>Nov.</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>Dec.</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>133,652</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>U.S.$ 25.94</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>2,673,040</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>for up to Ps. 800 million, or any lower amount resulting in such acquisition reaching 10% of our capital stock.</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>(ii)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD></TR>

<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #1a458c; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=white face=verdana,sans-serif>Period</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND: gray; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="25%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=white face=verdana,sans-serif>(a) Total Number of Shares(or Units) Purchased</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: gray; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="25%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=white face=verdana,sans-serif>(b) Average Price Paid per Share (or Units)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: gray; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=white face=verdana,sans-serif>(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs </FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: gray; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=white face=verdana,sans-serif>(d) Maximum Number (or Approximate Dollar Value) of Shares ( or Units) that May Yet Be Purchased Under the Plans or Programs </FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new (w1)"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new (w1)"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>2019</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>ADS</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>Common Shares</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>ADS</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>Common Shares</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>Common Shares <SUP>(*)</SUP></FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>Jan.</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>165,200</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>U.S.$ 27.28</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>3,304,000</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>for up to Ps. 800 million, or any lower amount resulting in such acquisition reaching 10% of our capital stock.</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>(ii)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>Feb.</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>113,324</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>U.S.$ 27.81</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>2,266,480</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>for up to Ps. 800 million, or any lower amount resulting in such acquisition reaching 10% of our capital stock.</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>(ii)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>Mar.</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>32,200</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>U.S.$ 21.26</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>644,000</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>for up to Ps. 800 million, or any lower amount resulting in such acquisition reaching 10% of our capital stock.</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>(ii)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>Apr.</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>85,796</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>U.S.$ 17.44</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>1,715,920</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>for up to Ps. 800 million, or any lower amount resulting in such acquisition reaching 10% of our capital stock.</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6.5pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>(iii)</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">(*) Each ADS represents 20 common shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">(i) On May, 10, 2018, the Board of Directors approved the repurchase of Edenor shares plan (&#8220;Repurchase Program I&#8221;) in accordance with Section 64 of Law No. 26.831 and the CNV rules with the purpose of contribute to the reduction of the gap between the Company's fair value based on its assets value and the quoted price from stock exchange, seeking to contribute the market&#8217;s strengthening by efficiently applying the Company&#8217;s strong cash position. According to the following terms and conditions: (a) Maximum Amount to Invest: Up to U.S.$ 40,000,000; (b) Maximum amount of Edenor shares or maximum percentage of Edenor capital stock subject to the acquisition: an amount that will never surpass the 10% of our capital stock limit at the time of the acquisition of the Edenor shares, as per the applicable law; (c) Price Per Share: Up to Ps. 60 per share in the BASE and up to U.S.$ 55 per ADR in the NYSE; (d) Period in which the acquisitions will be performed: a 120 day period, counted as from the business day following the one when the repurchase is published in the communications media to the market and subject to any renewal or extension of the term that will be duly informed. As of the date of this annual report, this program has expirated.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">(ii) On December, 04, 2018, the Board of Directors approved the repurchase of Edenor shares plan (&#8220;Repurchase Program II&#8221;) in accordance with Section 64 of Law No. 26.831 and the CNV rules with the purpose of contribute to the reduction of the gap between the Company's fair value based on its assets value and the quoted price from stock exchange, seeking to contribute the market&#8217;s strengthening by efficiently applying the Company&#8217;s strong cash position. According to the following terms and conditions: (a) Maximum Amount to Invest: Up to Ps. 800,000,000; (b) Maximum amount of Edenor shares or maximum percentage of Edenor capital stock subject to the acquisition: an amount that will never surpass the 10% of our capital stock limit at the time of the acquisition of the Edenor shares, as per the applicable law; (c) Price Per Share: Up to U.S.$ 1,5 per share in the BASE and up to U.S.$ 30 per ADR in the NYSE; (d) Period in which the acquisitions will be performed: a 120 day period, counted as from the business day following the one when the repurchase is published in the communications media to the market and subject to any renewal or extension of the term that will be duly informed. As of the date of this annual report, this program has expirated.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">(iii) On April, 08, 2019, the Board of Directors approved the repurchase of Edenor shares plan (&#8220;Repurchase Program III&#8221;) in accordance with Section 64 of Law No. 26.831 and the CNV rules with the purpose of contribute to the reduction of the gap between the Company's fair value based on its assets value and the quoted price from stock exchange, seeking to contribute the market&#8217;s strengthening by efficiently applying the Company&#8217;s strong cash position. According to the following terms and conditions: (a) Maximum Amount to Invest: Up to Ps. 800,000,000; (b) Maximum amount of Edenor shares or maximum percentage of Edenor capital stock subject to the acquisition: an amount that will never surpass the 10% of our capital stock limit at the time of the acquisition of the Edenor shares, as per the applicable law; (c) Price Per Share: Up to U.S.$ 1,15 per share in the BASE and up to U.S.$ 23 per ADR in the NYSE; (d) Period in which the acquisitions will be performed: a 120 day period, counted as from the business day following the one when the repurchase is published in the communications media to the market and subject to any renewal or extension of the term that will be duly informed. As of the date of this annual report, this program is in force.</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 16F.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp; </FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Change in Registrant&#8217;s Certifying Accountant</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">168</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 16G.&nbsp;&nbsp; </FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Corporate Governance</FONT></I></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Pursuant to Rule 303A.11 of the Listed Company Manual of the New York Stock Exchange (NYSE), we are required to provide a summary of the significant ways in which our corporate governance practices differ from those required for U.S. companies under the NYSE listing standards. Our corporate governance practices are governed by our bylaws, Argentine corporate and securities law (including the Argentine Corporations Law, the CML and Law No. 26,386) and the regulations issued by the CNV, such as the Corporate Governance Code CNV&#8217;s General Resolution No. 606/12 (the &#8220;CGC&#8221;).</FONT></P>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 10pt 21.3pt; TEXT-INDENT: -0.3in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">F.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal" face="times new roman">N</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.1pt; LINE-HEIGHT: normal" face="times new roman">Y</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">SE </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal" face="times new roman">LISTED COMPANY MANUAL SECTION</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">303.A</FONT></B></P></TD>

   <TD style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="54%" colSpan=3>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 10pt 21.3pt; TEXT-INDENT: -0.3in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">G.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal" face="times new roman">E</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">d</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal" face="times new roman">e</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">no</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal" face="times new roman">r&#8217;</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">s</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal" face="times new roman">C</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">o</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal" face="times new roman">r</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">po</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal" face="times new roman">r</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">a</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal" face="times new roman">t</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">e</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">P</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal" face="times new roman">r</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">a</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal" face="times new roman">c</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal" face="times new roman">t</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal" face="times new roman">ice</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">s </FONT></B></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">SECTION 303A.01.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> Independent directors must constitute the majority of a listed company&#8217;s board of directors. </FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="54%" colSpan=3>

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 5.75pt 10pt 0.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Ed</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nor</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">f</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ll</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">w</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">A</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">g</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ne</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">w</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">w</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ic</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">not </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">re</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">q</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">u</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ir</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.2pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">j</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">y</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">of</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">bo</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d of</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">re</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">be </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">rise</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">f</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nd</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nd</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ir</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ct</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">rs</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">A</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">g</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ti</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">w </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">tea</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">re</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">q</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">u</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">re</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">pu</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">b</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ie</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">A</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">g</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">na h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">v</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">u</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">f</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">f</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nt</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">u</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">b</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">of</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nd</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nd</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nt</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ec</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; 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LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">f</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ud</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">itte</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">f</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; 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LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ers</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">he</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.2pt; 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LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nd</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">u</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">rs</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">u</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nt</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">he</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">cr</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ta</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">b</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">by </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">he</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">C</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">N</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">V</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">A</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">f</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> the date of this annual report</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">,</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">seven</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">of</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">E</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">no</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&#8217;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">w</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">el</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">v</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ct</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">are</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nd</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nd</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">un</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">A</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">g</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ti</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">la</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">w </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nd </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">R</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">u</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">10</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">A</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">-</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">3 of</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">he</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">S</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ec</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">u</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ie</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Ex</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">g</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">A</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t of</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">1934,</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nd</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">(</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">he</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&#8220;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Ex</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">g</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">A</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&#8221;)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">.</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 5.75pt" vAlign=top width="45%">

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 5.85pt 10pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">SECTION 303A.02.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> This rule establishes the standards that determine whether a director qualifies as independent. </FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">It provides that directors cannot qualify as independent unless the board of directors finds them to have no material relationship with the listed company. A number of per se exclusions from independence apply, generally triggered by having a connection, individually or through an immediate family member, to the listed company or to a company that has a material relationship with the listed company as a shareholder, employee, officer, or director of the listed company.</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="54%" colSpan=3>

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">The CNV&#8217;s Regulations, specifically Article 11 of Section III, Chapter III, Title II and Article 24 of Section VII, Chapter I, Title VI, indicate the criteria for establishing independence of a director. They provide that any director who does any of the following is not independent:</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Has been a member of the management body for the controlling entity or another company belonging to the same economic group of the issuer by a preexistent relationship to the moment of his/her election, or if said relationship had ceased to exist during the previous three years;</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Is associated to the issuer or any of its shareholders that have significant participation, directly or indirectly, with the issuer; or with companies with which they have significant participation, directly or indirectly; or if he/she was associated to them by an employment relationship for the past three years;</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(iii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Has professional relationships or is affiliated to a professional organization or entity that maintains a frequent professional relationship of such nature and of relevant volume with, or that entitles him or she to a remuneration or fees (different from those corresponding to the functions that he/she fulfils in the management body), from the issuer, the issuer&#180;s shareholders that have directly or indirectly &#8220;significant participations&#8221; or with companies in which these too have, directly or indirectly, &#8220;significant participations&#8221;. This prohibition comprises the professional relationships and affiliation during the last three years prior to his/hers appointment as director;</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(iv)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Holds FIVE percent (5%) or more, directly or indirectly, of shares attached with voting rights and/or capital stock of the issuer or any company with a &#8220;significant participation&#8221; in it;</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(v)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Directly or indirectly, sells and/or provides goods and/or services &#8211; different from those accounted for in subsection c) &#8211; frequently and in such nature and volume relevant to the issuer or its shareholders that have a &#8220;significant participation&#8221; with it, directly or indirectly, for which he or she has perceived amounts substantially superior to those perceived for his or her functions as a member of the management body. This prohibition comprises the commercial relationships that took place during the last three years prior to his/her appointment as director;</FONT></P></TD></TR></TABLE></DIV>

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   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 5.85pt 10pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="54%" colSpan=3>

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(vi)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Has been director, manager, administrator or principal executive of nonprofit organizations that have been benefited from funds proceeding from the company, its controlling company and any other company belonging to the same organization, by an amount superior to those described in article 12 subsection I) of the Resolution UIF N&#186; 30/11 and its amendments thereto;</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(vii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Receives any payment, including the participation in plans or stock option schemes, from the company or from another company belonging to the same economic group, other than the compensation paid as a member of the board of directors, except dividends paid as a shareholder of the company in the terms of paragraph d) and the corresponding to the consideration described in paragraph e);</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(viii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Has been a director for the issuer, the controlling entity or another company belonging to the same economic group of the issuer for more than ten years. If said relationship had ceased to exist during the previous three years, the independent condition will be recovered; </FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(ix)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Is spouse or a legally recognized partner, up to the third grade of consanguinity or second grade of affinity, of the members of the management body of the company that do not comply with the conditions described in the previous points;</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(x)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Is a member of the board of directors or supervisory committee in one or more companies registered as negotiating agent, liquidation and compensation agent and/or broker of negotiable securities, that are members of the respective stock exchange market or are linked by a dependency relationship with members of such stock exchange market; and</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">(xi)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Maintains, directly or indirectly, a significant participation in one or more companies registered as negotiating agent, liquidation and compensation agent and/or broker of negotiable securities, which are members of the stock exchange market.</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 10pt 27.9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">In addition, Article 4 of Section III, Chapter I, Title XII of the CNV&#8217;s Regulations provides that at each election of directors, the non-independence or independence of any candidates proposed at the shareholders&#8217; meeting must be disclosed. Moreover, after the shareholders&#8217; meeting in which directors are appointed, the personal data of the appointed directors and their qualification as independent or non-independent (in the latter case in the form of an affidavit executed by each director) must be disclosed to the CNV and the exchanges where the company has its securities listed.</FONT></P></TD></TR></TABLE></DIV>

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   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 9.2pt 10pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">SECTION 303A.03.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> This rule requires regular scheduled meetings of non-management directors to increase the involvement and efficiency of such director.</FONT></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="54%" colSpan=2>

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 9.2pt 10pt 0pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">N&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Neither </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">A</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">g</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ti</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">w nor</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Ed</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">no</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&#8217;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">b</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">y</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">la</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">w</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">re</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">q</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">u</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ny</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; 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TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">g</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">be</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">el</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d. </FONT></P>

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LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">y</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; 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LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">U</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nd</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">A</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">g</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ne</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">la</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">w</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">,</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">he</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> b</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ar</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">f</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; 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LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">y </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">pp</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; 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LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">si</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">b</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">si</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">g</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ir</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ct</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">executive </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">irect</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">rs</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> and or </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">g</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">er</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">of </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">he</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">C</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">y</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">A</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ls</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nd</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">y</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">f</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">or</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">pu</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">b</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">li</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ie</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">have</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">up</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">v</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">is</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">y</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">mm</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">itte</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">(</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">C</FONT></I><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT></I><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT></I><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT></I><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT></I><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT></I><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&#243;n </FONT></I><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">F</FONT></I><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">isc</FONT></I><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT></I><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT></I><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT></I><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">z</FONT></I><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ad</FONT></I><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT></I><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT></I><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">,</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">w</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ic</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">es</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">b</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">f</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">on</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">it</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ri</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ng</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">le</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">g</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">lia</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nc</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">by</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">he</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">C</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ny with</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">A</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">g</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ti</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">w, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">by</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">la</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">w</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; 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TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ho</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">er</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&#8217;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">es</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">u</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">on</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 2.3pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">T</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">he </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">up</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">er</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">v</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">y</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ittee</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">,</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">w</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">hout</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">j</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ud</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">he </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; 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LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">er</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; 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LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">The </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">up</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">er</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">v</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; 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LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">itte</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; 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LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ec</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">on Ed</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">no</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r&#8217;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">qu</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">rl</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">y</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">f</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">st</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">te</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ts</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 2.4pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">T</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">b</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">er</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">of</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">u</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">er</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">v</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">is</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">y </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">itte</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ot</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">of</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">y</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">.</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 5.75pt" vAlign=top width="45%">

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 9.2pt 10pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">SECTION 303A.04.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> Listed companies must organize a Nominating and Corporate Governance Committee composed entirely of independent directors.</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="54%" colSpan=2>

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 9.2pt 10pt 0in; TEXT-INDENT: -4.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Neither</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">A</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">g</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ti</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">w nor</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Ed</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">no</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&#8217;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">b</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">y</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">la</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">w</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">re</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">q</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">u</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">having</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Nominating</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">C</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">itte</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nor</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">C</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">G</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">v</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">er</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> C</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">mm</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ittee. We note, however, that CNV corporate governance rules recommend having rules and procedures relating to the selection of Board members and executive directors.</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 9.2pt 10pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">T</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">he</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">bo</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">f</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">re</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">itte</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nd o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">f</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">te</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n do</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">no</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">b</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ar</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">b</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nd</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">f</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">or </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">on</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">on by</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">are</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">rs</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">w</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ho</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">el</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">he bo</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ar</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; 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LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ec</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">rs</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">.</FONT></P>

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LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">b</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ar</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">f</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; 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<TR>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 5.75pt" vAlign=top width="45%">

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 9.2pt 10pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">SECTION 303A.05.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> Listed companies must organize a Compensation Committee composed entirely of independent directors. which satisfy additional independence requirements specific to Compensation Committee membership.</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="54%" colSpan=2>

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LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">w nor</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Ed</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">no</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&#8217;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">b</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">y</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">la</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">w</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">re</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">q</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">u</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">to have</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> &#8220;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">sa</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">on </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ittee</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&#8221;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nd Ed</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nor</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">u</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">mm</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ittee</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">. The CNV corporate governance rules recommend issuers to have compensation policies applicable to Board members and corporate managers. </FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 9.2pt 10pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Edenor&#8217;s Audit Committee is required to give an opinion about the reasonableness of a director&#8217;s fees and stock option plans (if applicable), as proposed by our board of directors.</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 9.2pt 10pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Sh</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">are</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">er</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">he</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nn</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">u</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ar</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">y</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> g</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">er</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">eeti</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ng</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">et</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ne</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">he</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">annual compensation</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">b</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">er</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">of</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e bo</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ar</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">of</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ec</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">rs</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">.</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 9.2pt 10pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">T</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">he</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> Human Resources Director and the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">C</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">EO of</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Ed</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nor</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">lar</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">y</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">of</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">he</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">b</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">er</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">of</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">g</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 2.4pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">T</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">he</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">b</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d of directors determines the salary of the CEO.</FONT></P></TD></TR></TABLE></DIV>

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   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 9.2pt 10pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">SECTION 303A.06.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> Listed companies must organize an audit committee that meets the requirements set forth in the Securities Exchange Act of 1934.</FONT></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="54%" colSpan=2>

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LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">u</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">b</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">je</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; 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Ed</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">no</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&#8217;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ud</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">itte</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> is e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">y</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">composed of i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nd</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">b</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">er</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">of</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Ed</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&#8217;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">b</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ar</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">of</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ct</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">rs</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">.</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 5.75pt" vAlign=top width="45%">

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 9.2pt 10pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">SECTION 303A.07.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> The audit committee must have at least 3 members, all of whom must qualify as independent.</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 9.2pt 10pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">In addition, the audit committee must have written regulations establishing: (i) the purpose of the committee; (ii) the annual assessment of the committee&#8217;s performance; and (iii) the committee&#8217;s duties and responsibilities. </FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 9.2pt 10pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Finally, the rule establishes that listed companies must have internal audit functions within their organization in order to assist both the audit committee and the company&#8217;s management in matters related to risk and internal control processes.</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="54%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 9.2pt 10pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">A</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> f</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">g</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ri</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">v</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">at</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">u</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">,</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Ed</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nor</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ot</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">u</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">b</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">je</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o &#167;303</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">A</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">.07. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">A</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; 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LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">itte</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; 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LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ti</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">v</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nd</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">acc</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">un</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ti</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ng</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">y</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ste</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">up</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">er</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">v</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ng </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">he</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">pp</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ic</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">on </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">f</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Ed</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&#8217;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ris</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">k</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">g</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nt po</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">es</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">v</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ng</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">he</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">k</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">q</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">u</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">at</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">f</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ati</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">on</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">re</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">g</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ar</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ng</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">on</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">fl</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ic</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">of</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">te</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">y</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">aris</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">b</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">et</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">w</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n Ed</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">no</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r&#8217;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ny</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nd Ed</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">no</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&#8217;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ec</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">or</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">on</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">tr</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ng</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">rs</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">re</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nd</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ng</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">op</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ons</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">on relevant</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ra</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ac</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ons</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">w</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">it</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">te</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ar</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nd </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">u</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">er</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">v</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ng</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">re</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ng</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">re</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">g</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">u</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">y </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">u</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">he</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">x</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">st</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">f</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ny</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> k</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nd of</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">f</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">of </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">er</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">st</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">.</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 9.2pt 10pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Argentine law does not require the audit committee to issue its own regulations. The scope of the committee&#8217;s powers and obligations is detailed in Article 110 of the CML and Article 17 and following sections of Section 5, Chapter III, Title II, of the CNV&#8217;s Regulations. Such obligations and responsibilities are similar to those attributed to this body under the U.S. law.</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 9.2pt 10pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">U</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nd</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">A</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">g</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ne</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">la</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">w</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">,</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">no</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">re</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">q</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">u</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">re</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; 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LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">he</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">f</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ci</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">x</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">is</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">f</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">he</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">b</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">er</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">of </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">he</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ud</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">mm</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ittee</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">H</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">w</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ev</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">er</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">he</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">b</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">er</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">of Ed</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">no</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&#8217;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ud</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">mm</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">itte</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">v</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">x</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">te</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">si</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">v</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">po</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nd </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">f</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">xp</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ri</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ce</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 2.4pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">A</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">as</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">one</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">b</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">of </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">he</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ud</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">mm</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">itte</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; 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LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">x</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; 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LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&#8217;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">te</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">po</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ies</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">, Ed</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">no</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&#8217;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ud</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">mm</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">itte</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">u</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">re</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">-</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">pp</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">v</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> al</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ud</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nd</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">non</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">-</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ud</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ser</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">v</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ce</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">v</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d by</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">x</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ud</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">.</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 5.75pt" vAlign=top width="45%">

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 9.2pt 10pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">SECTION 303A.08.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> The shareholders must be given the opportunity to vote on equity-compensation plans and their material revisions, although there are exceptions to this requirement, such as when these compensation plans serve as labor incentive tools.</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="54%" colSpan=2>

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 9.2pt 10pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Ed</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nor</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">do</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">not</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">v</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ny</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">qu</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">it</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">y</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ti</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">on p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">la</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ns</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nd</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">f</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">do</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">v</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">du</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">f</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">or</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">pp</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">v</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">of</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">u</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">la</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">.</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 5.75pt" vAlign=top width="45%">

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 9.2pt 10pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">SECTION 303A.09.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> Listed companies must adopt and disclose their corporate governance guidelines.</FONT></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="54%" colSpan=2>

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 9.2pt 10pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">CML </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">re</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">q</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">u</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ir</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Ed</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">or</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">v</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">de</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> g</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">v</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">er</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">-</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">relat</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">f</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ati</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">on</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">he</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nnu</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; 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LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nt</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">sati</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n,</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nd </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ny</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; 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LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ti</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">y</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ste</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">pp</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; 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LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; 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TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">er</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">f</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">v</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">al</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">u</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; 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LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Sh</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">re</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">rs</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&#8217;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">M</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">g</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">.</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 9.2pt 10pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Listed companies must meet the annual disclosure requirements of the CGC. Listed companies must issue a report stating whether and how they follow the recommendations provided by the CGC or explaining the reasons for their failure to adopt such recommendations, either fully or in part, and/or whether they plan to adopt them in the future. This information must appear in their annual report, attached to the financial statements for the relevant fiscal year as a separate exhibit.</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 9.2pt 10pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Once filed with the CNV and the exchange markets where the company is listed, the CGC report qualifies as public information.</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 9.2pt 10pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Edenor complies with the CGC annual disclosure requirements and fully disclose all corporate governance policies and practices. This information may be viewed on the company&#8217;s website at http://www.edenor.com.ar.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=red face="Times New Roman"> </FONT></P></TD></TR></TABLE></DIV>

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   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 9.2pt 10pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">SECTION 303A.10.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> Listed companies must adopt and disclose to the market a Code of Ethics and Business Conduct which is applicable to their directors, officers and employees. In addition, any waiver of the provisions contained in this Code in favor of any of the parties that are subject to it must be immediately disclosed.</FONT></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="53%" colSpan=2>

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 9.2pt 10pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Under Argentine law there is no requirement that companies adopt a code of conduct. Nonetheless, our company adopted a code of ethics in 1999, which applies to all of our employees, including our principal executive, financial and accounting officers. In 2015 and 2017, we reviewed and updated our code of ethics. </FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 9.2pt 10pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">SECTION 303A.12(a).</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> The Chief Executive Officer (CEO) of a listed company must certify on an yearly basis that he or she has no knowledge of any violation or default of the corporate governance listing standards. </FONT></P>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 9.2pt 10pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Additionally, the CEO must promptly notify the NYSE in writing after any executive officer of the listed company becomes aware of any non-compliance with any provision of the governance listing standards.</FONT></P>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 9.2pt 10pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Finally, listed companies must file an annual statement and updated reports with the NYSE disclosing any changes in the composition of their board of directors or any of the committees described in Section 302A of the NYSE LCM.</FONT></P></TD>

   <TD style="HEIGHT: 225pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="53%" colSpan=2>

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 9.2pt 10pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">N</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">si</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ila</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ob</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">g</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">at</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">on </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">x</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">und</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">A</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">g</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ne </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">le</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">g</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">is</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">on. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">H</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">w</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">v</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">er</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">,</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">w</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">it</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">A</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">g</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ti</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ne</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">la</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">w</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">he</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">of</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ny </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">u</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nnu</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ll</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">y</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ub</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">f</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">or</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">it</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ho</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">er</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&#8217;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; 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LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">u</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; 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LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; 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LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">are</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; 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LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">eeti</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">g</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">A</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ls</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o, Ed</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nor</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; 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LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">v</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; 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TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">q</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">u</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">cl</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">he </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">NY</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">SE </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">cer</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ai</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">g</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">u</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ittee</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ud</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ng</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ny</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">g</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ff</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ct</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> c</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">itt</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e&#8217;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; 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LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">lie</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">w</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h &#167;303</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">A</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">.12</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">(</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">b</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">,</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">he</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">x</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">te</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">la</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">he </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">sec</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">of</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">he</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">NY</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">SE L</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">d </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">C</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">m</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ny</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Ma</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">nu</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">h</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">pp</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">l</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">y</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">f</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ei</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">g</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">n p</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">r</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">v</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">at</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">e</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">is</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">u</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.05pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">ers</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">.</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 9.2pt 10pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Edenor complies with the certification requirements under &#167;303A.12(c).</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 9.2pt 10pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P></TD>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">173</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 16 H. </FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Mine Safety Disclosures</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp; &nbsp;</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Not applicable.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">174</FONT></P></DIV>

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<a name="_bclPageBorder177"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">PART III </FONT></B>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Financial Statements</FONT></I></B></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The Registrant has responded to Item 18 in lieu of this Item. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Financial Statements</FONT></I></B></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Our financial statements are included in this annual report beginning on page F-1.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Item 19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Exhibits</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt; TEXT-INDENT: 20pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Documents filed as exhibits to this annual report:</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Estatutos sociales</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"> (corporate bylaws) of Empresa Distribuidora y Comercializadora Norte S.A. (English translation) (previously filed as Exhibit 3.1 to Edenor&#8217;s Registration Statement on Form F-1 (File No. 333-141894) on April 4, 2007 and incorporated by reference herein.)</FONT></P>

<P style="MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form of Deposit Agreement among Empresa Distribuidora y Comercializadora Norte S.A., The Bank of New York, as depositary, and the Holders from time to time of American Depositary Shares issued thereunder, including the form of American Depositary Receipts (previously filed as Exhibit 4.1 to Edenor&#8217;s Amendment No. 2 to Registration Statement on Form F-1 (File No. 333-141894) on April 20, 2007 and incorporated by reference herein.)</FONT></P>

<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indenture dated October 9, 2007, between Empresa Distribuidora y Comercializadora Norte S.A., as Issuer, and The Bank of New York, as Trustee, Co-Registrar and Paying Agent, and Banco Santander R&#237;o S.A., as Registrar, Transfer and Paying Agent in Argentina and Representative of the Trustee in Argentina (previously filed as Exhibit 2.3 to Edenor&#8217;s Annual Report on Form 20-F (File No. 001-33422) on June 26, 2008 and incorporated by reference herein).</FONT></P>

<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration Rights Agreement, dated October 9, 2007, between Empresa Distribuidora y Comercializadora Norte S.A. and Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. as Representatives of the Initial Purchasers (previously filed as Exhibit 2.4 to Edenor&#8217;s Annual Report on Form 20-F (File No. 001-33422) on June 26, 2008 and incorporated by reference herein).</FONT></P>

<P style="MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indenture dated October 25, 2010, between Empresa Distribuidora y Comercializadora Norte S.A., as Issuer, and The Bank of New York, as Trustee, Co-Registrar and Paying Agent, and Banco Santander R&#237;o S.A., as Registrar, Transfer and Paying Agent in Argentina and Representative of the Trustee in Argentina (previously filed as Exhibit 2.5 to Edenor&#8217;s Annual Report on Form 20-F (File No. 001-33422) on June 6, 2011, and incorporated by reference herein).</FONT></P>

<P style="MARGIN: 0in 0in 12pt 35.45pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">
<A href="exhibit12_1.htm">12.1</A></FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">
<A href="exhibit12_1.htm">Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</A></FONT></P>

<P style="MARGIN: 0in 0in 12pt 35.45pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">
<A href="exhibit12_2.htm">12.2</A></FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">
<A href="exhibit12_2.htm">Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</A></FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">
<A href="exhibit13_1.htm">13.1</A></FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">
<A href="exhibit13_1.htm">Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</A></FONT></P>

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<a name="_bclPageBorder178"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">SIGNATURE </FONT></B>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=ES style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Empresa Distribuidora y Comercializadora Norte Sociedad An&#243;nima</FONT></P></TD></TR>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.5in 0in 12pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT style="FONT-VARIANT: small-caps" face="times new roman"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;/s/ Leandro Carlos Montero</FONT></FONT></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Date: April 26, 2019</FONT></P>

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   <P style="MARGIN: 0in 1in 12pt 17.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Name:&nbsp; Leandro Carlos Montero<BR>Title:&nbsp;&nbsp;&nbsp; Chief Financial Officer</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp;
<IMG border=0 src="ednlogo.gif"></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=black face=helv,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Empresa Distribuidora y Comercializadora Norte Sociedad An&#243;nima (Edenor S.A.)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Management&#8217;s Report on Internal Control Over Financial Reporting</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=#404040 face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Edenor S.A.&#8217;s Management is responsible for establishing and maintaining adequate internal control over financial reporting for Edenor S.A. as defined in Exchange Act Rule 13a-15(f) and 15d-15(f). Our internal control over financial reporting was designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board (&#8220;IFRS&#8221;). Internal control over financial reporting includes those policies and procedures that:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&#183; pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of Edenor S.A.;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&#183; provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS and that receipts and expenditures of Edenor S.A. are being made only in accordance with authorizations of Management and directors of Edenor S.A.; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&#183; provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of Edenor S.A.&#8217;s assets that could have a material effect on the financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Management conducted an evaluation of the effectiveness of Edenor S.A.&#8217;s internal control over financial reporting based on the framework in Internal Control &#8211; Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (&#8220;COSO&#8221;) in 2013 Based on such evaluation, Management concluded that the Edenor S.A.&#8217;s internal control over financial reporting was effective as of December 31, 2018. The effectiveness of Edenor S.A.&#8217;s internal control over financial reporting as of December 31, 2018 has been audited by Price Waterhouse &amp; Co S.R.L., an independent registered public accounting firm, as stated in their report which accompanies this report.</FONT></P>

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<P style="MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Date: April 1st, 2019</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>Report of Independent Registered Public Accounting Firm</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=black face="times new roman">To the Board of Directors and Shareholders of </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=black face="times new roman">Empresa Distribuidora y Comercializadora Norte </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=black face="times new roman">Sociedad An&#243;nima (Edenor S.A.) </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=black face="times new roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=black face="times new roman">Opinions on the Financial Statements and Internal Control over Financial Reporting</FONT></I></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=black face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=black face="times new roman">We have audited the accompanying statements of financial position of </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Empresa Distribuidora y Comercializadora Norte Sociedad An&#243;nima (the &#8220;Company&#8221;) as of December 31, 2018 </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=black face="times new roman">and </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">2017,</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=red face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=black face="times new roman">and the related statements of comprehensive income, changes in equity and cash flows for each of the three years in the period ended December 31</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">, 2018, including the related notes (collectively referred to as the &#8220;financial statements&#8221;). We also have audited the Company's internal control over financial reporting as of December 31, 2018, based on criteria established in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Internal Control - Integrated Framework</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">In our opinion, the</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=red face="times new roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2018</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=red face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=black face="times new roman">and 2017</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">, </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">and the results of its</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=red face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">operations and its</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=red face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">cash flows for each of the three years in the period ended December 31, 2018</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=red face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=black face="times new roman">in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2018, based on criteria established in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Internal Control - Integrated Framework</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=red face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">(2013)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=red face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">issued by the COSO.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Basis for Opinions</FONT></I></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=black face="times new roman">The Company's management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express opinions on the Company's financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=black face="times new roman">We conducted our</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"> audits i</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=black face="times new roman">n accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=red face="times new roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=black face="times new roman">financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=black face="times new roman">Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=red face="times new roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=black face="times new roman">financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=red face="times new roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=black face="times new roman">financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT></I></B>&nbsp;</P>

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<P style="MARGIN: 0in 0in 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Definition and Limitations of Internal Control over Financial Reporting</FONT></I></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. A company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">Autonomous City of Buenos Aires, Argentina</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">April 1, 2019.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=black face="times new roman">/s/ PRICE WHATERHOUSE &amp; CO. S.R.L.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=black face="times new roman">______________________________</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=black face="times new roman">&nbsp; /s/ Reinaldo Sergio Cravero (Partner)</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" color=black face="times new roman">We have served as the Company&#8217;s auditor since 2006.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt; LINE-HEIGHT: 115%" face=arial,sans-serif>FINANCIAL STATEMENTS</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt; LINE-HEIGHT: 115%" face=arial,sans-serif>AS OF DECEMBER 31, 2018, 2017 AND 2016 </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt; LINE-HEIGHT: 115%" face=arial,sans-serif>PRESENTED IN COMPARATIVE FORM</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>(Stated in thousands of pesos in measuring unit current &#8211; Note 3)</FONT></P>

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   <P style="MARGIN: 0in 0pt 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>General information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>8</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Regulatory framework</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>9</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Basis of preparation</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>14</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Accounting policies</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>16</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in; TEXT-INDENT: -63.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>5 |</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial risk management</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>2<FONT style="FONT-SIZE: 10pt" face=Arial>9</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Critical accounting estimates and judgments</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>3<FONT style="FONT-SIZE: 10pt" face=Arial>6</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Interest in joint venture</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>3<FONT style="FONT-SIZE: 10pt" face=Arial>9</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Contingent liabilities</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>39</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Property, plant and equipment</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>43</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial instruments</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Other receivables</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>47</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Trade receivables</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>48</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial assets at fair value through profit or loss</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>49</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial assets at </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>amortized cost</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>49</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Inventories</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Cash and cash equivalents</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Share capital and additional paid-in capital</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in; TEXT-INDENT: -63.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>18 |</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Allocation of profits</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>51</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in; TEXT-INDENT: -63.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>19 |</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Trade payables</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>51</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in; TEXT-INDENT: -63.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>20 |</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Other payables</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>52</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in; TEXT-INDENT: -63.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>21 |</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Deferred revenue</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>52</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in; TEXT-INDENT: -63.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>22 |</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Borrowings</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>52</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in; TEXT-INDENT: -63.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>23 |</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Salaries and social security taxes payable</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>55</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in; TEXT-INDENT: -63.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>24 |</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Benefit plans</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>56</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in; TEXT-INDENT: -63.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>25 |</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 1.35pt; TEXT-INDENT: -1.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>The Company&#8217;s Share-based Compensation Plan</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>58</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in; TEXT-INDENT: -63.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>26 |</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 1.35pt; TEXT-INDENT: -1.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Income tax </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>58</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in; TEXT-INDENT: -63.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>27 |</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Tax liabilities</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>61</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in; TEXT-INDENT: -63.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>28 |</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Leases</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>62</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in; TEXT-INDENT: -63.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>29 |</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Provisions</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>63</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in; TEXT-INDENT: -63.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>30 |</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Revenue from sales</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>63</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in; TEXT-INDENT: -63.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>31 |</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Expenses by nature</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>63</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in; TEXT-INDENT: -63.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>32 |</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Other operating expense, net</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>65</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in; TEXT-INDENT: -63.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>33 |</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Net financial expense</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>65</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in; TEXT-INDENT: -63.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0079c0 face=arial,sans-serif>34 |</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Basic and diluted earnings per share</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>66</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Termination of agreement on real estate asset&nbsp; </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT><FONT color=#a6a6a6 face=arial,sans-serif></FONT></P></DIV></TD></TR></TABLE></DIV></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Glossary of Terms</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The following definitions, which are not technical ones, will help readers understand some of the terms used in the text of the notes to </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>the Company&#8217;s Financial Statements.</FONT></P>

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   <TD style="BORDER-RIGHT: #ffffff 4px solid; BORDER-BOTTOM: #000000 1px solid" align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Terms</FONT></I>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Definitions</FONT></I>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ADS</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>American Depositary Shares</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ANSES</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Administraci&#243;n Nacional de la Seguridad Social</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>BNA</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Bank of the Argentine Nation</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>BCRA</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Central Bank of Argentina</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>CABA</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Ciudad Aut&#243;noma de Buenos Aires</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Administradora del Mercado Mayorista El&#233;ctrico</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>CAMMESA</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(the company in charge of the regulation and operation of the wholesale electricity market)</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>CNV</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>National Securities Commission</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>CPCCN</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Federal Code of Civil and Comercial Procedure of Argentina</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>CPD</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Company&#8217;s own distribution costs</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>CTLL</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Central T&#233;rmica Loma de la Lata S.A.</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>CSJN</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Supreme Court of Justice of Argentina</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>EASA</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Electricidad Argentina S.A.</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>edenor</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Empresa Distribuidora y Comercializadora Norte S.A.</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Edesur S.A</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Empresa Distribuidora Sur S.A.</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ENRE</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>National Regulatory Authority for the Distribution of Electricity</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>FNEE</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>National Electrical Energy Fund</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>FACPCE</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Argentine Federation of Professional Councils in Economic Sciences</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>FOCEDE</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Fund for Electric Power Distribution Expansion and Consolidation Works</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>FOTAE</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Trust for the Management of Electric Power Transmission Works</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ICBC</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Industrial and Commercial Bank of China</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>IAS</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>International Accounting Standards</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>IASB</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Accounting Standards Board</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>IEASA</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Argentine Energy Integration S.A.</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>IFRIC</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>International Financial Reporting Interpretations Committee</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>IFRS</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>International Financial Reporting Standards</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>INDEC</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>National Institute of Statistics and Census</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>IPC</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Consumer Price Index</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>IPIM</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Domestic Wholesale Price Index</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ITCRM</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Multilateral real exchange rate index</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>MEM</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Wholesale Electricity Market</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>MINEM</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Energy and Mining Ministry</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>NYSE</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>New York Stock Exchange</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>OSV</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Or&#237;genes Seguros de Vida S.A.</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>PEN</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Federal Government</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>PESA</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Pampa Energ&#237;a S.A.</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>RECPAM</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Gain on net monetary position</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>RDSA</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Ribera Desarrollos S.A.</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>RTI</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Tariff Structure Review</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>SACME</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>S.A. Centro de Movimiento de Energ&#237;a</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>SEE</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Electric Energy Secretariat</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>SEGBA</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Servicios El&#233;ctricos del Gran Buenos Aires S.A.</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>VAD</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Distribution Added Value</FONT>&nbsp;</TD></TR></TABLE>

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   <DIV>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></B></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Legal Information</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0in 10pt"><B><FONT lang=ES style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Corporate name:</FONT></B><FONT lang=ES style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif> Empresa Distribuidora y Comercializadora Norte S.A. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Legal address: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>6363 Del Libertador Ave., City of Buenos Aires</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Main business: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Distribution and sale of electricity in the area and under the terms of the Concession Agreement by which this public service is regulated.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Date of registration with the Public Registry of Commerce</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>: </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 20.25pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>of the Articles of Incorporation: August 3, 1992</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 20.25pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>of the last amendment to the By-laws: May 28, 2007</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 20.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Term of the Corporation</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>August</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>3, 2087</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Registration number with the &#8220;Inspecci&#243;n General de Justicia&#8221; (the Argentine governmental regulatory agency of corporations)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,559,940</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Parent company: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>PESA</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Legal address: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1 Maip&#250; Street, CABA</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Main business of the parent company:&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Study, exploration and exploitation of hydrocarbon wells, development of mining activities, industrialization, transport and sale of hydrocarbons and their by-products, and the generation, transmission and distribution of electricity. Investment in undertakings and in companies of any nature on its own account or on behalf of third parties or associates of third parties in Argentina or abroad.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Interest held by the parent company in capital stock and votes: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>51.76%</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=verdana,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>CAPITAL STRUCTURE</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>AS OF DECEMBER 31, 2018</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>(amounts stated in pesos)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P>

<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="71%"></TD>

   <TD width="28%" align=center></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Subscribed and</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 75.96pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Class of shares</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 17.64pt" align=center><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>paid-in</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 4px solid; BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(See Note 17)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Common, book-entry shares, face value 1 and 1</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>vote per share</FONT>&nbsp;</TD>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Class A</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>462,292,111</FONT></TD></TR>

<TR vAlign=bottom>

   <TD><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Class B (1)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>442,210,385</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Class C (2)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1,952,604</FONT></TD></TR>

<TR vAlign=bottom>

   <TD>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>906,455,100</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: normal" face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: normal" face=arial,sans-serif>Includes 23,385,028 and 7,794,168 treasury shares as of December 31, 2018 and 2017, respectively. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: normal" face=arial,sans-serif>(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: normal" face=arial,sans-serif>Relates to the Employee Stock Ownership Program Class C shares that have not been transferred.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P>

<P style="MARGIN: 0in 0in 0pt 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>

<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#bfbfbf face=Arial,sans-serif></FONT></B>&nbsp;</P></FONT>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>&nbsp; </FONT></P>

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   <TD>

   <DIV>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT><FONT color=#a6a6a6 face=arial,sans-serif></FONT></P></DIV></TD></TR></TABLE></DIV><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>edenor</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Statement of Financial Position </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>as of December 31, 2018 and 2017</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>(Stated in thousands of pesos in measuring unit current &#8211; Note 3)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P>

<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="10%"></TD>

   <TD width="1%"></TD>

   <TD width="12%"></TD>

   <TD width="1%"></TD>

   <TD width="12%"></TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Note</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.18</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.17</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 64%; BACKGROUND-COLOR: #ccecff" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>ASSETS</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 10%; BACKGROUND-COLOR: #ccecff" align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%; BACKGROUND-COLOR: #ccecff" align=left></TD>

   <TD style="WIDTH: 12%; BACKGROUND-COLOR: #ccecff" align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%; BACKGROUND-COLOR: #ccecff" align=left></TD>

   <TD style="WIDTH: 12%; BACKGROUND-COLOR: #ccecff" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" width="64%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Non-current assets</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="10%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="12%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 64%; BACKGROUND-COLOR: #ccecff" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Property, plant and equipment</FONT>&nbsp;</TD>

   <TD style="WIDTH: 10%; BACKGROUND-COLOR: #ccecff" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%; BACKGROUND-COLOR: #ccecff" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="WIDTH: 12%; BACKGROUND-COLOR: #ccecff" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>62,474,843</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%; BACKGROUND-COLOR: #ccecff" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 12%; BACKGROUND-COLOR: #ccecff" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>57,060,187</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Interest in joint ventures</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>8,844</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>10,693</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 64%; BACKGROUND-COLOR: #ccecff" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Other receivables</FONT>&nbsp;</TD>

   <TD style="WIDTH: 10%; BACKGROUND-COLOR: #ccecff" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>11</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%; BACKGROUND-COLOR: #ccecff" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>800,741</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%; BACKGROUND-COLOR: #ccecff" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>62,676</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" width="64%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total non-current assets</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="10%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>63,284,428</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>57,133,556</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD style="WIDTH: 64%; BACKGROUND-COLOR: #ccecff">&nbsp;</TD>

   <TD style="WIDTH: 10%; BACKGROUND-COLOR: #ccecff">&nbsp;</TD>

   <TD style="WIDTH: 1%; BACKGROUND-COLOR: #ccecff"></TD>

   <TD style="WIDTH: 12%; BACKGROUND-COLOR: #ccecff">&nbsp;</TD>

   <TD style="WIDTH: 1%; BACKGROUND-COLOR: #ccecff"></TD>

   <TD style="WIDTH: 12%; BACKGROUND-COLOR: #ccecff">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" width="64%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current assets</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="10%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="12%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 64%; BACKGROUND-COLOR: #ccecff" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Inventories</FONT>&nbsp;</TD>

   <TD style="WIDTH: 10%; BACKGROUND-COLOR: #ccecff" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>15</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%; BACKGROUND-COLOR: #ccecff" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="WIDTH: 12%; BACKGROUND-COLOR: #ccecff" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1,259,799</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%; BACKGROUND-COLOR: #ccecff" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 12%; BACKGROUND-COLOR: #ccecff" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>649,580</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Other receivables</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>11</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>242,117</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>296,219</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 64%; BACKGROUND-COLOR: #ccecff" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Trade receivables</FONT>&nbsp;</TD>

   <TD style="WIDTH: 10%; BACKGROUND-COLOR: #ccecff" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%; BACKGROUND-COLOR: #ccecff" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="WIDTH: 12%; BACKGROUND-COLOR: #ccecff" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>7,587,906</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%; BACKGROUND-COLOR: #ccecff" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 12%; BACKGROUND-COLOR: #ccecff" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>8,385,237</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Financial assets at fair value through profit or loss</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>3,381,550</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>4,278,008</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 64%; BACKGROUND-COLOR: #ccecff" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Financial assets at amortized cost</FONT>&nbsp;</TD>

   <TD style="WIDTH: 10%; BACKGROUND-COLOR: #ccecff" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>14</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%; BACKGROUND-COLOR: #ccecff" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="WIDTH: 12%; BACKGROUND-COLOR: #ccecff" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1,208,770</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%; BACKGROUND-COLOR: #ccecff" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 12%; BACKGROUND-COLOR: #ccecff" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>16,978</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>16</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>27,608</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>122,349</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 64%; BACKGROUND-COLOR: #ccecff" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total current assets</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 10%; BACKGROUND-COLOR: #ccecff" align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%; BACKGROUND-COLOR: #ccecff" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13,707,750</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%; BACKGROUND-COLOR: #ccecff" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13,748,371</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" width="64%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TOTAL ASSETS</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="10%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>76,992,178</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>70,881,927</FONT></B>&nbsp;</TD></TR></TABLE>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>

<DIV align=left>&nbsp;</DIV><FONT></FONT></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>edenor</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Statement of Financial Position </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>as of December 31, 2018 and 2017 </FONT></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>(continued)</FONT></I></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>(Stated in thousands of pesos in measuring unit current &#8211; Note 3)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P>

<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="10%" align=center></TD>

   <TD width="1%"></TD>

   <TD width="12%"></TD>

   <TD width="1%"></TD>

   <TD width="12%"></TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=left>&nbsp;<STRONG><FONT size=2 face=Arial>Note</FONT></STRONG>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.18</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.17</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="64%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>EQUITY</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="10%" align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Share capital and reserve attributable to the owners</FONT></B>&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="64%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>of the Company</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="10%" align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Share capital</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>17</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>883,342</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>898,661</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Adjustment to share capital</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>17</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>17,065,577</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>17,224,397</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Additional paid-in capital</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>17</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>240,621</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>229,921</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Treasury stock</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>17</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>23,113</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>7,794</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Adjustment to treasury stock</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>17</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>225,551</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>66,731</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Cost treasury stock</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="10%" align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(1,068,784)</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Legal reserve</FONT>&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>152,766</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>152,766</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Opcional reserve</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="10%" align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>367,058</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>367,058</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Other comprehensive loss</FONT>&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(136,877)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(132,930)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Accumulated losses</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="10%" align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>13,216,605</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>8,979,321</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TOTAL EQUITY</FONT></B>&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>30,968,972</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>27,793,719</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ccecff" width="64%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="10%" align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>LIABILITIES</FONT></B>&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="64%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Non-current liabilities</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="10%" align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Trade payables</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>19</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>286,217</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>355,706</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Other payables</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>20</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>7,624,145</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>8,909,968</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Borrowings</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>22</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>7,192,467</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>6,189,294</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Deferred revenue</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>21</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>275,437</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>287,384</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Salaries and social security payable</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>23</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>162,737</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>176,679</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Benefit plans</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>24</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>385,098</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>477,765</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Tax payable</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>26</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>8,048,308</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>7,290,150</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Provisions</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>29</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1,070,150</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>883,119</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total non-current liabilities</FONT></B>&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>25,044,559</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>24,570,065</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="64%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current liabilities</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="10%" align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Trade payables</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>19</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>14,608,977</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>13,577,520</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Other payables</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>20</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1,922,039</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>546,915</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Borrowings</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>22</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1,077,453</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>105,139</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="10%" align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1,035</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>291</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Deferred revenue</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>21</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>5,346</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>4,961</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Salaries and social security payable</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>23</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1,742,626</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1,801,492</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Benefit plans</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>24</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>32,365</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>46,375</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Tax payable</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>26</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>617,326</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>689,091</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Tax liabilities</FONT>&nbsp;</TD>

   <TD width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>27</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>784,045</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1,555,501</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="64%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Provisions</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="10%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>29</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>187,435</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>190,858</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total current liabilities</FONT></B>&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>20,978,647</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>18,518,143</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="64%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TOTAL LIABILITIES</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="10%" align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>46,023,206</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>43,088,208</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="64%">&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%">&nbsp;</TD>

   <TD width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="64%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TOTAL LIABILITIES AND EQUITY</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="10%" align=center>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>76,992,178</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff" width="12%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>70,881,927</FONT></B>&nbsp;</TD></TR></TABLE>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>The accompanying notes are an integral part of the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>Financial Statements</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>.</FONT></P>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=ES style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp; </FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>edenor</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Statement of Comprehensive Income</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>for the years ended December 31, 2018, 2017 and 2016 </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>(Stated in thousands of pesos in measuring unit current &#8211; Note 3)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 35.45pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt" align=center>&nbsp;</P>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 12.4pt">

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Note</FONT></B></P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.16 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.4pt">

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="57%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.4pt">

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Revenue</FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>30</FONT></B></P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55,953,649 </FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39,602,868 </FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25,826,759 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.4pt">

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Electric power purchases</FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (31,875,655) </FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (20,820,281) </FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (11,989,634) </FONT></P></TD></TR>

<TR style="HEIGHT: 12.4pt">

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Subtotal</FONT></B></P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.4pt; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>24,077,994</FONT></B></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.4pt; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>18,782,587</FONT></B></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.4pt; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>13,837,125</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.4pt">

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Transmission and distribution expenses</FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>31</FONT></B></P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (10,912,722) </FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9,247,065) </FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (13,263,857) </FONT></P></TD></TR>

<TR style="HEIGHT: 12.4pt">

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Gross gain</FONT></B></P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.4pt; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>13,165,272</FONT></B></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.4pt; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>9,535,522</FONT></B></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.4pt; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>573,268</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.2pt">

   <TD style="HEIGHT: 5.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.4pt">

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Selling expenses</FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>31</FONT></B></P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,032,681) </FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,567,838) </FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,379,261) </FONT></P></TD></TR>

<TR style="HEIGHT: 12.4pt">

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Administrative expenses</FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>31</FONT></B></P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,872,127) </FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,504,506) </FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,288,037) </FONT></P></TD></TR>

<TR style="HEIGHT: 12.4pt">

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Other operating expense, net</FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>32</FONT></B></P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,320,810) </FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,102,692) </FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (913,015) </FONT></P></TD></TR>

<TR style="HEIGHT: 12.4pt">

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Gain from interest in joint ventures</FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,602 </FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,052 </FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 </FONT></P></TD></TR>

<TR style="HEIGHT: 37.6pt">

   <TD style="HEIGHT: 37.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Operating profit (loss) before income from provisional remedies, higer costs recognition and SE Resolution N&#176; 32/15</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 37.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,941,256 </FONT></B></P></TD>

   <TD style="HEIGHT: 37.6pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 37.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,370,538 </FONT></B></P></TD>

   <TD style="HEIGHT: 37.6pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 37.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6,007,039) </FONT></B></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 0.35in">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Recognition of income &#8211; provisional remedies &#8211; MINEM Note 2016-04484723</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 0.35in; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 0.35in; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.35in; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 0.35in; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.35in; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,074,170 </FONT></P></TD></TR>

<TR style="HEIGHT: 0.35in">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Income recognition on account of the RTI - SEE Resolution N&#176; 32/15</FONT></P></TD>

   <TD vAlign=top width="10%">&nbsp;</TD>

   <TD vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 0.35in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 0.35in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.35in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 0.35in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 958,289 </FONT></P></TD></TR>

<TR style="HEIGHT: 0.35in">

   <TD style="HEIGHT: 0.35in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Higher cost recognition &#8211; SEE Resolution N&#176; 250/13 and subsequent Notes</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 0.35in; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 0.35in; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.35in; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 0.35in; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.35in; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185,436 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Operating profit (loss)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.4pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,941,256 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.4pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,370,538 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.4pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,789,144) </FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.2pt">

   <TD style="HEIGHT: 5.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <TD style="HEIGHT: 5.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.4pt">

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Financial income</FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>33</FONT></B></P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 671,783 </FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 453,804 </FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384,593 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.4pt">

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Financial expenses</FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>33</FONT></B></P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,976,719) </FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,570,256) </FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,589,227) </FONT></P></TD></TR>

<TR style="HEIGHT: 12.4pt">

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Other financial results</FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>33</FONT></B></P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,965,320) </FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (168,468) </FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (87,303) </FONT></P></TD></TR>

<TR style="HEIGHT: 12.4pt">

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Net financial expense</FONT></B></P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.4pt; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6,270,256) </FONT></B></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.4pt; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,284,920) </FONT></B></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.4pt; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,291,937) </FONT></B></P></TD></TR>

<TR style="HEIGHT: 4.4pt">

   <TD style="HEIGHT: 4.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14pt">

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Gain on net monetary position</FONT></P></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,503,862 </FONT></P></TD>

   <TD style="HEIGHT: 14pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,505,073 </FONT></P></TD>

   <TD style="HEIGHT: 14pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,469,122 </FONT></P></TD></TR>

<TR style="HEIGHT: 0.05in">

   <TD style="HEIGHT: 0.05in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.05in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.05in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.05in; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.05in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.05in; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.05in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.05in; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Profit before taxes</FONT></B></P></TD>

   <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,174,862 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,590,691 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 388,041 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="57%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Income tax </FONT></P></TD>

   <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>26</FONT></B></P></TD>

   <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,877,396) </FONT></P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (510,056) </FONT></P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (147,270) </FONT></P></TD></TR>

<TR style="HEIGHT: 14pt">

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Profit for the year</FONT></B></P></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,297,466 </FONT></B></P></TD>

   <TD style="HEIGHT: 14pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,080,635 </FONT></B></P></TD>

   <TD style="HEIGHT: 14pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240,771 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.4pt">

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Other comprehensive income</FONT></B></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 0.35in">

   <TD style="HEIGHT: 0.35in; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Items that will not be reclassified to profit or loss</FONT></I></B></P></TD>

   <TD style="HEIGHT: 0.35in; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.35in; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.35in; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.35in; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.35in; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.35in; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.35in; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.4pt">

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Results related to benefit plans</FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>24</FONT></B></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,638) </FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22,219 </FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14,404 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Tax effect of actuarial results on benefit plans</FONT></P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,691 </FONT></P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7,216) </FONT></P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,041) </FONT></P></TD></TR>

<TR style="HEIGHT: 14pt">

   <TD style="HEIGHT: 14pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total other comprehensive results</FONT></B></P></TD>

   <TD style="HEIGHT: 14pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,947) </FONT></B></P></TD>

   <TD style="HEIGHT: 14pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,003 </FONT></B></P></TD>

   <TD style="HEIGHT: 14pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,363 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 0.35in">

   <TD style="HEIGHT: 0.35in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Comprehensive income for the year attributable to:</FONT></B></P></TD>

   <TD style="HEIGHT: 0.35in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.35in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.35in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.35in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.35in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.35in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.35in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.4pt">

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Owners of the parent </FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,293,519 </FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,095,638 </FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250,134 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="HEIGHT: 13.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Comprehensive profit for the year</FONT></B></P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.2pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,293,519 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.2pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,095,638 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.2pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250,134 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Basic and diluted earnings profit per share:</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.4pt">

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="57%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Basic and diluted earnings profit per share</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>34</FONT></B></P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.83 </FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.66 </FONT></P></TD>

   <TD style="HEIGHT: 12.4pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.27 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The accompanying notes are an integral part of the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Financial Statements</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>.</FONT></P><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif><BR clear=all></FONT>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>edenor</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Statement of </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>Changes in Equity</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>for the years ended December 31, 2018, 2017 and 2016</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>(Stated in thousands of pesos in measuring unit current &#8211; Note 3)</FONT></P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Share capital</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Adjustment to share capital</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Treasury stock</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Adjust- ment to treasury stock</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Additional paid-in capital</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Cost treasury stock</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Legal reserve</FONT></P></TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Opcional reserve</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Other reserve</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;Other comprehesive<BR>&nbsp;loss </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Accumulated income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Total equity</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Balance at December 31, 2015</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>897,043</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>17,220,537</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>9,412</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>70,591</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>183,604</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(157,296)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>4,177,739</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>22,401,630</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="17%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Ordinary and Extraordinary Shareholders' Meeting held on 04.28.2016</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>152,766</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>367,058</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(519,824)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Other reserve constitution - Share-bases compensation plan (Note 25)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>32,833</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>32,833</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Profit for the year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>240,771</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>240,771</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Other comprehensive results for the year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>9,363</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>9,363</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Balance at December 31, 2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>897,043</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>17,220,537</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>9,412</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>70,591</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>183,604</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>152,766</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>367,058</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>32,833</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(147,933)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>3,898,686</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>22,684,597</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Other reserve constitution - Share-bases compensation plan </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>13,484</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>13,484 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Other reserve constitution - Share-bases compensation plan</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1,618</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>3,860</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(1,618)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(3,860)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>46,317</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(46,317)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Profit for the year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>5,080,635</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>5,080,635</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Other comprehensive results for the year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>15,003</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>15,003</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Balance at December 31, 2017</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>898,661</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>17,224,397</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>7,794</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>66,731</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>229,921</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>152,766</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>367,058</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(132,930)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>8,979,321</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>27,793,719</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Change of accounting standard (Note 6) - Adjustment by model of expected losses IFRS 9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(60,182)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(60,182)</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Balance at December 31, 2017 restated</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>898,661</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>17,224,397</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>7,794</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>66,731</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>229,921</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>152,766</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>367,058</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(132,930)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>8,919,139</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>27,733,537</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Other reserve constitution - Share-bases compensation plan (Note 25)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>10,700</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>10,700</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Payment of Other reserve constitution - Share-bases compensation plan (Note 25)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>272</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>299</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(272)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(299)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>10,700</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(10,700)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Acquisition of own shares (Note 17)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(15,591)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(159,119)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>15,591</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>159,119</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(1,068,784)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(1,068,784)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Other comprehensive results for the year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(3,947)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(3,947)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Profit for the year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>4,297,466</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>4,297,466</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Balance at December 31, 2018</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>883,342</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>17,065,577</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>23,113</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>225,551</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>240,621</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(1,068,784)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>152,766</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>367,058</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(136,877)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>13,216,605</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>30,968,972</FONT></B></P></TD></TR></TABLE></FONT></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 113.4pt; TEXT-INDENT: -77.95pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The accompanying notes are an integral part of the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Financial Statements</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 113.4pt; TEXT-INDENT: -77.95pt" align=center><FONT size=2 face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 113.4pt; TEXT-INDENT: -77.95pt" align=center><FONT size=2 face=Arial></FONT>&nbsp;</P>

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   <TD colSpan=3 align=center><FONT size=1 face=Verdana,Arial,Helvetica,sans-serif>Vease nuestro informe de fecha</FONT></TD></TR>

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   <TD colSpan=3 align=center><FONT size=1 face=Verdana,Arial,Helvetica,sans-serif>9 de agosto de 2017</FONT></TD></TR>

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   <TD colSpan=3 align=center><B><FONT size=1 face=Verdana-Bold,Arial,Helvetica,sans-serif>PRICE WATERHOUSE &amp; CO. S.R.L.</FONT></B></TD></TR>

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   <P style="TEXT-ALIGN: right"><FONT size=1 face=Verdana,Arial,Helvetica,sans-serif>(Socio)</FONT></P></TD>

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   <TD align=center><B><FONT size=1 face=Verdana-Bold,Arial,Helvetica,sans-serif>DANIEL ABELOVICH</FONT></B>&nbsp;</TD>

   <TD align=center><B><FONT size=1 face=Verdana-Bold,Arial,Helvetica,sans-serif>C.P.C.E.C.A.B.A. T&#186; 1 F&#186; 17</FONT></B>&nbsp;</TD>

   <TD align=center><B><FONT size=1 face=Verdana-Bold,Arial,Helvetica,sans-serif>RICARDO TORRES</FONT></B>&nbsp;</TD></TR></TABLE>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp; </DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>edenor</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Statement of </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>Cash Flows</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 35.45pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>for the years ended December 31, 2018, 2017 and 2016</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>(Stated in thousands of pesos in measuring unit current &#8211; Note 3)&nbsp; </FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0pt" align=center>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Note</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.16 </FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Cash flows from operating activities</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Profit for the year</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,297,466 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,080,635 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240,771 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.4pt">

   <TD style="HEIGHT: 8.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="56%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Adjustments to reconcile net (loss) profit to net cash flows from operating activities:</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=top width="8%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Depreciation of property, plants and equipments</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>31</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,561,499 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,148,089 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,147,241 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Loss on disposals of property, plants and equipments</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>32</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134,455 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49,824 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244,456 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Net accrued interest</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>33</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,296,427 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,113,569 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,198,026 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Exchange difference</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>33</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,629,966 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 564,056 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 911,819 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Income tax</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>26</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,877,396 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510,056 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147,270 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Allowance for the impairment of trade and other receivables, net of recovery</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>31</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 977,503 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 391,615 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 433,371 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Adjustment to present value of receivables</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>33</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 327 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 431 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,749) </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Provision for contingencies</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>32</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 724,097 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 542,364 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301,808 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Changes in fair value of financial assets</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>33</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (703,123) </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (437,577) </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (891,773) </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Accrual of benefit plans</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>24</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112,208 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169,454 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194,232 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Gain from interest in joint ventures</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,602) </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10,052) </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6) </FONT></P></TD></TR>

<TR style="HEIGHT: 24pt">

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Higher cost recognition &#8211; SEE Resolution 250/13 and subsequent Notes</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=top width="8%">&nbsp;</TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (185,436) </FONT></P></TD></TR>

<TR style="HEIGHT: 24pt">

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Income recognition on account of the RTI - SE Resolution 32/15</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (958,289) </FONT></P></TD></TR>

<TR style="HEIGHT: 24pt">

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Recognition of income &#8211; provisional remedies &#8211; MINEM Note 2016-04484723</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=top width="8%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,074,170) </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Net gain from the repurchase of Corporate Bonds</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>37</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,539) </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (90) </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Income from non-reimbursable customer contributions</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>33</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,574) </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,372) </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,520) </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Other reserve constitution - Share bases compensation plan</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>32</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,700 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11,469 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32,833 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Gain on net monetary position</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8,503,862) </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,505,073) </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,469,122) </FONT></P></TD></TR>

<TR style="HEIGHT: 0.25in">

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Changes in operating assets and liabilities: </FONT></B></P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Increase in trade receivables </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,131,406) </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,623,696) </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,503,081) </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Decrease in other receivables </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 833,953 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28,093 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,967,981 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Increase in inventories</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (819,875) </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (530,114) </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (283,022) </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Increase in deferred revenue</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88,368 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86,859 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Increase in trade payables</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,242,870 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,981,811 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,853,944 </FONT></P></TD></TR>

<TR style="HEIGHT: 0.15in">

   <TD style="HEIGHT: 0.15in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Increase in salaries and social security payable</FONT></P></TD>

   <TD style="HEIGHT: 0.15in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.15in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.15in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 565,657 </FONT></P></TD>

   <TD style="HEIGHT: 0.15in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.15in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314,806 </FONT></P></TD>

   <TD style="HEIGHT: 0.15in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.15in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 579,828 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Decrease in benefit plans</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (55,354) </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (56,573) </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57,013) </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(Decrease) Increase in tax liabilities</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (515,651) </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (366,667) </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,832,418 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Increase in other payables</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,220,527 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 438,201 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,327,303 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Decrease in provisions</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>29</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (325,247) </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (58,934) </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (95,930) </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Payment of Tax payable</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (886,154) </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (390,763) </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Net cash flows generated by operating activities</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,621,032 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,360,652 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,974,959 </FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp; </DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>edenor</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 35.45pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Statement of </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>Cash Flows</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 35.45pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>for the years ended December 31, 2018, 2017 and 2016 </FONT></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>(continued)</FONT></I></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>(Stated in thousands of pesos in measuring unit current &#8211; Note 3)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

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   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Note</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.16 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Cash flows from investing activities</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Payment of property, plants and equipments </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8,269,359) </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7,897,106) </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,232,239) </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Net collection of Financial assets</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,344,945) </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,013,532) </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27,103 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Redemtion net of money market funds </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,312,229 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348,233 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109,182 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Mutuum granted to third parties</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (114,889) </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Collection of receivables from sale of subsidiaries</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88,529 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53,622 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23,974 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Net cash flows used in investing activities</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8,328,435) </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8,508,783) </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,071,980) </FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.6pt">

   <TD style="HEIGHT: 9.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="56%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Cash flows from financing activities</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Proceeds from borrowings</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>22</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,285,946 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Payment of interests </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>22</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (652,667) </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (418,494) </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (516,799) </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Payment of redemption on corporate notes</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (420,778) </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Repurchase of corporate notes</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>22</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (375,520) </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9,818) </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Acquisition of own shares </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>17</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,068,784) </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Net cash flows (used in) generated by financing activities</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,096,971) </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 867,452 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (947,395) </FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.6pt">

   <TD style="HEIGHT: 9.6pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Decrease in cash and cash equivalents</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(804,374)</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(280,679)</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(44,416)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="56%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Cash and cash equivalents at the beginning of year </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>16</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122,349 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 381,785 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237,619 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Exchange differences in cash and cash equivalents</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155,985 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (62) </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8,967) </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Result from exposure to inflation</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 553,648 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21,305 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292,215 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Decrease in cash and cash equivalents</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (804,374) </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (280,679) </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (44,416) </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Cash and cash equivalents at the end of the year</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>16</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>27,608</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>122,349</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>476,451</FONT></B></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="56%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 0.15in">

   <TD style="HEIGHT: 0.15in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="56%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.15in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.15in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.15in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.15in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.15in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.15in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.15in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Supplemental cash flows information</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="56%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Non-cash activities</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 0.05in">

   <TD style="HEIGHT: 0.05in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="56%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.05in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.05in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.05in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.05in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.05in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.05in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.05in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 4.8pt">

   <TD style="HEIGHT: 4.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="56%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 24pt">

   <TD style="HEIGHT: 24pt; BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="66%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Acquisitions of property, plant and equipment through increased trade payables</FONT></P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (677,207) </FONT></P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (585,692) </FONT></P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (379,146) </FONT></P></TD></TR>

<TR style="HEIGHT: 0.05in">

   <TD style="HEIGHT: 0.05in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="56%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.05in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.05in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.05in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Decrease of property, plant and equipment through increased other receivables</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The accompanying notes are an integral part of the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Financial Statements</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>. </FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>

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<DIV align=left>&nbsp;</DIV><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 1 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>General information</FONT></B></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>History and development of the Company</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>edenor</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif> was organized on July 21, 1992 by Executive Order No. 714/92 in connection with the privatization and concession process of the distribution and sale of electric power carried out by SEGBA.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>By means of an International Public Bidding, the PEN awarded 51% of the Company&#8217;s capital stock, represented by the Class "A" shares, to the bid </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>made by EASA, the parent company of </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>edenor</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif> at that time. The award as well as the transfer contract were approved on August 24, 1992 by Executive Order No. 1,507/92 of the PEN.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>On September 1, 1992, EASA took over the operations of </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>edenor</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The corporate purpose of </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>edenor</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif> is to engage in the distribution and sale of electricity within the concession area. Furthermore, among other activities, the Company may subscribe or acquire shares of other electricity distribution companies, subject to the approval of the regulatory agency, assign the use of the network to provide electricity transmission or other voice, data and image transmission services, and render advisory, training, maintenance, consulting, and management services and know-how related to the distribution of electricity both in Argentina and abroad. These activities may be conducted directly by </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>edenor</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif> or through subsidiaries or related companies. In addition, the Company may act as trustee of trusts created under Argentine laws.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company&#8217;s economic and financial situation</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0in; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>One of the main milestone events in 2017 was the return to the regulatory framework, thanks to which the RTI and the new electricity rate schedules, which have been almost entirely implemented since February 2018, have materialized.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>In that context, the Company&#8217;s Board of Directors is optimistic that the effects caused by the application of the aforementioned RTI will make it possible to gradually restore the Company&#8217;s economic and financial position; being confident that the new electricity rates will result in the Company&#8217;s operating once again under a regulatory framework with clear and precise rules, which will make it possible to not only cover the operation costs, afford the investment plans and meet debt interest payments, but also deal with the impact of the different variables that affect the Company&#8217;s business. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>As of December 31, 2018, the Company&#8217;s comprehensive income amounts to a profit of $ 4.2 billion, whereas the working capital totals $ 7.3 billion&#8211; deficit-, which includes the amount owed to CAMMESA for $ 11.9 billion</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#ff0066 face=arial,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>(principal plus interest accrued as of December 31, 2018).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company&#8217;s equity and negative working capital reflects the deteriorated financial and cash position the Company still has as a consequence of the Federal Government&#8217;s delay in the compliance with certain obligations under the Adjustment Agreement, which are contingent on specific negotiations and regulatory changes to be applied by the different governmental bodies. Additionally, the increase in operating costs during the fiscal year, as a consequence of the country&#8217;s macroeconomic context, made the Company intensify its efforts to be able to absorb them and comply with the execution of the investment plan and the carrying out of the essential operation and maintenance works necessary to maintain the provision of the public service, object of the concession, in a satisfactory manner in terms of quality and safety.</FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The issues pending resolution </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=verdana,sans-serif>at the date of issuance of these financial statements</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif> are, among others, the following:</FONT></P>

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   <TD vAlign=top width="5%" align=right><FONT size=2 face=Arial>i)</FONT></TD>

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   <P style="MARGIN-BOTTOM: 8pt; TEXT-ALIGN: justify; MARGIN-LEFT: 8pt"><FONT size=2 face=Arial>the treatment to be given to the funds received from the Federal Government through the loans for consumption (mutuums) agreements entered into with CAMMESA for the fulfillment of the Extraordinary Investment Plan, granted to cover the insufficiency of the FOCEDE&#8217;s funds;</FONT></P></TD></TR>

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   <TD vAlign=top width="5%" align=right><FONT size=2 face=Arial>ii)</FONT></TD>

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   <P style="MARGIN-BOTTOM: 8pt; TEXT-ALIGN: justify; MARGIN-LEFT: 8pt"><FONT size=2 face=Arial>the conditions for the settlement of the balance outstanding with CAMMESA at the date of issuance of SEE Resolution No. 32/15;</FONT></P></TD></TR>

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   <TD vAlign=top width="5%" align=right><FONT size=2 face=Arial>iii)</FONT></TD>

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   <P style="MARGIN-BOTTOM: 8pt; TEXT-ALIGN: justify; MARGIN-LEFT: 8pt"><FONT size=2 face=Arial>the treatment to be given to the Penalties and Discounts determined by the ENRE under the terms of the Adjustment Agreement not complied with by the Federal Government, whose payment/crediting is pending.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>In this regard, the Company and the Governmental Secretariat of Energy are negotiating the signing of an agreement for the regularization of the previously mentioned pending issues. All that within the framework of the transfer of Concession Holders to the jurisdiction of the Province and the City of Buenos Aires described in Note 2.h. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 2 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Regulatory framework </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 49.65pt; TEXT-INDENT: -14.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>General</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The ENRE is empowered to control the quality levels of the technical product and service, the commercial service and the compliance with public safety regulations, as provided for in the Concession Agreement. If the Distribution Company fails to comply with the obligations assumed, the ENRE may apply the penalties stipulated in the aforementioned Agreement.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 49.65pt; TEXT-INDENT: -14.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Concession</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The term of the concession is 95 years, which </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>may be extended for an additional maximum period of 10 years. The term of the concession is divided into management periods: a first period of 15 years and subsequent periods of 10 years each. At the end of each management period, the Class &#8220;A&#8221; shares representing 51% of the share capital of </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>edenor</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>, currently held by PESA, must be offered for sale through a public bidding. If PESA makes the highest bid, it will continue to hold the Class &#8220;A&#8221; shares, and no further disbursements will be necessary. On the contrary, if PESA is not the highest bidder, then the bidder who makes the highest bid shall pay PESA the amount of the bid in accordance with the conditions of the public bidding.&nbsp; The proceeds from the sale of the Class &#8220;A&#8221; shares will be delivered to PESA after deducting any amounts receivable to which the Grantor of the concession may be entitled. The first management period ended at the conclusion of the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>tariff period commenced on February 1, 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company has the exclusive right to render electric power distribution and sales services within the concession area to all the customers who are not authorized to obtain their power supply from the MEM, thus being obliged to supply all the electric power that may be required in due time and in accordance with the established quality levels. In addition, the Company must allow free access to its facilities to any MEM agents whenever required, under the terms of the Concession. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>No specific fee must be paid by the Company under the Concession Agreement during the term of the concession.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>On January 6, 2002, the PEN enacted Law No. 25,561 whereby adjustment clauses in dollars, as well as any other indexation mechanisms stipulated in the contracts entered into by the Federal Public Administration, including those related to public utilities, were declared null and void as from such date. The resulting prices and rates were converted into Argentine pesos at a rate of 1 peso per US dollar. </FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>In this context, the Company is subject to compliance with the terms of its Concession Agreement and the provisions of the regulatory framework comprised of National Laws Nos. 14,772, 15,336 and 24,065, Resolutions and Regulatory and supplementary standards issued by the different entities with authority over the matter. Thus, the Company is responsible for the provision of the public service of electricity distribution and sale with a satisfactory quality level, complying for such purpose with the requirements set forth in the aforementioned concession agreement and regulatory framework.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Failure to comply with the established guidelines will result in the application of fines, based on the economic damage suffered by the customer when the service is provided in an unsatisfactory manner, the amounts of which will be determined in accordance with the methodology stipulated in the above-mentioned agreement. The ENRE is the authority in charge of controlling strict compliance with the pre-established guidelines.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 49.65pt; TEXT-INDENT: -14.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>c)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Electricity rate situation </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>On January 31, 2017, the ENRE issued Resolution No. 63/17, pursuant to which it determined the definitive Electricity Rate Schedules, the review of costs, the required quality levels, and all the other rights and obligations that are to be applied and complied with by the Company as from February 1, 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The aforementioned Resolution stated that the ENRE, as instructed by the MINEM, were to limit the increase in the VAD resulting from the RTI process and applicable as from February 1, 2017, to a maximum of 42% vis-&#225;-vis the VAD in effect at the date of issuance of the aforementioned resolution, with the remaining value of the new VAD being applied in two stages, the first of them in November 2017 and the second and last one in February 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Furthermore, on November 30, 2017, by means of Resolution No. 603/17, the ENRE approved the CPD values, applicable as from December 1, 2017, and retroactively to consumption recorded in the months of August through November 2017. That amount totaled $ 753.9 million and was billed in two installments, December 2017 and January 2018. Additionally, the Electricity Rate Schedule&#8217;s values, applicable as from December 1, 2017, were approved.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>On January 31, 2018, the ENRE issued Resolution No. 33/18, whereby it approves the CPD values relating to the July 2017-December 2017 period, which were in the order of 11.99%, the values of the 48 monthly installment to be applied in accordance with the provisions of ENRE Resolution No. 329/17 which were deferred in the year 2017, and the electricity rate schedule to be applied to consumption recorded as from February 1, 2018. Additionally, it is informed that the average electricity rate value amounts to $2.4627/kwh.</FONT></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Furthermore, on July 31, 2018, the ENRE issued Resolution No. 208/18, whereby it approves, as from August 1, 2018, the CPD relating to the January-June 2018 period, to be applied 7.93% as of August 1, 2018, and 6.51% in six (6) consecutive monthly installments as of February 1, 2019. The CPD amounted to 15.85%. Moreover, the above-mentioned resolution sets the system of caps for the social tariff as well as the values that the Company shall apply to determine and credit discount amounts onto the power bills of the consumers affected by deficiencies in the quality of the technical product and/or the quality of the technical and commercial service as from the first control day of the September 2018-February 2019 six-month period. Additionally, it is informed that the average electricity rate value amounts to $2.9871/kWh.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Finally, according to section 4 of SE Resolution No. 366/18, passed on December 27, 2018, SE Resolution 1091/17 was repealed, thus eliminating the energy-savings discount for the residential tariff charged to customers framed or not under the social tariff as from January 1, 2019. With regard to the social tariff discounts, they will be assumed by the Governments of the Province of Buenos Aires and the City of Buenos Aires in accordance with the provisions of the 2019 Federal Budget Law. </FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 67.65pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>d)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Framework agreement </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>On January 10, 1994, the Company, together with Edesur S.A., the Federal Government and the Government of the Province of Buenos Aires entered into the so-called Framework Agreement, whose purpose was to establish the guidelines under which the Company was to supply electricity to low-income areas and shantytowns. In October 2003, the so-called New Framework Agreement was signed with the aim of setting the bases and general guidelines based on which the Federal and the Provincial Governments&#8217; economic contribution for the electricity supplied by the two Distribution Companies to the different shantytowns would take place and be coordinated. After successive extensions of the agreement&#8217;s term, the latest extension was in effect until September 30, 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>At the date of these financial statements, the Company is negotiating with the Federal Government the signing of a new extension for the period elapsed from October 1, 2017 through December 31, 2018, and the payment of the electricity supplied during such period; therefore, no revenue for this concept has been recognized.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Additionally, and as a consequence of the transfer of jurisdiction over the public service of electricity distribution from the Federal Government to the Province of Buenos Aires and to the City of Buenos Aires provided for by Law 27,467, the Company will be required, when the transfer takes place, to undertake a review, with the new Grantors of the Concession, of the treatment to be given to low-income areas and shantytowns&#8217; consumption of electricity as from January 1, 2019. In this framework, the Government of the Province of Buenos Aires enacted Law No. 15,078 on General Budget, which establishes that the aforementioned consumption shall be borne by the referred to province&#8217;s Municipalities and approved by the regulatory entities or local authorities having jurisdiction in each area.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 67.65pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>e)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Penalties</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The ENRE is empowered to control the quality levels of the technical product and service, the commercial service and the compliance with public safety regulations, as provided for in the Concession Agreement. If the Distribution Company fails to comply with the obligations assumed, the ENRE may apply the penalties stipulated in the aforementioned Agreement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>As of December 31, 2018 and 2017, the Company has recognized in its financial statements the penalties accrued, whether imposed or not yet issued by the ENRE, relating to the control periods elapsed as of those dates.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Furthermore, ENRE Resolution No. 63/17, Note 2.c).III, has set out the control procedures, the service quality assessment methodologies, and the penalty system, applicable as from February 1, 2017, for the 2017 &#8211; 2021 period.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Additionally, by means of Note No. 125,248 dated March 29, 2017, the ENRE sets the new penalty determination and adjustment mechanisms in relation to the control procedures, the service quality assessment methodologies, and the penalty system applicable as from February 1, 2017 for the 2017 &#8211; 2021 period set by ENRE Resolution No. 63/17, providing for the following:</FONT></P>

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   <P style="MARGIN-BOTTOM: 8pt; MARGIN-LEFT: 8pt"><FONT size=2 face=Arial>Penalty values shall be determined on the basis of the kWh value, the average electricity rate, the cost of energy not supplied or other economic parameter at the value in effect at the first day of the control period or the value in effect at the date of the penalizable event for penalties arising from specific events.</FONT></P></TD></TR>

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   <TD vAlign=top width="5%" align=right><FONT size=2 face=Arial>ii)</FONT></TD>

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   <P style="MARGIN-BOTTOM: 8pt; MARGIN-LEFT: 8pt"><FONT size=2 face=Arial>For all the events that occurred during the transition period (the period between the signing of the Adjustment Agreement and the effective date of the RTI) for which a penalty has not been imposed, penalties shall be adjusted by the IPC used by the BCRA to produce the ITCRM for the month prior to the end of the control period or that for the month prior to the date of occurrence of the penalizable event for penalties arising from specific events, until the date on which the penalty is imposed. This mechanism is also applicable to the concepts penalized after April 15, 2016 (ENRE Note No. 120,151) and until the effective date of the RTI. This adjustment will be part of the penalty principal amount.</FONT></P></TD></TR></TABLE></DIV>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>

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   <P style="MARGIN-BOTTOM: 8pt; MARGIN-LEFT: 8pt"><FONT size=2 face=Arial>Unpaid penalties will accrue interest at the BNA lending rate for thirty-day discount transactions from the date of the resolution to the date of actual payment, as interest on late payment. In the case of penalties relating to Customer service, the calculated amount shall be increased by 50%.</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 8pt; MARGIN-LEFT: 8pt"><FONT size=2 face=Arial>Penalties subsequent to February 1, 2017 will be valued at the Kwh value or the cost of energy not supplied of the first day of the control period or of the day on which the penalty is imposed for penalties arising from specific events. Those concepts will not be adjusted by the IPC, applying the interest on late payment established in iii) above. Moreover, an additional fine equivalent to twice the amount of the penalty will be determined if payment is not made in due time and proper form.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>In the ENRE&#8217;s opinion many of the penalties imposed in kWh must be valued at the date of occurrence of the penalizable event; these modifications have been quantified and recognized as of December 31, 2018.&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>In accordance with the provisions of Sub-Appendix XVI to ENRE Resolution No. 63/17, the Company is required to submit in a term of 60 calendar days the calculation of global indicators, interruptions for which force majeure had been alleged, the calculation of individual indicators, and will determine the related discounts, crediting the amounts thereof within 10 business days. In turn, the ENRE will examine the information submitted by the Company, and in the event that the crediting of such discounts were not verified will impose a fine, payable to the Federal Government, equivalent to twice the value that should have been recorded. At the date of these financial statements, the Company has complied with the provisions of the aforementioned Resolution in relation to the six-month period ended August 31, 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Furthermore, in different resolutions concerning penalties relating to the Quality of the Commercial and Technical Service, the Regulatory Entity has provided for the application of increases and adjustments, applying for such purpose a criterion different from the one applied by the Company. In this regard, the ENRE implemented an automatic penalty mechanism in order that the discounts on account of deviations from the established limits may be credited to customers within a term of 60 days as from the end of the six-month control period.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>In fiscal year 2018, the ENRE regulated and/or issued new penalty procedures, to wit:</FONT></P>

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   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2 face=Arial>ENRE Resolution No. 118/18: It regulated the Compensation for extraordinary service provision interruptions.</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2 face=Arial>ENRE Resolution No. 170/18: It regulated the Penalty System for Deviations from the Investment Plan, a procedure whereby real investments are assessed by comparison with the annual investment plan submitted by the Company, and the investment plan carried out for the 5-year rate period is assessed as against the Five-year period plan proposed in the RTI.</FONT></P></TD></TR>

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   <TD vAlign=top width="3%" align=center><FONT size=2 face=Wingdings>&#252;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT></TD>

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   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2 face=Arial>ENRE Resolution No. 198/18: New Supplementary Penalty System of Technical Service Quality, which penalizes deviations &#186;from quality parameters at feeder level.</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2 face=Arial>ENRE Resolution N&#176; 91/18: Through the filing of charges, the ENRE informs </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>edenor</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif> about the penalty system to be applied for failure to comply with meter-reading and billing time periods.</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The effects of these resolutions were quantified by the Company and recognized as of December 31, 2018.</FONT></P>

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      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 67.65pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 67.65pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>f)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Restriction on the transfer of the Company&#8217;s common
shares</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The by-laws provide that Class &#8220;A&#8221; shareholders may transfer their shares only
with the prior approval of the ENRE. The ENRE must communicate its decision
within 90 days upon submission of the request for such approval, otherwise the
transfer will be deemed approved. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Furthermore, Caja de Valores S.A. (the Public Register Office), which keeps the
Share Register of the shares, is entitled (as stated in the by-laws) to reject
such entries which, at its criterion, do not comply with the rules for the
transfer of common shares included in (i) the Business Organizations Law, (ii)
the Concession Agreement and (iii) the By-laws.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, the Class &#8220;A&#8221; shares will be pledged during the entire term of the
concession as collateral to secure the performance of the obligations assumed
under the Concession Agreement.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.1pt 0pt 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Other restrictions:</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.1pt 0pt 0in; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>In connection with the issuance of Corporate Notes, during
the term thereof, PESA is required to be the beneficial owner and owner of
record of not less than 51% of the Company&#8217;s issued, voting and outstanding
shares.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>In connection with the Adjustment Agreement signed with
the Grantor of the Concession and ratified by Executive Order No. 1,957/06,
Section 10 stipulates that from the signing of the agreement through the end of
the Transition Period, the majority shareholders may not modify their ownership
interest nor sell their shares.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 67.65pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>g)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Law on
electricity dependent patients</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>On
May 17, 2017, Law No. 27,351 was passed, which guarantees the permanent and free
of charge supply of electricity to those individuals who qualify as dependent on
power for reasons of health and require medical equipment necessary to avoid
risks in their lives or health. The law states that the account holder of the
service or someone who lives with him/her (a cohabitant) that is registered as
&#8220;Electricity dependent for reasons of health&#8221; will be exempt from the payment of
any and all connection fees and will benefit from a special free of charge
tariff treatment in the electric power supply service under national
jurisdiction, which consists in the recognition of the entire amount of the
power bill. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>According to Executive Order No. 740 of the PEN, dated
September 20, 2017, the MINEM will be the Authority of Application of Law No.
27,351, whereas the Ministry of Health will be responsible for determining the
conditions necessary to be met for registration with the &#8220;Registry of
Electricity Dependent for Reasons of Health&#8221; and will issue the clarifying and
supplementary regulations for the application thereof.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>On
September 25, 2017, the National Ministry of Health issued Resolution No.
1,538-E/17, which creates the Registry of Electricity Dependent for Reasons of
Health (RECS), within the orbit of the National Ministry of Health, operating
under the authority of the Undersecretariat for the Management of Health Care
Services.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>At
the date of issuance of these financial statements no further regulations have
been issued concerning the Resolution mentioned in the preceding
paragraph.</FONT></P>
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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>

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<P style="MARGIN-LEFT: 67.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>h)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Change of Jurisdiction</FONT></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>By Law No. 27467, 2019 Federal budget of expenditures and resources, the Executive Power is instructed to promote such actions that may be necessary in order for electricity distribution companies </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>edenor</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif> and Edesur S.A. to become subject to the jurisdiction of the Province of Buenos Aires and the City of Buenos Aires as from January 1, 2019.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif><BR>Upon completion of the aforementioned process, the ENRE will continue to exercise its functions and powers over all those issues that are </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>unrelated</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=red face=arial,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>to the public service of electricity distribution.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>In this regard, on February 28, 2019, the Federal Government, the Province of Buenos Aires and the City of Buenos Aires entered into an agreement for the transfer of the public service of electricity distribution, duly awarded to </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>edenor</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif> under a concession by the Federal Government, to the jurisdiction of the Province of Buenos Aires and the City of Buenos Aires. It is worth pointing out that the Company has not been a party to such agreement, and, at the date of issuance of these financial statements is analyzing the scope and effects therefrom. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 3 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Basis of preparation </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The financial statements for the year ended December 31, 2018 have been prepared in accordance with IFRS issued by the IASB and IFRIC interpretations, incorporated by the CNV. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>These financial statements were approved for issue by the Company&#8217;s Board of Directors on March 8, 2019.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Restatement of financial information </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The financial statements as of December 31, 2018, including the prior year&#8217;s figures, have been restated to reflect the changes in the general purchasing power of the Company&#8217;s functional currency (the Argentine peso), in conformity with the provisions of both IAS 29 &#8220;Financial reporting in hyperinflationary economies&#8221; and General Resolution No. 77718 of the National Securities Commission. As a result thereof, the financial statements are stated in terms of the measuring unit current at the end of the reporting period.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>According to IAS 29, the restatement of financial statements is necessary when the functional currency of an entity is that of a hyperinflationary economy. To define a state of hyperinflation, IAS 29 provides a series of guidelines, including but not limited to the following, which consist of (i) analyzing the behavior of population, prices, interest rates and wages faced with the development of price indexes and the loss of the currency&#8217;s purchasing power, and (ii) as a quantitative feature, which, in practice, is the mostly considered condition, verifying whether the cumulative inflation rate over three years approaches or exceeds 100%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Although in recent years the general level of prices experienced a significant growth, the cumulative inflation rate over three years in Argentina had remained below 100%. However, due to different macroeconomic factors, triennial inflation in 2018 surpassed that percentage, while the federal government&#8217;s targets and other available projections indicate that this trend will not reverse in the short term.</FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp; </DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Therefore, according to IAS 29, the Argentine economy should be regarded as highly inflationary as from July 1, 2018. The standard states that the adjustment will be resumed from the date on which it was last made, February 2003. Moreover, on July 24, 2018, the FACPCE issued a communication confirming that which has been previously mentioned. Additionally, it should be taken into account that on December 4, 2018 the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Official Gazette</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif> published Law 27,468 pursuant to which the provisions of Executive Order No. 664/03 of the PEN, which did not allow for the filing of inflation-adjusted financial statements, are no longer in effect. This law states that the provisions of section 62 of Business Organizations Law 19,550 -preparation of financial statements to reflect the effects of inflation- will continue to apply, thus reinstating the adjustment for inflation. On December 28, the CNV, reaffirming the provisions of Law 27,468, published Resolution No. 777/18 stating that issuing companies shall apply the restatement method of financial statements to reflect the effects of inflation in conformity with IAS 29.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>In order to not only assess the aforementioned quantitative condition but also restate the financial statements, the CNV has stated that the series of indexes to be used for the application of IAS 29 is that determined by the FACPCE. That series of indexes combines the IPC published by the INDEC from January 2017 (base month: December 2016) with the IPIM published by the INDEC through that date, computing for the months of November and December 2015 -in respect of which there is no available information from the INDEC on the development of the IPIM-, the variation recorded in the IPC of the City of Buenos Aires.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Taking into consideration the above-mentioned index, in the fiscal years ended December 2018, 2107 and 2016, the inflation rate amounted to 47.66%, 24.79% and 40.9%, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The effects of the application of IAS 29 are summarized below:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Restatement of the statement of financial position</FONT></B></P>

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   <TD vAlign=top width="5%" align=center><FONT size=2 face=Arial>(i)</FONT></TD>

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   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Arial>Monetary items (those with a fixed nominal value in local currency) are not restated in as much as they are already expressed in terms of the measuring unit current at the closing date of the reporting period.</FONT></P></TD></TR>

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   <TD vAlign=top width="5%" align=center><FONT size=2 face=Arial>(ii)</FONT></TD>

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   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Arial>Non-monetary items carried at historical cost or at the current value of a date prior to the end of the reporting period are restated using coefficients that reflect the variation recorded in the general level of prices from the date of acquisition or revaluation to the closing date of the reporting period. Depreciation charges of property, plant and equipment and amortization charges of intangible assets recognized in profit or loss for the period, as well as any other consumption of non-monetary assets will be determined on the basis of the new restated amounts.</FONT></P></TD></TR>

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   <TD vAlign=top width="5%" align=center><FONT size=2 face=Arial>(iii)</FONT></TD>

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   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Arial>The restatement of non-monetary assets in terms of the measuring unit current at the end of the reporting period without an equivalent adjustment for tax purposes, gives rise to a taxable temporary difference and to the recognition of a deferred tax liability, deferred tax liability is recognized for the temporary difference generated bythe restatement of the accounting bases of asset without any restatement of their tax bases the debit entry of this deffered tax liability is a monetary loss.</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Restatement of the statement of profit or loss and other comprehensive income</FONT></B></P>

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   <TD vAlign=top width="5%" align=center><FONT size=2 face=Arial>(i)</FONT></TD>

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   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Arial>Income and expenses are restated from the date when they were recorded, except for those profit or loss items that reflect or include in their determination the consumption of assets carried at the purchasing power of the currency as of a date prior to the recording of the consumption, which are restated based on the date when the asset to which the item is related originated (for example, depreciation, impairment and other consumptions of assets valued at historical cost).</FONT></P></TD></TR>

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   <TD vAlign=top width="5%" align=center><FONT size=2 face=Arial>(ii)</FONT></TD>

   <TD vAlign=top width="95%"><FONT size=2 face=Arial>The net gain from the maintenance of monetary assets and liabilities is presented in a line item separately from the profit or loss for the year.</FONT></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 70.9pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Restatement of the statement of changes in equity</FONT></B></P>

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   <TD vAlign=top width="5%" align=center><FONT size=2 face=Arial>(i)</FONT></TD>

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   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Arial>The components of equity, except for reserved earnings and unappropriated retained earnings, have been restated from the dates on which they were contributed, or on which they otherwise arose.</FONT></P></TD></TR>

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   <TD vAlign=top width="5%" align=center><FONT size=2 face=Arial>(ii)</FONT></TD>

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   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Arial>The restated unappropriated retained earnings were determined by the difference between net assets restated at the date of transition and the other components of opening equity expressed as indicated in the preceding headings.</FONT></P></TD></TR>

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   <TD vAlign=top width="5%" align=center><FONT size=2 face=Arial>(iii)</FONT></TD>

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   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Arial>After the restatement at the date of transition indicated in (i) above, all components of equity are restated by applying the general price index from the beginning of the period, and each variation of those components is restated from the date of contribution or the date on which it otherwise arose.</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Restatement of the statement of cash flows</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>IAS 29 requires that all the items of this statement be restated in terms of the measuring unit current at the closing date of the reporting period.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The monetary gain or loss generated by cash and cash equivalents is presented in the statement of cash flows separately from cash flows from operating, investing and financing activities, as a specific item of the reconciliation between cash and cash equivalents at the beginning and end of the period. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Accounting policies</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 71.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The main accounting policies used in the preparation of these financial statements are detailed below.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.1 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal" face=arial,sans-serif>New accounting standards, amendments and interpretations </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>issued by the IASB </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company has applied the following standards and/or amendments for the first time as from January 1, 2018:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>- IFRS 15 "Revenue from contracts with customers" (issued in May 2014 and amended in September 2015)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>- IFRS 9 &#8220;Financial instruments&#8221; (amended in July 2014) </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>- IFRS 2 &#8220;Share-based payments&#8221; (amended in June 2016)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>- IFRIC 22 &#8220;Foreign currency transactions and Advanced consideration&#8221; (issued in December 2016)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>- Annual improvements to IFRSs &#8211; 2014-2016 Cycle (issued in December 2016) </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>In the respective accounting policies detail the main issues related to the initial application of IFRS 9 and IFRS 15. The application of the other standards, amendments and interpretations generated no impact on either the Company&#8217;s results of operations and financial position, or the accounting policies applicable as from January 1, 2018.</FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp; </DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=#0070c0 face=arial,sans-serif>Note 4.1.1 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Impacts of adoption of rules not yet effectives</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>- IFRS 16 &#8220;Leases&#8221;: On January 13, 2016, the IASB published IFRS 16, which replaces the current guidance in IAS 17. The standard defines a lease as a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration. The standard requires the recognition of a lease liability that reflects future lease payments and a &#8216;right-of-use asset&#8217; for almost all lease contracts. This is a significant change compared to IAS 17 under which lessees were required to make a distinction between a finance lease (reported on the balance sheet) and an operating lease (off balance sheet). IFRS 16 contains an optional exemption for certain short-term leases and leases of low-value assets; however, this exemption can only be applied by lessees. IFRS 16 is effective for annual reporting periods beginning on or after January 1, 2019. The impact of the application of the aforementioned standard estimated by the Company is not significant.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>- IFRS 17 &#8220;Insurance Contracts&#8221;, issued in May 2017. It replaces IFRS 4 - an interim standard issued in 2004 that allowed entities to account for insurance contracts using their local accounting requirements, resulting in multiple application approaches. IFRS 17 establishes the principles for the recognition, measurement, presentation, and disclosure of insurance contracts, and applies to annual periods beginning on or after January 1, 2021, with early adoption permitted if entities also apply IFRS 9 and IFRS 15. The Company is currently analyzing the impact of the application of IFRS 17; nevertheless, it estimates that the application thereof will have no impact on the Company&#8217;s results of operations or its financial position.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>- IFRIC 23 &#8220;Uncertainty over income tax treatments&#8221;, issued in June 2017. It clarifies the application of IAS 12 where there is uncertainty over income tax treatments. In accordance with the interpretation, an entity is required to reflect the impact of the uncertain tax treatment using the method that best predicts the resolution of the uncertainty, using either the most likely amount method or the expected value method. Additionally, the entity is required to assume that the tax authority will examine the uncertain treatments and have full knowledge of all the related relevant information when assessing the tax treatment over income tax. The interpretation is effective for annual periods beginning on or after January 1, 2019, although early adoption is permitted. The Company estimates that the application of IFRIC 23 will have no impact on the Company&#8217;s results of operations or its financial position.</FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp; </DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>- IAS 28 &#8220;Investments in associates and joint ventures&#8221;, amended in October 2017. It clarifies that IFRS 9 applies to other financial instruments in an associate or joint venture to which the equity method is not applied. The standard is effective for annual periods beginning on or after January 1, 2019, although early adoption is permitted. The Company estimates that its application will have no impact on the Company&#8217;s results of operations or its financial position.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>- IAS 19 &#8220;Employee benefits&#8221;, amended in February 2018. It introduces changes to the measurement of past service cost and net interest in the case of post-employment defined benefit plans that have suffered amendments, curtailments or settlements. It applies to amendments, curtailments or settlements as from January 1, 2019.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company is currently assessing the impact of these new standards and amendments.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.2 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Property, plant and equipment</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Additions have been valued at acquisition cost restated to reflect the effects of inflation, net of the related accumulated depreciation. Depreciation has been calculated by applying the straight-line method over the remaining useful life of the assets, which was determined on the basis of engineering studies. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Subsequent costs (major maintenance and reconstruction costs) are either included in the value of the assets or recognized as a separate asset, only if it is probable that the future benefits associated with the assets will flow to the Company, being it possible as well that the costs of the assets may be measured reliably and the investment will improve the condition of the asset beyond its original state. The other maintenance and repair expenses are recognized in profit or loss in the year in which they are incurred.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>In accordance with the Concession Agreement, the Company may not pledge the assets used in the provision of the public service nor grant any other security interest thereon in favor of third parties, without prejudice to the Company&#8217;s right to freely dispose of those assets which in the future may become inadequate or unnecessary for such purpose. This prohibition does not apply in the case of security interests granted over an asset at the time of its acquisition and/or construction as collateral for payment of the purchase and/or installation price.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The residual value and the remaining useful lives of the assets are reviewed and adjusted, if appropriate, at the end of each fiscal year (reporting period). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Land is not depreciated.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Facilities in service: between 30 and 50 years</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Furniture, tools and equipment: between 5 and 20 years</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Construction in process is valued based on the degree of completion and is recorded at cost restated to reflect the effects of inflation less any impairment loss, if applicable. Cost includes expenses attributable to the construction, when they are part of the cost incurred for the purposes of acquisition, construction or production of property, plant and equipment that require considerable time until they are in condition to be used. These assets begin to be depreciated when they are in economic condition to be used.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Gains and losses on the sale of Property, plant and equipment are calculated by comparing the price collected with the carrying amount of the asset, and are recognized within Other operating expense or Other operating income in the Statement of Comprehensive Income. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The valuation of property, plant and equipment, taken as a whole, does not exceed its recoverable value, which is measured as the higher of value in use and fair value less costs to sell at the end of the year. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>At the date of issuance of these financial statements there are no indicators of a potential impairment (Note 6.c). </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;</FONT></B></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.3 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Interests in joint ventures</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The main conceptual definitions are as follow:</FONT></P>

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   <TD width="5%" align=center><FONT size=2 face=Arial>i.</FONT></TD>

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   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Arial>A joint arrangement takes place among two or more parties when they have joint control: joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.</FONT></P></TD></TR>

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   <TD width="5%" align=center><FONT size=2 face=Arial>ii.</FONT></TD>

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   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Arial>A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Such parties are called joint venturers.</FONT></P></TD></TR>

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   <TD width="5%" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>iii.</FONT></TD>

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   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Arial>A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. These parties are called joint operators.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company accounts for its investment in joint ventures in accordance with the equity method. Under this method, the interest is initially recognized at cost and subsequently adjusted by recognizing the Company&#8217;s share in the profit or loss obtained by the joint venture, after acquisition date. The Company recognizes in profit or loss its share of the joint venture&#8217;s profit or loss and in other comprehensive income its share of the joint venture&#8217;s other comprehensive income.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>When the Company carries out transactions in the joint ventures, the unrealized gains and losses are eliminated in accordance with the percentage interest held by the Company in the jointly controlled entity.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The joint ventures&#8217; accounting policies have been modified and adapted, if applicable, to ensure consistency with the policies adopted by the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Furthermore, taking into account that the interests in joint ventures are not regarded as significant balances, the disclosures required under IFRS 12 have not been made.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.4 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Revenue recognition</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>a.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Revenue from sales</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: 7.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Revenues from contracts with customers (ENRE Resolutions No. 63/17, 603/17, 33/18, 208/18 and SE Resolution No. 366/18):</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company recognizes, on a monthly basis, revenues from electricity distribution and commercialization as energy is distributed to each client based on the applicable tariff and procedures established by the ENRE. Such revenue includes energy delivered, whether billed or unbilled, at the end of each period. Revenues are not adjusted for the effect of financing components as sales&#8217; payments are not deferred over time, which is consistent with market practice. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The current remuneration scheme establishes certain limits to the increase in the VAD resulting from the tariff structure review process, as well as a mechanism for monitoring the variation of CPD, which implies an increase in the compensation scheme for certain cases; the Company recognizes related revenues only to the extent that it is highly probable that a significant reversal will not occur and it is probable that the consideration will be collected regardless the period in which the energy is distributed. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company recognizes revenues related to energy supply to low-income areas and shantytowns, only to the extent that the Framework Agreement with Argentine Nation and Province of Buenos Aires has been renewed for the period in which the service was rendered. </FONT></P>

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      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp;

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Other revenues from contracts with
customers:</FONT></I></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company recognizes other revenues from contracts with
customers in relation to connection and reconnection services, rights of use on
poles and transport of energy to other distribution companies on a monthly basis
as services are rendered based on the price established in each contract.
Revenues are not adjusted for the effect of financing components as sales&#8217;
payments are not deferred over time, which is consistent with market
practice.</FONT></P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>b.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Interest income</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Interest income is recognized by applying the effective
interest rate method. Interest income is recorded in the accounting on a time
basis by reference to the principal amount outstanding and the applicable
effective rate.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Interest income is recognized when it is probable that the
economic benefits associated with the transaction will flow to the Company and
the amount of the transaction can be measured reliably.</FONT></P>
<P style="MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.5 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Effects of the changes in foreign currency exchange
rates</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>a.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Functional and presentation currency</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The information included in the financial statements is
measured using the Company&#8217;s functional currency, which is the currency of the
main economic environment in which the entity operates. The financial statements
are measured in pesos (legal currency in Argentina), restated to reflect the
effects of inflation (Note 3), which is also the presentation
currency.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>b.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Transactions and balances</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Foreign currency denominated transactions and balances are
translated into the functional and presentation currency using the rates of
exchange prevailing at the date of the transactions or revaluation,
respectively. The gains and losses generated by foreign currency exchange
differences resulting from each transaction and from the translation of monetary
items valued in foreign currency at the end of the year are recognized in the
Statement of Income.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The foreign currency exchange rates used are the bid price
for monetary assets, the offer price for monetary liabilities, and the specific
exchange rate for foreign currency denominated transactions.</FONT></P>
<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.6 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Trade and other receivables</FONT></B></P>
<P style="MARGIN: 5pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.8in; TEXT-INDENT: -22.15pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>a.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Trade
receivables</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0pt 5pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The receivables arising from services billed to customers
but not collected as well as those arising from services rendered but unbilled
at the closing date of each year are recognized at fair value and subsequently
measured at amortized cost using the effective interest rate method.&nbsp;
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The receivables from electricity supplied to low-income
areas and shantytowns are recognized, also in line with revenue, when the
Framework Agreement has been renewed for the period in which the service was
provided.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<DIV></DIV>
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<a name="_bclHeader205"></a><DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: -56.7pt" align=center></P>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp;
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.8in; TEXT-INDENT: -22.15pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>b.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Other
receivables</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The financial assets included in other receivables are
initially recognized at fair value (generally the original billing/settlement
amount) and subsequently measured at amortized cost, using the effective
interest rate method, and when significant, adjusted by the time value of money.
The Company records impairment allowances when there is objective evidence that
the Company will not be able to collect all the amounts owed to it in accordance
with the original terms of the receivables.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The rest of other receivables are initially recognized at
the amount paid. </FONT></P>
<P style="MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.7 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Inventories</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Inventories are valued at the lower of acquisition cost
restated to reflect the effects of inflation and net realizable
value.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>They are valued based on the purchase price, import duties
(if applicable), and other taxes (that are not subsequently recovered by tax
authorities), and other costs directly attributable to the acquisition of those
assets.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Cost is determined by applying the weighted average price
(WAP) method.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company has classified inventories into current and
non-current depending on whether they will be used for maintenance or capital
expenditures and on the period in which they are expected to be used. The
non-current portion of inventories is disclosed in the &#8220;Property, plant and
equipment&#8221; account.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The valuation of inventories, taken as a whole, does not
exceed their recoverable value at the end of each year.</FONT></P>
<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.8 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial assets</FONT></B> </P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.25in; DISPLAY: none; TEXT-INDENT: -0.25in">&nbsp;</P><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.8.1 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal" face=arial,sans-serif>Classification</FONT></B>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company classifies financial assets into the following
categories: those measured at amortized cost and those subsequently measured at
fair value. This classification depends on whether the financial asset is an
investment in a debt or an equity instrument. In order for a financial asset to
be measured at amortized cost, the two conditions described below must be met.
All other financial assets are measured at fair value. IFRS 9 requires that all
investments in equity instruments be measured at fair value.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<DIV></DIV>
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<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp;
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>a.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial assets at amortized cost</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial assets are measured at amortized cost if the
following conditions are met: </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 78pt; TEXT-INDENT: -78pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>i.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>the objective of the Company&#8217;s business model is to hold
the assets to collect the contractual cash flows; and </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 78pt; TEXT-INDENT: -78pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>ii.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>the contractual terms give rise, on specified dates, to
cash flows that are solely payments of principal and interest on principal.
</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>b.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial assets at fair value</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>If
any of the above-detailed conditions is not met, financial assets are measured
at fair value through profit or loss.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>All investments in equity instruments are measured at fair
value. For those investments that are not held for trading, the Company may
irrevocably elect at the time of their initial recognition to present the
changes in the fair value in other comprehensive income. The Company&#8217;s decision
was to recognize the changes in fair value in profit or loss.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.5in; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.8.2 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Recognition and measurement</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The regular way purchase or sale of financial assets is
recognized on the trade date, i.e. the date on which the Company agrees to
acquire or sell the asset. Financial assets are derecognized when the rights to
receive the cash flows from the investments have expired or been transferred and
the Company has transferred substantially all the risks and rewards of the
ownership of the assets.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial assets are initially recognized at fair value
plus, in the case of financial assets not measured at fair value through profit
or loss, transaction costs that are directly attributable to the acquisition
thereof. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The gains or losses generated by investments in debt
instruments that are subsequently measured at fair value and are not part of a
hedging transaction are recognized in profit or loss. Those generated by
investments in debt instruments that are subsequently measured at amortized cost
and are not part of a hedging transaction are recognized in profit or loss when
the financial asset is derecognized or impaired and by means of the amortization
process using the effective interest rate method.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company subsequently measures all the investments in
equity instruments at fair value. When it elects to present the changes in fair
value in other comprehensive income, such changes cannot be reclassified to
profit or loss. Dividends arising from these investments are recognized in
profit or loss to the extent that they represent a return on the investment.
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company reclassifies financial assets if and only if
its business model to manage financial assets is changed. </FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The expected losses, according to the calculated
coefficients, are detailed in Note 6.a.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter206"></a><DIV>&nbsp;</DIV>
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    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp;
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.5in; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.8.3 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal" face=arial,sans-serif>Impairment of financial assets</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0pt 5pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>At
the end of each annual reporting period, the Company assesses whether there is
objective evidence that the value of a financial asset or group of financial
assets measured at amortized cost is impaired. The value of a financial asset or
group of financial assets is impaired, and impairment losses are incurred only
if there is objective evidence of impairment as a result of one or more events
that occurred after the initial recognition of the asset (a &#8220;loss event&#8221;), and
that loss event (or events) has an impact on the estimated future cash flows of
the financial asset or group of financial assets that can be reliably
measured.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Impairment tests may include evidence that the debtors or
group of debtors are undergoing significant financial difficulties, have
defaulted on interest or principal payments or made them after they had come
due, the probability that they will enter bankruptcy or other financial
reorganization, and when observable data indicate that there is a measurable
decrease in the estimated future cash flows, such as changes in payment terms or
in the economic conditions that correlate with defaults.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>In
the case of financial assets measured at amortized cost, the amount of the
impairment loss is measured as the difference between the asset&#8217;s carrying
amount and the present value of estimated future cash flows (excluding future
credit losses that have not been incurred) discounted at the financial asset&#8217;s
original effective interest rate. The asset&#8217;s carrying amount is reduced and the
amount of the impairment loss is recognized in the Statement of Income.
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Although cash, cash equivalents and financial assets
measured at amortized cost are also subject to the impairment requirements of
IFRS 9, the identified impairment loss is not material.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.5in; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.8.4 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt; LINE-HEIGHT: normal" face=arial,sans-serif>Offsetting of financial instruments</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0pt 5pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial assets and liabilities are offset, and the net
amount reported in the Statement of Financial Position, when there is a legally
enforceable right to offset the recognized amounts, and there is an intention to
settle on a net basis, or realize the asset and settle the liability
simultaneously.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.9 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Derivative financial instruments</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Derivative financial instruments are initially recognized
at fair value on the date on which the respective contract is signed.
Subsequently to the initial recognition, they are remeasured at their fair
value. The method for recognizing the resulting loss or gain depends on whether
the derivative has been designated as a hedging instrument and, if that is the
case, on the nature of the item being hedged. As of December 31, 2018 and 2017,
the economic impact of these transactions is recorded in the Other financial
expense account of the Statement of Comprehensive Income. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>During fiscal year 2018, the Company has not entered into
futures contracts to buy US dollars.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>As
of December 31, 2017, the economic impact of the transactions carried out in
that fiscal year resulted in a loss of $ 21.1 million, which is recorded in the
Other financial expense account of the Statement of Comprehensive
Income.</FONT></P>
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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp; </DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.10 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Cash and cash equivalents</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Cash and cash equivalents include cash on hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less from their acquisition date, with significant low risk of change in value.</FONT></P>

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   <TD width="5%" align=center><FONT size=2 face=Arial>i.</FONT></TD>

   <TD width="95%" align=left>

   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2 face=Arial>Cash and banks in local currency: at nominal value.</FONT></P></TD></TR>

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   <TD width="5%" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>ii.</FONT></TD>

   <TD width="95%" align=left>

   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2 face=Arial>Cash and banks in foreign currency: at the exchange rates in effect at the end of the</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>year.</FONT></P></TD></TR>

<TR>

   <TD width="5%" align=center><FONT size=2 face=Arial>iii.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT></TD>

   <TD width="95%" align=left>

   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2 face=Arial>Money market funds, which have been valued at the prevailing market price at the end of the</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>year. Those that do not qualify as cash equivalents are disclosed in the Financial assets at fair value through profit or loss account.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.11 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Equity</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Changes in this account have been accounted for in accordance with the corresponding legal or statutory regulations and the decisions adopted by the shareholders&#8217; meetings.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>a.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Share capital</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Share capital represents issued capital, which is comprised of the contributions committed and/or made by the shareholders, represented by shares, including outstanding shares at nominal value, restated to reflect the effects of inflation as indicated in Note 3.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>b.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Treasury stock</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Treasury stock account represents the nominal value of the Company&#8217;s own shares acquired by the Company, restated to reflect the effects of inflation as indicated in Note 3.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>c.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Other comprehensive income </FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Represents recognition, at the end of the</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>year, of the actuarial losses associated with the Company&#8217;s employee benefit plans, restated to reflect the effects of inflation as indicated in Note 3.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>d.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Retained earnings</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Retained earnings are comprised of profits or accumulated losses with no specific appropriation. When positive, they may be distributed, if so decided by the Shareholders&#8217; Meeting, to the extent that they are not subject to legal restrictions. Retained earnings are comprised of previous year results that have not been distributed, amounts transferred from other comprehensive income and prior year adjustments due to the application of accounting standards, restated to reflect the effects of inflation as indicated in Note 3.</FONT></P>

<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.12 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Trade and other payables</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><STRONG><FONT size=2 face=Arial></FONT></STRONG>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>a.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Trade payables</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman"> </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><STRONG></STRONG><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Trade payables are payment obligations with suppliers for the purchase of goods and services in the ordinary course of business. Trade payables are classified as current liabilities if payments fall due within one year or in a shorter period of time. Otherwise, they are classified as non-current liabilities. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Trade payables are initially recognized at fair value and subsequently measured at amortized cost using the effective interest rate method. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>b.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Customer deposits</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman"> </FONT></B></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp; </DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Customer deposits are initially recognized at the amount received and subsequently measured at amortized cost using the effective interest rate method.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>In accordance with the Concession Agreement, the Company is allowed to receive customer deposits in the following cases:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 78pt; TEXT-INDENT: -78pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>i.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>When the power supply is requested and the customer is unable to provide evidence of his legal ownership of the premises;&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 78pt; TEXT-INDENT: -78pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>ii.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>When service has been suspended more than once in one-year period;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 78pt; TEXT-INDENT: -78pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>iii.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>When the power supply is reconnected and the Company is able to verify the illegal use of the service (fraud).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 78pt; TEXT-INDENT: -78pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>iv.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>When the customer is undergoing liquidated bankruptcy or reorganization proceedings.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>The Company has decided not to request customer deposits from residential tariff customers.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Customer deposits may be either paid in cash or through the customer&#8217;s bill and accrue monthly interest at a specific rate of BNA for each customer category. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>When the conditions for which the Company is allowed to receive customer deposits no longer exist, the customer&#8217;s account is credited for the principal amount plus any interest accrued thereon, after deducting, if appropriate, any amounts receivable which the Company has with the customer.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.8in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>c.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Customer contributions</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0pt 5pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Refundable</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>: The Company receives assets or facilities (or the cash necessary to acquire or build them) from certain customers for services to be provided, based on individual agreements and the provisions of ENRE Resolution No. 215/12. These contributions are initially recognized as trade payables at fair value with a contra-account in Property, plant and equipment, and subsequently measured at amortized cost using the effective interest rate method.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.8in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.8in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>d.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Other payables</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The rest of the financial liabilities recorded in Other Payables, including the loans for consumption (mutuums) with CAMMESA, the Payment agreement with the ENRE and the advances for the execution of works, are initially recognized at fair value and subsequently measured at amortized cost.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The recorded liabilities for the debts with the FOTAE, the penalties accrued, whether imposed or not yet issued by the ENRE (Note 2.e)), and other provisions are the best estimate of the settlement value of the present obligation in the framework of IAS 37 provisions at the date of these financial statements. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The balances of ENRE Penalties and Discounts are adjusted in accordance with the regulatory framework applicable thereto and are based on the Company&#8217;s estimate of the outcome of the renegotiation process described in Note 2, whereas the balances of the loans for consumption (mutuums) are adjusted by a rate equivalent to the monthly average yield obtained by CAMMESA from its short-term investments.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.13 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Borrowings </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Borrowings are initially recognized at fair value, net of direct costs incurred in the transaction. Subsequently, they are measured at amortized cost; any difference between the funds obtained (net of </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>direct costs incurred in the transaction) and the amount to be paid at maturity is recognized in profit or loss during the term of the borrowings using the effective interest rate method.</FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp; </DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.14 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Deferred revenue</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Non-refundable customer contributions</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>: The Company receives assets or facilities (or the cash necessary to acquire or built them) from certain customers for services to be provided, based on individual agreements. In accordance with IFRS 15 &#8220;Transfers of Assets from Customers&#8221;, the assets received are recognized by the Company as Property, plant and equipment with a contra-account in deferred revenue, the accrual of which depends on the nature of the identifiable services, in accordance with the following:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 49.65pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>customer connection to the network: revenue is accrued until such connection is completed;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 49.65pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>continuous provision of the electric power supply service: throughout the shorter of the useful life of the asset and the term for the provision of the service.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.15 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Employee benefits</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 71.45pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Benefit plans</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company operates various benefit plans. Usually, benefit plans establish the amount of the benefit the employee will receive at the time of retirement, generally based on one or more factors such as age, years of service and salary.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The liability recognized in the Statement of Financial Position in respect of benefit plans is the present value of the benefit plan obligation at the closing date of the year, together with the adjustments for past service costs and actuarial gains or losses. The benefit plan obligation is calculated annually by independent actuaries in accordance with the projected unit credit method. The present value of the benefit plan obligation is determined by discounting the estimated future cash outflows using actuarial assumptions about demographic and financial variables that affect the determination of the amount of such benefits. The benefit plans are not funded.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The group&#8217;s accounting policy for benefit plans is as follow:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 70.9pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-FAMILY: arial">a.</FONT></B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: arial"><B>&nbsp;&nbsp;&nbsp;&nbsp; </B>Past service costs are recognized immediately in profit or loss, unless the changes to the benefit plan are conditional on the employees&#8217; remaining in service for a specified period of time (the vesting period). In this case, past service costs are amortized on a straight-line basis over the vesting period.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 70.9pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 70.9pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-FAMILY: arial">b.</FONT></B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: arial"><B>&nbsp;&nbsp;&nbsp; </B>Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are recognized in other comprehensive income in the period in which they arise.</FONT></P>

<P style="MARGIN: 0in 0in 10pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 71.45pt; TEXT-INDENT: -0.25in"><STRONG><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US face=arial,sans-serif>The Company&#8217;s Share-based Compensation Plan</FONT></STRONG></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 71.45pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company has share-based compensation plans under which it receives services from some employees in exchange for the Company&#8217;s shares. The fair value of the employee services received is recognized as an operating expense in the &#8220;Salaries and social security taxes&#8221; line item. The total amount of the referred to expense is determined by reference to the fair value of the shares granted.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>When the employees provide the services before the shares are granted, the fair value at the grant date is estimated in order to recognize the respective result. </FONT></P>

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    <TD>
      <DIV>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp;
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.16 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Income tax
</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The income tax is recognized in profit or loss, other
comprehensive income or in equity depending on the items from which it
originates.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The deferred tax is recognized, in accordance with the
liability method, on the temporary differences arising between the tax base of
assets and liabilities and their carrying amounts in the statement of financial
position. However, no deferred tax liability is recognized if such difference
arises from the initial recognition of goodwill, or from the initial recognition
of an asset or liability other than in a business combination, which at the time
of the transaction affected neither the accounting nor the taxable profit.
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The deferred tax is determined using the tax rate that is
in effect at the date of the financial statements and is expected to apply when
the deferred tax assets are realized or the deferred tax liabilities are
settled.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Deferred tax assets and liabilities are offset if the
Company has a legally enforceable right to offset recognized amounts and when
deferred tax assets and liabilities relate to income tax levied by the same tax
authority on the same taxable entity. Deferred tax assets and liabilities are
stated at their undiscounted value. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Deferred tax assets are recognized only to the extent that
it is probable that future taxable profits will be available against which the
temporary differences can be utilized.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.17 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Leases</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The leases in which a significant portion of the risks and
rewards of ownership is retained by the assignor are classified as operating. At
present, the Company only has leases contracts that are classified as
operating.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 63.8pt; TEXT-INDENT: -28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>a.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Lessee</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The payments with respect to operating leases are
recognized as operating expenses in the Statement of Comprehensive Income on a
straight-line basis throughout the term of the assignment.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 63.8pt; TEXT-INDENT: -28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>b.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Lessor</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The leases in which the Company does not transfer
substantially all the risks and rewards of the ownership of the asset are
classified as operating leases. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The collections with respect to operating leases are
recognized as income in the Statement of Comprehensive Income on a straight-line
basis throughout the term of the assignment.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.18 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Provisions
and contingencies</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Provisions have been recognized in those cases in which
the Company is faced with a present obligation, whether legal or constructive,
that has arisen as a result of a past event, whose settlement is expected to
result in an outflow of resources, and the amount thereof can be estimated
reliably.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The amount recognized as provisions is the best estimate
of the expenditure required to settle the present obligation, at the end of the
reporting year, taking into account the corresponding risks and uncertainties.
When a provision is measured using the estimated cash flow to settle the present
obligation, the carrying amount represents the present value of such cash flow.
This present value is obtained by applying a pre-tax discount rate that reflects
market conditions, the time value of money and the specific risks of the
obligation.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT face=Arial></FONT>&nbsp;</P>
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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp; </DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The provisions included in liabilities have been recorded to face contingent situations that could result in future payment obligations. To estimate the amount of provisions and the likelihood of an outflow of resources, the opinion of the Company&#8217;s legal advisors has been taken into account.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 4.19 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Balances with related parties</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Receivables and payables with related parties are initially recognized at fair value and subsequently measured at amortized cost in accordance with the terms agreed upon by the parties involved.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=#0070c0 face=arial,sans-serif>Note 5 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Financial risk management</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 50.2pt; DISPLAY: none; TEXT-INDENT: -0.25in"><FONT style="DISPLAY: none" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 5.1 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial risk factors</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company&#8217;s activities and the market in which it operates expose the Company to a series of financial risks: market risk (including currency risk, cash flows interest rate risk, fair value interest rate risk and price risk), credit risk and liquidity risk.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The management of the financial risk is part of the Company&#8217;s overall policies, which focus on the unpredictability of the financial markets and seek to minimize potential adverse effects on its financial performance. Financial risks are the risks derived from the financial instruments to which the Company is exposed during or at the end of each year. The Company uses derivative instruments to hedge exposure to certain risks whenever it deems appropriate in accordance with its internal risk management policy.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Risk management is controlled by the Finance and Control Department, which identifies, evaluates and hedges financial risks. Risk management policies and systems are periodically reviewed so that they can reflect the changes in the market&#8217;s conditions and the Company&#8217;s activities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>This section includes a description of the main risks and uncertainties that could have a material adverse effect on the Company&#8217;s strategy, performance, results of operations and financial position. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 70.9pt; TEXT-INDENT: -28.35pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>a.</FONT></I></B><B><I><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Market risks</FONT></I></B></P>

<P style="MARGIN: 0in 0pt 0pt 70.9pt; TEXT-INDENT: -28.35pt">&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 70.9pt; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>i.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Currency risk </FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Currency risk is the risk of fluctuation in the fair value or future cash flows of a financial instrument due to changes in foreign currency exchange rates. The Company&#8217;s exposure to currency risk relates to the collection of its revenue in pesos, in conformity with regulated electricity rates that are not indexed in relation to the US dollar, whereas a significant portion of its existing financial liabilities is denominated in US dollars. Therefore, the Company is exposed to the risk of a loss resulting from a devaluation of the peso. The Company may hedge its currency risk trying to enter into currency futures. At the date of issuance of these financial statements, the Company has not hedged its exposure to the US dollar. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>If the Company continued to be unable to effectively hedge all or a significant part of its exposure to currency risk, any devaluation of the peso could significantly increase its debt service burden, which, in turn, could have a substantial adverse effect on its financial and cash position (including its ability to repay its Corporate Notes) and the results of its operations. The exchange rates used as of December 31, 2018 and 2017 are $ 37.70 and $ 18.65 per <FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>USD,&nbsp;</FONT>respectively.</FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp; </DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>As of&nbsp;December 31, 2018 and 2017, the Company&#8217;s balances in foreign&nbsp;currency are as follow:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Currency</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Amount in foreign currency</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Exchange rate (1)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total <BR>12.31.18</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total <BR>12.31.17</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>ASSETS</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>&nbsp;</TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>NON-CURRENT ASSETS</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Other receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>USD</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 20,416 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>37.500</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>765,600 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; - </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>TOTAL NON-CURRENT ASSETS</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 20,416 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>765,600 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; - </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>CURRENT ASSETS</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Other receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>USD</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 3,989 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>37.500</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>149,588 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; - </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Financial assets at fair value through profit or loss</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>USD</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 87,621 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>37.500</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 3,285,788 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 1,829,881 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Cash and cash equivalents</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>USD</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 250 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>37.500</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 9,375 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 6,519 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>EUR</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>42.840</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 394 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>TOTAL CURRENT ASSETS</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 91,860 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 3,444,751 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 1,836,794 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>TOTAL ASSETS</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 112,276 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 4,210,351 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 1,836,794 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="45%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>LIABILITIES</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>NON-CURRENT LIABILITIES</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>USD</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 190,782 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>37.700</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 7,192,467 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 6,189,294 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>TOTAL NON-CURRENT LIABILITIES</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 190,782 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 7,192,467 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 6,189,294 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>CURRENT LIABILITIES</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Trade payables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>USD</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 17,519 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>37.700</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>660,459 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 386,504 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>EUR</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 93 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>43.163</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 4,014 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 9,248 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="45%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>CHF</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>38.312</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>15,454 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>NOK</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 68 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>4.346</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 296 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 230 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>USD</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 28,580 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>37.700</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 1,077,453 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 105,139 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>TOTAL CURRENT LIABILITIES</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 46,265 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 1,742,222 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 516,575 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>TOTAL LIABILITIES</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 237,047 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 8,934,689 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 6,705,869 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>The exchange rates used are the BNA exchange rates in effect as of December 31, 2018 for US Dollars (USD), Euros (EUR), Swiss Francs (CHF) and Norwegian Krones (NOK). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The table below shows the Company&#8217;s exposure to currency risk resulting from the financial assets and liabilities denominated in a currency other than the Company&#8217;s functional currency.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; TEXT-INDENT: -4.5pt" align=center>&nbsp;</P>

<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 58%"></TD>

   <TD style="WIDTH: 20%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%"></TD>

   <TD style="WIDTH: 20%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.18</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.17</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net position Assets/(Liabilities)</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 20%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" align=left></TD>

   <TD style="WIDTH: 20%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="58%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>US dollar</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(4,720,028)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ccecff" width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(4,844,537)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Euro</FONT>&nbsp;</TD>

   <TD style="WIDTH: 20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(4,014)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(8,854)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="58%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Norwegian krone</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(296)</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(230)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Swiss franc</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="WIDTH: 2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(15,454)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(4,724,338)</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(4,869,075)</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; TEXT-INDENT: -4.5pt" align=center></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company estimates that a 10% devaluation of the Argentine peso with respect to each foreign currency, with all the other variables remaining constant, would give rise to the following decrease in the profit for the year:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; TEXT-INDENT: -4.5pt" align=center>&nbsp;</P>

<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD style="WIDTH: 58%"></TD>

   <TD style="WIDTH: 20%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%"></TD>

   <TD style="WIDTH: 20%"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.18</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.17</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net position Assets/(Liabilities)</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 20%" align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" align=left></TD>

   <TD style="WIDTH: 20%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="58%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>US dollar</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(472,003)</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(484,454)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Euro</FONT>&nbsp;</TD>

   <TD style="WIDTH: 20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(401)</FONT>&nbsp;</TD>

   <TD style="WIDTH: 2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(886)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="58%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Norwegian krone</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(30)</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(24)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Swiss franc</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="WIDTH: 2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(1,546)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Decrease in the results of operations for</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="20%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="20%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>the year</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(472,434)</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(486,910)</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; TEXT-INDENT: -4.5pt" align=center></P>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<a name="_bclFooter214"></a><DIV>&nbsp;</DIV>

<DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_215"></A>

<a name="_bclHeader215"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: -56.7pt" align=center></P>

<DIV align=left>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD>

   <DIV>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV></DIV>

<P style="MARGIN: 0in 0pt 0pt 70.9pt; TEXT-INDENT: -70.9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>ii.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Price risk</FONT></U></P>

<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company&#8217;s investments in listed equity instruments are susceptible to market price risk arising from the uncertainties concerning the future value of these instruments. Due to the low significance of the investments in equity instruments in relation to the net asset/liability position, the Company is not significantly exposed to the referred to instruments price risk.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Furthermore, the Company is not exposed to commodity price risk.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.1pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.1pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 70.9pt; TEXT-INDENT: -70.9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>iii.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Interest rate risk </FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.1pt 0pt 0in; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Interest rate risk is the risk of fluctuation in the fair value or cash flows of an instrument due to changes in market interest rates. The Company&#8217;s exposure to interest rate risk is related mainly to the long-term debt obligations. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Indebtedness at floating rates exposes the Company to interest rate risk on its cash flows. Indebtedness at fixed rates exposes the Company to interest rate risk on the fair value of its liabilities. As of December 31, 2018 and 2017 -except for a loan applied for by the Company and granted by ICBC Bank as from October 2017 for a three-year term at a six-month Libor rate plus an initial 2.75% spread, which will be adjusted semi-annually by a quarter-point-, 100% of the loans were obtained at fixed interest rates. The Company&#8217;s policy is to keep the largest percentage of its indebtedness in instruments that accrue interest at fixed rates.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company analyzes its exposure to interest rate risk in a dynamic manner. Several scenarios are simulated taking into account the positions with respect to refinancing, renewal of current positions, alternative financing and hedging. Based on these scenarios, the Company calculates the impact on profit or loss of a specific change in interest rates. In each simulation, the same interest rate fluctuation is used for all the currencies. Scenarios are only simulated for liabilities that represent the most relevant interest-bearing positions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The table below shows the breakdown of the Company&#8217;s loans according to interest rate and the currency in which they are denominated: </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P>

<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="58%"></TD>

   <TD width="20%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.18</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.17</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fixed rate:</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 20%" align=left>&nbsp;</TD>

   <TD style="WIDTH: 2%" align=left></TD>

   <TD style="WIDTH: 20%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="58%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>US dollar</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>6,359,798</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff; TEXT-INDENT: 10.863pt" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>4,904,361</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Subtotal loans at fixed rates</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,359,798</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 15.429pt" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,904,361</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Floating rate:</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="20%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="2%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="20%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>US dollar</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,910,122</FONT>&nbsp;</TD>

   <TD style="WIDTH: 2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 10.863pt" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,390,072</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Subtotal loans at floating rates</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,910,122</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff; TEXT-INDENT: 15.429pt" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,390,072</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total loans</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8,269,920</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 15.429pt" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,294,433</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<DIV></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
&nbsp; <A name="page_216"></A>

<a name="_bclHeader216"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: -56.7pt" align=center></P>

<DIV align=left>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD>

   <DIV>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp; </DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Based on the simulations performed, a 1% increase in floating interest rates, with all the other variables remaining constant, would give rise to the following decrease in the profit for the year:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P>

<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="58%"></TD>

   <TD width="20%"></TD>

   <TD width="2%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.18</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.17</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Floating rate:</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 20%" align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" align=right></TD>

   <TD style="WIDTH: 20%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="58%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>US dollar</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff; TEXT-INDENT: 22.748pt" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(4,241)</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff; TEXT-INDENT: 22.748pt" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(3,098)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Decrease in the results of operations</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 20%" align=right>&nbsp;</TD>

   <TD style="WIDTH: 2%" align=right></TD>

   <TD style="WIDTH: 20%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>for the year</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff; TEXT-INDENT: 22.748pt" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(4,241)</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff; TEXT-INDENT: 22.748pt" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(3,098)</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Based on the simulations performed, a 1% decrease in floating interest rates, with all the other variables remaining constant, would give rise to the following increase in the profit for the year:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P>

<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="58%"></TD>

   <TD width="20%"></TD>

   <TD width="2%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.18</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.17</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Floating rate:</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right>&nbsp;</TD>

   <TD width="2%" align=right></TD>

   <TD width="20%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="58%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>US dollar</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff; TEXT-INDENT: 22.748pt" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>4,241</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff; TEXT-INDENT: 22.748pt" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,098</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Decrease in the results of operations</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right>&nbsp;</TD>

   <TD width="2%" align=right></TD>

   <TD width="20%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>for the year</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff; TEXT-INDENT: 22.748pt" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,241</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff; TEXT-INDENT: 22.748pt" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,098</FONT></B></TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 70.9pt; TEXT-INDENT: -28.35pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>b.</FONT></I></B><B><I><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Credit risk</FONT></I></B></P>

<P style="MARGIN: 0in 7.1pt 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Credit risk is the risk of a financial loss as a consequence of a counterparty&#8217;s failure to comply with the obligations assumed in a financial instrument or commercial contract. The Company&#8217;s exposure to credit risk results from its operating (particularly from its commercial receivables) and financial activities, including deposits in financial entities and other instruments.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Credit risk arises from cash and cash equivalents, deposits with banks and financial entities and derivative financial instruments, as well as from credit exposure to customers, included in outstanding balances of accounts receivable and committed transactions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>With regard to banks and financial entities, only those with high credit quality are accepted.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>With regard to debtors, if no independent credit risk ratings are available, the Finance Department evaluates the debtors&#8217; credit quality, past experience and other factors. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Individual credit limits are established in accordance with the limits set by the Company&#8217;s CEO, on the basis of the internal or external ratings approved by the Finance and Control Department. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company has different procedures in place to reduce energy losses and allow for the collection of the balances owed by its customers. The Commercial Department periodically monitors compliance with the above-mentioned procedures.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>One of the significant items of delinquent balances is that related to the receivable amounts with Municipalities, in respect of which the Company either applies different offsetting mechanisms against municipal taxes it collects in the name and to the order of those government bodies, or implements debt refinancing plans, with the aim of reducing them.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>At each year-end, the Company analyzes whether the recording of an impairment is necessary. As of December 31, 2018 and 2017, delinquent trade receivables totaled approximately $ 2 billion and $ 1.5 billion, respectively.&nbsp; As of December 31, 2018 and 2017, the financial statements included allowances for $ 901.3 million and $ 677.5 million, respectively. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<DIV></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
&nbsp; <A name="page_217"></A>

<a name="_bclHeader217"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: -56.7pt" align=center></P>

<DIV align=left>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD>

   <DIV>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp; </DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The inability to collect the accounts receivable in the future could have an adverse effect on the Company&#8217;s results of operations and its financial position, which, in turn, could have an adverse effect on the Company&#8217;s ability to repay loans, including payment of the Corporate Notes. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The balances of the bills for electricity consumption of small-demand (T1), medium-demand (T2) and large-demand (T3) customers that remain unpaid 7 working days after the bills&#8217; first due dates are considered delinquent trade receivables. Additionally, the amounts related to the Framework Agreement are not considered within delinquent balances.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company&#8217;s maximum exposure to credit risk is based on the book value of each financial asset in the financial statements, after deducting the corresponding allowances.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 70.9pt; TEXT-INDENT: -28.35pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>c.</FONT></I></B><B><I><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Liquidity risk</FONT></I></B></P>

<P style="MARGIN: 0in 7.1pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company monitors the risk of a deficit in cash flows on a periodical basis. The Finance Department supervises the updated projections of the Company&#8217;s liquidity requirements in order to ensure that there is enough cash to meet its operational needs, permanently maintaining sufficient margin for undrawn credit lines so that the Company does not fail to comply with the indebtedness limits or covenants, if applicable, of any line of credit. Such projections give consideration to the Company&#8217;s debt financing plans, compliance with covenants, with internal balance sheet financial ratios objectives and, if applicable, with external regulations and legal requirements, such as, restrictions on the use of foreign currency.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Cash surpluses held by the Company and the balances in excess of the amounts required to manage working capital are invested in Money Market Funds and/or time deposits that accrue interest, currency deposits and securities, choosing instruments with appropriate maturities or sufficient liquidity to provide sufficient margin as determined in the aforementioned projections. As of December 31, 2018 and 2017, the Company&#8217;s current financial assets at fair value amount to $ 3.4 billion and $ 4.3 billion, respectively, which are expected to generate immediate cash inflows to manage the liquidity risk.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The table below includes an analysis of the Company&#8217;s non-derivative financial liabilities, which have been classified into maturity groupings based on the remaining period between the closing date of the fiscal year and the contractual maturity date. Derivative financial liabilities are included in the analysis if their contractual maturities are essential for an understanding of the timing of the cash flows. The amounts disclosed in the table are the contractual undiscounted cash flows.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="24%"></TD>

   <TD width="10%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="10%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="10%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="10%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="10%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="10%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD width="24%" align=left>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD style="TEXT-INDENT: 8.398pt" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>From 3</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="10%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="24%" align=left>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Less than 3</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>months to 1</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>From 1 to 2</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>From 2 to 5</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>More than 5</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="10%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 24%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>No deadline</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>months</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 11.399pt" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>year</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>years</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 8.401pt" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>years</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>years</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 24%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>As of December 31, 2018</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 10%" align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=left></TD>

   <TD style="WIDTH: 10%" align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=left></TD>

   <TD style="WIDTH: 10%" align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=left></TD>

   <TD style="WIDTH: 10%" align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=left></TD>

   <TD style="WIDTH: 10%" align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=left></TD>

   <TD style="WIDTH: 10%" align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=left></TD>

   <TD style="WIDTH: 10%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="24%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Trade and other payables</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>12,407,373</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>9,110,948</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,732,779</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>82,491</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>99,953</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>24,433,544</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 24%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Borrowings</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>684,469</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>684,469</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>7,676,569</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>9,045,507</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="24%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12,407,373</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,110,948</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,417,248</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>766,960</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,776,522</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>33,479,051</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD style="WIDTH: 100%" colSpan=14>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="24%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>As of December 31, 2017</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="10%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="10%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 24%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Trade and other payables</FONT>&nbsp;</TD>

   <TD style="WIDTH: 10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>8,950,249</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5,877,338</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>8,195,465</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>135,840</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>179,584</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>23,338,476</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="24%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Borrowings</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>499,945</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>499,945</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>6,107,012</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>7,106,902</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 24%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8,950,249</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,877,338</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8,695,410</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>635,785</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,286,596</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>30,445,378</FONT></B>&nbsp;</TD></TR></TABLE>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: -49.65pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 5.2 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Concentration risk factors</FONT></B></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 53.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</H3>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 53.45pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>a.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Related to customers</FONT></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company&#8217;s receivables derive primarily from the sale of electricity.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>No single customer accounted for more than 10% of sales for the years ended December 31, 2018 and 2017. The collectibility of trade receivables balances related to the Framework Agreement, which amount to $ 10.4 million</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#ff0066 face=arial,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>and $ 231 million as of December 31, 2018 and 2017, respectively, as disclosed in Note 2.d), is subject to compliance with the terms of such agreement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 53.45pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>b.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Related to employees who are union members</FONT></B></H3>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>As of December 31, 2018, the Company&#8217;s employees are members of unions, Sindicato de Luz y Fuerza de Capital Federal (Electric Light and Power Labor Union Federal Capital) and Asociaci&#243;n del Personal Superior de Empresas de Energ&#237;a (Association of Supervisory Personnel of Energy Companies). These employees labor cost depends on negotiations between the Company and the unions; a sensitive change in employment conditions generates a significant impact on the Company&#8217;s labor costs.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;In November 2018, the Company reached an agreement with the Sindicato de Luz y Fuerza on a total salary increase to be implemented in 5 tranches, beginning in November 2018 and ending in October 2019. Each increase will be calculated on the basis of the previous month salary and paid to the personnel represented by the union and providing services at the time of each payment. The agreed-upon increases are as follow:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 71.45pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>10%, applicable as from December 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 71.45pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>8%, applicable as from February 2019.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 71.45pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>5%, applicable as from April 2019.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 71.45pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>5%, applicable as from July 2019. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 71.45pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>5%, applicable as from October 2019.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Additionally, it was agreed that the values of the Attendance Bonus, payable to those who have maintained perfect attendance for a full quarter, or have a maximum of 2 absences over the period, would be adjusted as from November 2018. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>At present, the Company continues negotiating with the Asociaci&#243;n del Personal Superior de Empresas de Energ&#237;a (APSEE), but no agreement has been reached as of to date.&nbsp; </FONT></P>

<P style="MARGIN: 0in 0in 0pt 35.45pt"><FONT face=georgia><FONT lang=ES-AR face=georgia></FONT></FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp; </DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 5.3 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Capital risk management</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.1pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company&#8217;s objectives when managing capital are to safeguard its ability to continue as a going concern and to maintain an optimal capital structure to reduce the cost of capital.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Consistent with others in the industry, the Company monitors its capital on the basis of the gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated as total liabilities (current and non-current) less cash and cash equivalents. Total capital is calculated as equity attributable to the owners as shown in the statement of financial position plus net debt.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>As of December 31, 2018 and 2017, gearing ratios were as follow:</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt" align=center>&nbsp;</P>

<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="58%"></TD>

   <TD width="20%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.18</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.17</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="58%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Total liabilities</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>46,023,206</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>43,088,208</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Less: cash and cash equivalents</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(3,409,158)</FONT>&nbsp;</TD>

   <TD style="WIDTH: 2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(4,400,357)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="58%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Net debt</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>42,614,048</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>38,687,851</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Total Equity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>30,968,972</FONT>&nbsp;</TD>

   <TD style="WIDTH: 2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>27,793,719</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="58%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Total capital attributable to owners</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>73,583,020</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>66,481,570</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Gearing ratio</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>57.91%</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 2%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>58.19%</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt" align=center></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 5.4 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Regulatory risk factors</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Pursuant to caption C of Section 37 of the Concession Agreement, the Grantor of the Concession may, without prejudice to other rights to which he is entitled thereunder, foreclose on the collateral granted by the Company when the cumulative value of the penalties imposed to the Company in the previous one-year period exceeds 20% of its annual billing, net of taxes and rates.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company&#8217;s Management evaluates the development of this indicator on an annual basis. At the date of issuance of these financial statements, there are no events of non-compliance by the Company that could lead to that situation. </FONT></P>

<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 20.25pt; TEXT-INDENT: -20.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 5.5 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Fair value estimate</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.1pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company classifies the measurements of financial instruments at fair value using a fair value hierarchy that reflects the relevance of the variables used to carry out such measurements. The fair value hierarchy has the following levels: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif><BR>&#183; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Level 1</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>: quoted prices (unadjusted) in active markets for identical assets or liabilities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif><BR>&#183; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Level 2</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>: inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (i.e. prices) or indirectly (i.e. derived from the prices). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif><BR>&#183; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Level 3</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>: inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs). </FONT></P>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp; </DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The table below shows the Company&#8217;s financial assets and liabilities measured at fair value as of December 31, 2018 and 2017:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

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   <TD width="49%"></TD>

   <TD width="12%"></TD>

   <TD width="1%"></TD>

   <TD width="12%"></TD>

   <TD width="1%"></TD>

   <TD width="12%"></TD>

   <TD width="1%"></TD>

   <TD width="12%"></TD></TR>

<TR vAlign=bottom>

   <TD width="49%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>LEVEL 1</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>LEVEL 2</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>LEVEL 3</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TOTAL</FONT></B>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=8>&nbsp;</TD></TR>

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   <TD width="49%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>At December 31, 2018</FONT></B>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Assets</FONT></B>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=right></TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="49%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Financial assets at fair value through</FONT></I>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ccecff" width="1%" align=right></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>profit or loss:</FONT></I>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="49%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Government bonds</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,285,799</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff; TEXT-INDENT: 41.898pt" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,285,799</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Money market funds</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>95,751</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 41.898pt" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>95,751</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="49%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total assets</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,381,550</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff; TEXT-INDENT: 41.898pt" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,381,550</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="49%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Liabilities</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,035</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 39.366pt" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,035</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="49%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total liabilities</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,035</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff; TEXT-INDENT: 41.898pt" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,035</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=8>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ccecff" width="100%" colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>At December 31, 2017</FONT></B>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="49%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Assets</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Financial assets at fair value through</FONT></I>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="49%" align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>profit or loss:</FONT></I>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Government bonds</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,829,888</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 41.898pt" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,829,888</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="49%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Money market funds</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,448,120</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff; TEXT-INDENT: 41.898pt" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,448,120</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total assets</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,278,008</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 41.898pt" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,278,008</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ccecff" width="100%" colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Liabilities</FONT></B>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="49%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>291</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff; TEXT-INDENT: 39.366pt" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="12%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>291</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total liabilities</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>291</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 41.898pt" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>291</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in" align=center></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The value of the financial instruments negotiated in active markets is based on the market quoted prices on the date of the statement of financial position. A market is considered active when the quoted prices are regularly available through a stock exchange, broker, sector-specific institution or regulatory body, and those prices reflect regular and current market transactions between parties that act in conditions of mutual independence. The market quotation price used for the financial assets held by the Company is the current offer price. These instruments are included in level 1. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The fair value of financial instruments that are not negotiated in active markets is determined using valuation techniques. These valuation techniques maximize the use of market observable information, when available, and rely as little as possible on specific estimates of the Company. If all significant variables to establish the fair value of a financial instrument can be observed, the instrument is included in level 2. These derivative financial instruments arise from the variation between the market prices at year-end or sale thereof and the time of negotiation. The market value used is obtained from the &#8220;Transactions with securities&#8221; report issued by Banco Mariva.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>When one or more relevant variables used to determine the fair value cannot be observed in the market, the financial instrument is included in level 3. There are no financial instruments that are to be included in level 3.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>

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   <DIV>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp; </DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 6 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Critical accounting estimates and judgments</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The preparation of the financial statements requires the Company&#8217;s Management to make estimates and assessments concerning the future, exercise critical judgments and make assumptions that affect the application of the accounting policies and the reported amounts of assets and liabilities and revenues and expenses. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>These estimates and judgments are permanently evaluated and are based upon past experience and other factors that are reasonable under the existing circumstances. Future actual results may differ from the estimates and assessments made at the date of preparation of these financial statements. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The estimates that have a significant risk of causing adjustments to the amounts of assets and liabilities during the next fiscal year are detailed below: </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 10pt 53.45pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>a.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Impairment of financial assets</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The allowance for the impairment of accounts receivable is assessed based on the delinquent balance, which comprises all such debt arising from the bills for electricity consumption of small-demand (T1), medium-demand (T2), and large-demand (T3) customers that remain unpaid 7 working days after their first due dates. The Company&#8217;s Management records an allowance applying to the delinquent balances of each customer category an uncollectibility rate that is determined according to each customer category based on the historical comparison of collections made.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Additionally, and faced with temporary and/or exceptional situations, the Company&#8217;s Management may redefine the amount of the allowance, specifying and supporting the criteria used in all the cases.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>As from January 1, 2018, the Company has applied the amended IFRS 9 with the allowed practical resources, without restating the comparative periods.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company has performed a review of the financial assets it currently measures and classifies at fair value through profit or loss or at amortized cost and has concluded that they meet the conditions to maintain their classification; consequently, the initial adoption has not affected the classification and measurement of the Company&#8217;s financial assets.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Furthermore, with regard to the new hedge accounting model, the Company has not elected to designate any hedge relationship at the date of the initial adoption of the amended IFRS 9 and, consequently, has generated no impact on the Company&#8217;s results of operations or its financial position.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Finally, with regard to the change in the methodology for calculating the impairment of financial assets based on expected credit losses, the Company has applied the simplified approach of IFRS 9 for trade receivables and other receivables with similar risk characteristics. In order to measure the expected credit losses, receivables are grouped by customer segment, and on the basis of the shared credit risk characteristics and the number of days past the payment due date. The expected loss as of January 1, 2018 was determined based on the following coefficients calculated for the number of days past the payment due date:</FONT></P>

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<TR>

   <TD width="23%"></TD>

   <TD width="12%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="12%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="12%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="12%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="12%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>

   <TD width="12%"></TD></TR>

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   <TD style="WIDTH: 23%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="77%" colSpan=11 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Number of days</FONT></B> <B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="23%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="12%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>0-30</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="12%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>30-60</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="12%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>60-90</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="12%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>90-120</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="12%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>120-150</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="12%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>+150</FONT>&nbsp;</TD></TR>

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   <TD style="WIDTH: 23%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Loss expected porcentage</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8%</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12%</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>19%</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>26%</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>59%</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>69%</FONT></B>&nbsp;</TD></TR></TABLE>

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<P style="MARGIN: 0in 0in 10pt"><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp; </DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>For such purpose, the adjustments determined as of December 31, 2017 are as follow:</FONT></P>

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   <TD width="80%"><STRONG><EM><FONT size=2 face=Arial>Amount of the provisions for impairment of the trade</FONT></EM></STRONG>&nbsp;</TD>

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   <TD style="BACKGROUND-COLOR: #ccecff" width="80%"><STRONG><EM><FONT size=2 face=Arial>receivables at 12.31.2017 by IAS 39</FONT></EM></STRONG>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="20%" align=right><STRONG><FONT size=2 face=Arial>(458,853)</FONT></STRONG></TD></TR>

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   <TD style="BACKGROUND-COLOR: #ccecff" width="80%"><EM><FONT size=2 face=Arial>Adjustment of expected losses IFRS 9</FONT></EM>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="20%" align=right><FONT size=2 face=Arial>(82,041)</FONT></TD></TR>

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   <TD width="80%"><STRONG><EM><FONT size=2 face=Arial>Amount of the provisions for impairment of the trade</FONT></EM></STRONG>&nbsp;</TD>

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   <TD style="BACKGROUND-COLOR: #ccecff" width="80%"><STRONG><EM><FONT size=2 face=Arial>receivables at 12.31.2017 by IAS 9</FONT></EM></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="20%" align=right><STRONG><FONT size=2 face=Arial>(540,894)</FONT></STRONG></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The adjustment determined as a result of the application of this new standard, net of its tax effect, amounts to $ 60.2 million, which is disclosed within the &#8220;Unappropriated Retained Earnings&#8221; line item.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.1pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>b.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Revenue recognition</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.1pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Revenue is recognized on an accrual basis upon delivery to customers, which includes the estimated amount of unbilled distribution of electricity at the end of each year. The accounting policy for the recognition of estimated revenue is considered critical because it depends on the amount of electricity effectively delivered to customers, which is valued on the basis of applicable tariffs. Unbilled revenue is classified as current trade receivables.</FONT></P>

<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.1pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>c.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Impairment of long-lived assets</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Long-lived assets are tested for impairment at the lowest disaggregation level at which independent cash flows can be identified (cash generating units, or CGU). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company analyzes the recoverability of its long-lived assets on a periodical basis or when events or changes in circumstances indicate that the recoverable amount of assets, which is measured as the higher of value in use and fair value less costs to sell at the end of the year, may be impaired.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>At the date of issuance of these financial statements there are no indicators of a potential impairment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.1pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>d.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;Current and deferred income tax</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.1pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>A degree of judgment is required to determine the income tax provision inasmuch as the Company&#8217;s Management has to evaluate, on an ongoing basis, the positions taken in tax returns in respect of situations in which the applicable tax regulation is subject to interpretation and, whenever necessary, make provisions based on the amount expected to be paid to the tax authorities. When the final tax outcome of these matters differs from the amounts initially recognized, such differences will impact on both the income tax and the deferred tax provisions in the fiscal year in which such determination is made.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>There are many transactions and calculations for which the ultimate tax determination is uncertain. The Company recognizes liabilities for eventual tax claims based on estimates of whether additional taxes will be due in the future.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Deferred tax assets are reviewed at each reporting date and reduced in accordance with the probability that the sufficient taxable base will be available to allow for the total or partial recovery of these assets. Deferred tax assets and liabilities are not discounted. The realization of deferred tax assets depends on the generation of future taxable income in the periods in which these temporary differences become deductible. To make this assessment, the Company&#8217;s Management takes into consideration the scheduled reversal of deferred tax liabilities, the projected future taxable income, the prevailing rates to be applied in each period, and tax planning strategies.</FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.1pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>e.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Benefit plans</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.1pt 0pt 53.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The liability recognized by the Company is the best estimate of the present value of the cash flows representing the benefit plan obligation at the closing date of the year together with the adjustments for past service costs and actuarial losses. Cash flows are discounted using a rate that contemplates actuarial ns about demographic and financial conditions that affect the determination of benefit plans. Such estimate is based on actuarial calculations made by independent professionals in accordance with the projected unit credit method.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.1pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>f.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>ENRE penalties and discounts</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.1pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company considers its applicable accounting policy for the recognition of ENRE penalties and discounts critical because it depends on penalizable events that are valued on the basis of the Management&#180;s best estimate of the expenditure required to settle the present obligation at the date of these financial statements. The balances of ENRE penalties and discounts are adjusted in accordance with the regulatory framework applicable thereto and have been estimated based on that which has been described in Note 2.e).</FONT></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.1pt 0pt 56.7pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>g.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Contingencies and provisions for lawsuits</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 7.1pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company is a party to several complaints, lawsuits and other legal proceedings, including customer claims, in which a third party is seeking payment for alleged damages, reimbursement for losses or compensation. The Company&#8217;s potential liability with respect to such claims, lawsuits and legal proceedings may not be accurately estimated. The Company&#8217;s Management, with the assistance of its legal advisors (attorneys), periodically analyzes the status of each significant matter and evaluates the Company&#8217;s potential financial exposure.&nbsp; If the loss deriving from a complaint or legal proceeding is considered probable and the amount can be reasonably estimated, a provision is recorded. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Provisions for contingent losses represent a reasonable estimate of the losses that will be incurred, based on the information available to Management at the date of the financial statements preparation, taking into account the Company&#8217;s litigation and settlement strategies. These estimates are mainly made with the help of legal advisors. However, if the Management&#8217;s estimates proved wrong, the current provisions could be inadequate and result in a charge to profits that could have a significant effect on the statements of financial position, comprehensive income, changes in equity and cash flows.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 7 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Interest in joint venture</FONT></B></P>

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   <TD width="38%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Percentage interest held</FONT></B>&nbsp;</TD>

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   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="2%" align=left></TD>

   <TD width="40%" colSpan=2 align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Equity attributable to the owners</FONT></B>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="38%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>in capital stock and votes</FONT></B>&nbsp;</TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 11.402pt" width="20%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.18</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.31.17</FONT></B>&nbsp;</TD></TR>

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   <TD style="BACKGROUND-COLOR: #ccecff" width="38%" align=center><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>SACME</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="20%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>50.00%</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="2%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff; TEXT-INDENT: 36.197pt" width="20%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>8,844</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="20%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>10,693</FONT>&nbsp;</TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 8 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Contingent liabilities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>The Company has contingent liabilities and is a party to lawsuits that arise from the ordinary course of business. Based on the opinion of its in-house and external legal advisors, the Company&#8217;s Management estimates that the outcome of the current contingencies and lawsuits will not result in amounts that either exceed those of the recorded provisions or could be significant with respect to the Company&#8217;s financial position or the results of its operations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Furthermore, it is worth mentioning that there exist contingent obligations and labor, civil and commercial complaints filed against the Company related to legal actions for individual non-significant amounts, which as of December 31, 2018 total $ 1.3 billion, for which a provision has been recorded.</FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp; </DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>We detail below the nature of the significant judicial proceedings in relation to which, as of December 31, 2018, the Company believes, based on the opinion of its in-house and external legal advisors, there exist grounds for them not to be deemed probable:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 20.15pt; TEXT-INDENT: -20.15pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 8.1 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Civil and commercial proceedings &#8211; Consumer claims</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 21.3pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>-&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>By means of the action filed by </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Consumidores Financieros Asociaci&#243;n Civil para su Defensa, the following is claimed from the Company:</FONT></P>

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   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Arial>Reimbursement of the Value Added Tax (VAT) percentage paid on the illegally &#8220;widened&#8221; taxable basis due to the incorporation of the FNEE. Distribution companies, the defendants, had not paid this tax when CAMMESA invoiced them the electricity purchased for distribution purposes</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>.</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Arial>Reimbursement of part of the administrative surcharge on &#8220;second due date&#8221;, in those cases in which payment was made within the time period authorized for such second deadline (14 days) but without distinguishing the effective day of payment</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>. </FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Arial>Application of the &#8220;borrowing rate&#8221; in case of customer delay in complying with payment obligation, in accordance with the provisions of Law No. 26,361</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>On April 22, 2010, the Company answered the complaint and filed a motion to dismiss for lack of standing (&#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>excepci&#243;n de falta de legitimaci&#243;n</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&#8221;), requesting, at such opportunity, that a summons be served upon the Federal Government, the AFIP and the ENRE as third-party defendants. Notice of this was served upon the plaintiff. Although the plaintiff&#8217;s opposition to the requested summons had not yet been resolved, the proceedings were brought to trial, in response to which </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>edenor</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif> filed a motion for reversal with a supplementary appeal. The Court hearing the case granted the motion filed by </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>edenor</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif> and ordered that the Federal Government, the AFIP and the ENRE be summoned as third-party defendants, which has already taken place. These proceedings have been joined to those mentioned below. Without prejudice thereto, in the framework of the record of the proceedings, the case has been brought to trial. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>By means of the action filed by </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Asociaci&#243;n de Defensa de derechos de clientes y consumidores (ADDUC) it is requested</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif> that the Company be ordered by the Court to reduce or mitigate the default or late payment interest rates charged to customers who pay their bills after the first due date, inasmuch as they violate section 31 of Law 24,240, ordering both the non application of pacts or accords that stipulate the interest rates that are being applied to the users of electricity &#8211;their unconstitutional nature&#8211; as well as the reimbursement of interest amounts illegally collected from the customers of the service from August 15, 2008 through the date on which the defendant complies with the order to reduce interest. It is also requested that the VAT and any other taxes charged on the portion of the surcharge illegally collected be reimbursed.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>On November 11, 2011, the Company answered the complaint and filed a motion to dismiss for both lack of standing to sue (&#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>excepci&#243;n de falta de legitimaci&#243;n activa</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&#8221;) and the fact that the claims at issue were being litigated in another lawsuit (&#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>excepci&#243;n de litispendencia</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&#8221;), currently in process, requesting as well that a summons be served upon the ENRE as a third-party defendant. Notice of these pleadings was served upon the plaintiff. Prior to rendering a decision on the motion to dismiss, the Court ordered that the Court in Contentious and Administrative Federal Matters No. 2 &#8211; Clerk&#8217;s Office No. 3 provide it with the proceedings &#8220;Consumidores Financieros Asociaci&#243;n Civil vs Edesur S.A. and Other defendants, for breach of contract&#8221;. On April 8, 2014, the Court in Civil and Commercial Federal Matters No. 9 &#8211; Clerk&#8217;s Office No. 17 admitted the motion to dismiss due to the fact that the claims at issue were being litigated in another lawsuit (&#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>excepci&#243;n de litispendencia</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&#8221;), and ordered that the proceedings be sent to Federal Court No. 2 &#8211; Clerk&#8217;s Office No. 3 to be dealt with thereat, thus joining them to the case entitled &#8220;consumidores financieros vs Edesur S.A. and other defendants, for breach of contract&#8221;. Apart from the fact that the proceedings have been received in the Court that currently hears the case, which continues in process, no significant events have occurred. As indicated in caption a) above, due to the joining of those proceedings to those herein described, these proceedings have been brought to trial.</FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 20.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>We detail below the nature of the significant judicial proceedings instituted by the Company as of December 31, 2018, in relation to which an inflow of economic benefits into the Company is deemed probable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 20.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 8.2 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Civil and Commercial Proceedings for the Determination of a Claim &#8211; Judicial Annulment ENRE Resolution 32/11 </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 21.3pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>-&nbsp;&nbsp;&nbsp; The Company seeks to obtain t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>he judicial annulment of the ENRE&#8217;s Resolution that provided the following</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>:</FONT></P>

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   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Arial>That the Company be fined in the amount of $ 750 thousand due to its failure to comply with the obligations arising from Section 25, sub-sections a, f and g, of the Concession Agreement and Section 27 of Law No. 24,065</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>.</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Arial>That the Company be fined in the amount of $ 375 thousand due to its failure to comply with the obligations arising from Section 25 of the Concession Agreement and ENRE Resolution No. 905/99</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>.</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 8pt"><FONT size=2 face=Arial>That the Company be ordered to pay customers as compensation for the power cuts suffered the following amounts: $ 180 to each small-demand residential customer (T1R) who suffered power cuts that lasted more than 12 continuous hours, $ 350 to those who suffered power cuts that lasted more than 24 continuous hours, and $ 450 to those who suffered power cuts that lasted more than 48 continuous hours. The resolution stated that such compensation did not include damages to customer facilities and/or appliances, which were to be dealt with in accordance with a specific procedure</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 57.3pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>On July 8, 2011, the Company requested that notice of the action be served upon the ENRE, which has effectively taken place. The proceedings are &#8220;awaiting resolution&#8221; since the date on which the ENRE answered the notice served. Furthermore, on October 28, 2011, the Company filed an appeal (&#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Recurso de Queja por apelaci&#243;n denegada</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&#8221;) to the CSJN requesting that the appeal dismissed concerning the provisional relief sought and not granted be sustained. On April 24, 2013, the Company was notified of Division I&#8217;s decision dated March 21, 2013, pursuant to which the appeal filed by </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>edenor</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif> was declared formally inadmissible. On May 3, 2013, the Company filed an ordinary appeal (&#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Recurso Ordinario de Apelaci&#243;n</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&#8221;) to the CSJN. Additionally, on May 13, 2013, an extraordinary appeal (&#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Recurso Extraordinario Federal</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&#8221;) was also filed to the same Court. On November 7, 2014, it was notified to the Company that Division I had rejected the ordinary appeal but partially granted the extraordinary appeal, considering for the granting thereof the federal nature of the regulations being challenged and rejecting it in relation to the arbitrariness raised by </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>edenor</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>. Therefore, and within the procedural term granted for such purpose, the Company filed an appeal requesting that the extraordinary appeal dismissed be sustained (&#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Recurso de Queja por Rec. Extraordinario Denegado</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&#8221;). As of the date of this report, no decision has yet been issued on this regard. However, the course of these proceedings is currently suspended due to the fact that an &#8220;Agreement of parties&#8221; has been entered into with the ENRE.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>At the closing date of the year ended December 31, 2018, the Company made a provision for principal and interest accrued for an amount of $ 57.3 million within the Other non-current liabilities account.&nbsp;</FONT></P>

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      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL
      STATEMENTS</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>&nbsp;
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 8.3 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Civil and
Commercial Proceedings for the Determination of a Claim &#8211; Regulatory Liability
Claim against the Federal Government</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>On June 28, 2013, the Company instituted these proceedings
for the recognizance of a claim and the related leave to proceed in forma
pauperis, both pending in the Federal Court of Original Jurisdiction in
Contentious and Administrative Federal </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Matters No.
11 &#8211; Clerk&#8217;s Office No. 22, whose purpose is to sue for breach of contract due
to the Federal Government&#8217;s failure to perform in accordance with the terms of
the &#8220;Agreement on the Renegotiation of the Concession Agreement&#8221;
(&#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Acta Acuerdo de Renegociaci&#243;n del Contrato de
Concesion</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&#8221; &#8211; the
&#8220;Adjustment Agreement&#8221;) entered into with the Company in 2006, and for damages
caused as a result of such breach. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>On November 22, 2013, the Company amended the complaint so
as to extend it and claim more damages as a consequence of the Federal
Government&#8217;s omission to perform the obligations under the aforementioned
&#8220;Adjustment Agreement&#8221;. On February 3, 2015, the Court hearing the case ordered
that notice of the complaint be served to be answered within the time limit
prescribed by law, which was answered by the Federal Government in due time and
in proper manner.&nbsp; Subsequently, </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>edenor</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>
reported as new event, under the terms of Section 365 of the CPCCN, the issuance
by the SEE of Resolution No. 32/15. After notice was served, the Court rejected
the treatment thereof as an &#8220;event&#8221;, holding the Company liable for costs. The
Company filed an appeal, which was admitted &#8220;with a postponed effect&#8221; (i.e. the
Appellate Court will grant or reject the appeal when deciding on the granting or
rejection of the appeal against final judgment). On October 16, 2015, the
Attorney General&#8217;s Office requested to borrow the records for a term of 20 days,
which were returned on December 1, 2015, in order to control the work done by
the state&#8217;s attorneys. On December 4, 2015, the Company requested the suspension
of the procedural time-limits under the terms of section 157 of the CPCCN, in
accordance with the provisions of SEE Resolution No. 32/15, notice of which has
been served upon the defendant. On February 16, 2016, the Company reiterated the
request due to the revocation of SEE Resolution No. 32/15. At the date of
issuance of this report, and by &#8220;agreement of the parties&#8221;, the procedural
time-limits continue to be suspended. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Regarding the motion to litigate in forma pauperis that
was filed on July 2, 2013, the discovery period has ended and the period for the
parties to put forward their arguments on the merits of the evidence produced
has begun. At the date of issuance of these financial statements, the procedural
time-limits in this incidental motion, as those in the main proceedings,
continue to be suspended. </FONT></P>
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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 9 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Property, plant and equipment</FONT></B></P>

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   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="1%" align=center></TD>

   <TD width="9%" align=center>&nbsp;</TD>

   <TD width="1%" align=center></TD>

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   <TD width="9%" align=center>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Tools, Furniture,</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center></TD>

   <TD width="9%" align=center>&nbsp;</TD>

   <TD width="1%" align=center></TD>

   <TD width="9%" align=center>&nbsp;</TD>

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   <TD width="1%" align=center></TD>

   <TD width="9%" align=center>&nbsp;</TD>

   <TD width="1%" align=center></TD>

   <TD width="9%" align=center>&nbsp;</TD>

   <TD width="1%" align=center></TD>

   <TD width="9%" align=center>&nbsp;</TD>

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   <TD width="9%" align=center>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>vehicles,</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center></TD>

   <TD width="9%" align=center>&nbsp;</TD>

   <TD width="1%" align=center></TD>

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   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="1%" align=center></TD>

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   <TD width="1%" align=center></TD>

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   <TD width="9%" align=center>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Meters and</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>equipment,</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center></TD>

   <TD width="9%" align=center>&nbsp;</TD>

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   <TD width="9%" align=center>&nbsp;</TD>

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   <TD width="1%" align=center></TD>

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   <TD width="9%" align=center>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>High, medium</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Transformer</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>communications</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center></TD>

   <TD width="9%" align=center>&nbsp;</TD>

   <TD width="1%" align=center></TD>

   <TD width="9%" align=center>&nbsp;</TD>

   <TD width="1%" align=center></TD>

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<TR vAlign=bottom>

   <TD style="WIDTH: 20%" align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="WIDTH: 9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Lands and</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=center></TD>

   <TD style="WIDTH: 9%" align=center>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="TEXT-INDENT: 10.447pt" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>and low</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="WIDTH: 9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>chambers and</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="WIDTH: 9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>and advances to</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="WIDTH: 9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Construction</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="WIDTH: 9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Supplies and</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=center></TD>

   <TD style="WIDTH: 9%" align=center>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=left>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>buildings</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Substations</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>voltage lines</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>platforms</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>suppliers</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>in process</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>spare parts</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 9.839pt" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.52pt" width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>At 12.31.17</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=left></TD>

   <TD style="WIDTH: 9%" align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=left></TD>

   <TD style="WIDTH: 9%" align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=left></TD>

   <TD style="WIDTH: 9%" align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=left></TD>

   <TD style="WIDTH: 9%" align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=left></TD>

   <TD style="WIDTH: 9%" align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=left></TD>

   <TD style="WIDTH: 9%" align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=left></TD>

   <TD style="WIDTH: 9%" align=left>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=left></TD>

   <TD style="WIDTH: 9%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="20%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Cost</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,376,244</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>13,471,386</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>36,429,475</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>15,047,060</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,506,343</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>8,717,184</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>90,712</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>77,638,404</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Accumulated depreciation</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(205,458)</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(3,571,659)</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(11,249,849)</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(4,638,799)</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(912,452)</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(20,578,217)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ccecff; TEXT-INDENT: 2.52pt" width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net amount</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ccecff" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,170,786</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ccecff" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,899,727</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ccecff" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>25,179,626</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ccecff" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,408,261</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ccecff" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,593,891</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ccecff" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8,717,184</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ccecff" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>90,712</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ccecff" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>57,060,187</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 20%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="20%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Additions</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>18,746</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>113,838</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>380,528</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>51,465</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>516,244</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>7,339,357</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>129,731</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>8,549,909</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 20%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Disposals</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(36)</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2,211)</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(94,785)</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(35,870)</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(440,852)</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(573,754)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="20%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Transfers</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>89,250</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>187,522</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,595,057</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>710,388</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>89,483</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2,646,562)</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(25,138)</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Depreciation for the period</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(73,129)</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(403,667)</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(1,171,411)</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(546,048)</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(367,244)</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2,561,499)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff; TEXT-INDENT: 2.52pt" width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net amount 12.31.17</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,205,617</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,795,209</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>25,889,015</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,588,196</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,391,522</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13,409,979</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>195,305</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>62,474,843</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="WIDTH: 1%" align=left></TD>

   <TD style="WIDTH: 9%" align=left></TD>

   <TD style="WIDTH: 1%" align=left></TD>

   <TD style="WIDTH: 9%" align=left></TD>

   <TD style="WIDTH: 1%" align=left></TD>

   <TD style="WIDTH: 9%" align=left></TD>

   <TD style="WIDTH: 1%" align=left></TD>

   <TD style="WIDTH: 9%" align=left></TD>

   <TD style="WIDTH: 1%" align=left></TD>

   <TD style="WIDTH: 9%" align=left></TD>

   <TD style="WIDTH: 1%" align=left></TD>

   <TD style="WIDTH: 9%" align=left></TD>

   <TD style="WIDTH: 1%" align=left></TD>

   <TD style="WIDTH: 9%" align=left></TD>

   <TD style="WIDTH: 1%" align=left></TD>

   <TD style="WIDTH: 9%" align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff; TEXT-INDENT: 2.52pt" width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>At 12.31.18</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 20%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Cost</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,449,399</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>13,769,111</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>38,060,451</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>15,749,070</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,656,570</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>13,409,979</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>195,305</FONT>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="WIDTH: 9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>85,289,885</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="20%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Accumulated depreciation</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(243,782)</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(3,973,902)</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(12,171,436)</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(5,160,874)</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(1,265,048)</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(22,815,042)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; TEXT-INDENT: 2.52pt" width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net amount</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,205,617</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,795,209</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>25,889,015</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,588,196</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,391,522</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13,409,979</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>195,305</FONT></B>&nbsp;</TD>

   <TD style="WIDTH: 1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>62,474,843</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 53.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 53.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 70.9pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>During the year ended December 31, 2018, the Company capitalized as direct own costs $ 1 billion.</FONT></P>

<P style="MARGIN: 0in 0in 0pt 70.9pt; TEXT-INDENT: -14.2pt">&nbsp;</P>

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<TR>

   <TD width="40%"></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="20%"></TD>

   <TD width="40%"></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="20%" align=left></TD>

   <TD width="40%" align=center><FONT size=1 face=Verdana,Arial,Helvetica,sans-serif>Vease nuestro informe de fecha</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="20%" align=left></TD>

   <TD width="40%" align=center><FONT size=1 face=Verdana,Arial,Helvetica,sans-serif>9 de agosto de 2017</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="20%" align=left></TD>

   <TD width="40%" align=center><B><FONT size=1 face=Verdana-Bold,Arial,Helvetica,sans-serif>PRICE WATERHOUSE &amp; CO. S.R.L.</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left>&nbsp;</TD>

   <TD width="20%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 116.16pt" width="40%" align=right><FONT size=1 face=Verdana,Arial,Helvetica,sans-serif>(Socio)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=center><B><FONT size=1 face=Verdana-Bold,Arial,Helvetica,sans-serif>DANIEL ABELOVICH</FONT></B>&nbsp;</TD>

   <TD width="20%" align=center><B><FONT size=1 face=Verdana-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="40%" align=center><B><FONT size=1 face=Verdana-Bold,Arial,Helvetica,sans-serif>C.P.C.E.C.A.B.A. T&#186; 1 F&#186; 17</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="MARGIN: 0in 0in 0pt 70.9pt; TEXT-INDENT: -14.2pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#a6a6a6 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="20%" align=center></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="9%" align=center></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="9%" align=center></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="9%" align=center></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="9%" align=center></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="9%" align=center></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="9%" align=center></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="9%" align=center></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="9%" align=center></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="9%" align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="9%" align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="9%" align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="9%" align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Tools, Furniture,</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="9%" align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="9%" align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="9%" align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="9%" align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="9%" align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="9%" align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="9%" align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>vehicles,</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="9%" align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="9%" align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="9%" align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="9%" align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="9%" align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="9%" align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Meters and</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>equipment,</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="9%" align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="9%" align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="9%" align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=center>&nbsp;</TD>

   <TD width="1%" align=center></TD>

   <TD width="9%" align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="9%" align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>High, medium</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Transformer</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>communications</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="9%" align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="9%" align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD width="9%" align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=center>&nbsp;</TD>

   <TD width="1%" align=center></TD>

   <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Lands and</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="9%" align=center>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center></TD>

   <TD style="TEXT-INDENT: 10.805pt" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>and low</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>chambers and</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>and advances to</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Construction</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Supplies and</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="9%" align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=center>&nbsp;</TD>

   <TD width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>buildings</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Substations</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>voltage lines</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>platforms</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>suppliers</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>in process</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>spare parts</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 10.194pt" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.519pt" width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>At 12.31.16</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="9%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="20%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Cost</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,276,109</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>12,466,805</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>33,712,884</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>13,924,981</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,398,833</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5,839,187</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>56,036</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>69,674,835</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Accumulated depreciation</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(178,241)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(3,214,869)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(10,386,483)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(4,157,929)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(842,545)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(18,780,067)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff; TEXT-INDENT: 2.519pt" width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net amount</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,097,868</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,251,936</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>23,326,401</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,767,052</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,556,288</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,839,187</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>56,036</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>50,894,768</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Additions</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>122,804</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>680,868</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,456,818</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>467,268</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>566,753</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5,103,253</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>85,034</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>8,482,798</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="20%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Disposals</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(765)</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(7)</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(35,030)</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(9,618)</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(4,404)</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(49,824)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Transfers</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>50,983</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>323,723</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,357,461</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>664,134</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(240,153)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2,225,256)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(50,358)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(119,466)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="20%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Depreciation for the period</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(100,104)</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(356,793)</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(926,024)</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(480,575)</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(284,593)</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2,148,089)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2.519pt" width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net amount 12.31.17</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,170,786</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,899,727</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>25,179,626</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,408,261</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,593,891</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8,717,184</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>90,712</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>57,060,187</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.519pt" width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>At 12.31.17</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" align=left></TD>

   <TD width="9%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ccecff" width="20%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Cost</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,376,244</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>13,471,386</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>36,429,475</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>15,047,060</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,506,343</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>8,717,184</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>90,712</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ccecff" width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>77,638,404</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Accumulated depreciation</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(205,458)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(3,571,659)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(11,249,849)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(4,638,799)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(912,452)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(20,578,217)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff; TEXT-INDENT: 2.519pt" width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net amount</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,170,786</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,899,727</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>25,179,626</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,408,261</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,593,891</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8,717,184</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>90,712</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccecff" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>57,060,187</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 70.9pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>During the year ended December 31, 2017, the Company capitalized as direct own costs $ 869.7 million.</FONT></P>

<P style="MARGIN: 0in 0in 0pt 70.9pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

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   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="20%" align=left></TD>

   <TD width="40%" align=center><FONT size=1 face=Verdana,Arial,Helvetica,sans-serif>Vease nuestro informe de fecha</FONT>&nbsp;</TD></TR>

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   <TD width="40%" align=center><FONT size=1 face=Verdana,Arial,Helvetica,sans-serif>9 de agosto de 2017</FONT>&nbsp;</TD></TR>

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   <TD width="40%" align=center><B><FONT size=1 face=Verdana-Bold,Arial,Helvetica,sans-serif>PRICE WATERHOUSE &amp; CO. S.R.L.</FONT></B>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 116.16pt" width="40%" align=right><FONT size=1 face=Verdana,Arial,Helvetica,sans-serif>(Socio)</FONT>&nbsp;</TD></TR>

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   <TD width="40%" align=center><B><FONT size=1 face=Verdana-Bold,Arial,Helvetica,sans-serif>DANIEL ABELOVICH</FONT></B>&nbsp;</TD>

   <TD width="20%" align=center><B><FONT size=1 face=Verdana-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="40%" align=center><B><FONT size=1 face=Verdana-Bold,Arial,Helvetica,sans-serif>C.P.C.E.C.A.B.A. T&#186; 1 F&#186; 17</FONT></B>&nbsp;</TD></TR></TABLE>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV><FONT style="POSITION: relative"></FONT><FONT lang=PT-BR></FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 10 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial instruments</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><STRONG><FONT size=2 face=Arial></FONT></STRONG>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Nota 10.1 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial instruments by category</FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 49.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 49.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;Financial assets at amortized cost </FONT></B></P></TD>

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   <TD style="HEIGHT: 49.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;Financial assets at fair value through profit or loss </FONT></B></P></TD>

   <TD vAlign=top width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 49.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;Non-financial assets </FONT></B></P></TD>

   <TD vAlign=top width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 49.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;Total </FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;As of December 31, 2018 </FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;Assets&nbsp; </FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>Trade receivables</FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,587,906 </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,587,906 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>Other receivables</FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 954,407 </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88,451 </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,042,858 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>Cash and cash equivalents </FONT></I></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp; Cash and Banks</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27,608 </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27,608 </FONT></P></TD></TR>

<TR style="HEIGHT: 24.6pt">

   <TD style="HEIGHT: 24.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="64%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>Financial assets at fair value through profit or loss:</FONT></I></P></TD>

   <TD style="HEIGHT: 24.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 24.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 24.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 24.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 24.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 24.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp; Government bonds</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,285,799 </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,285,799 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial instruments</FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp; Money market funds</FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95,751 </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95,751 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>Financial assets at amortized cost:</FONT></I></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp; Time deposits</FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,208,770 </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,208,770 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.1pt">

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;Total </FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,778,691 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,381,550 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88,451 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,248,692 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.75pt">

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.5pt">

   <TD style="HEIGHT: 11.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;As of December 31, 2017 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;Assets&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>Trade receivables</FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,385,237 </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,385,237 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>Other receivables</FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249,780 </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88,667 </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20,448 </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358,895 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>Cash and cash equivalents </FONT></I></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp; Cash and Banks</FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120,053 </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120,053 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp; Checks to be deposited</FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,296 </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,296 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp; Money market funds</FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 24.6pt">

   <TD style="HEIGHT: 24.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="64%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>Financial assets at fair value through profit or loss:</FONT></I></P></TD>

   <TD style="HEIGHT: 24.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 24.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 24.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 24.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 24.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 24.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp; Government bonds</FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,829,888 </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,829,888 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial instruments</FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,448,120 </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,448,120 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>Financial assets at fair value</FONT></I></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp; Government bonds</FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16,978 </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16,978 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.1pt">

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;Total </FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,774,344 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,366,675 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20,448 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,161,467 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.75pt">

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.75pt">

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 16.7pt">

   <TD style="HEIGHT: 16.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 61.7pt">

   <TD style="HEIGHT: 61.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 61.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 61.7pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;Financial liabilities at amortized cost </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 61.7pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;Financial liabilities at fair value through profit or loss </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 61.7pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;Non-financial liabilities </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 61.7pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;Total </FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.5pt">

   <TD style="HEIGHT: 14.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;As of December 31, 2018 </FONT></B></P></TD>

   <TD style="HEIGHT: 14.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;Liabilities </FONT></B></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;Trade payables </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14,895,194 </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14,895,194 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;Other payables </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317,439 </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,228,745 </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,546,184 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;Borrowings </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,269,920 </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,269,920 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.1pt">

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;Total&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23,482,553 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,228,745 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32,711,298 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 4.3pt">

   <TD style="HEIGHT: 4.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;As of December 31, 2017 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;Liabilities </FONT></B></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;Trade payables </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,933,226 </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,933,226 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;Other payables </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490,188 </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,966,695 </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,456,883 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;Borrowings </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,294,433 </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,294,433 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.1pt">

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;Total&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20,717,847 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,966,695 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29,684,542 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 4.3pt">

   <TD style="HEIGHT: 4.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

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   <TD style="HEIGHT: 4.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD></TR>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Financial instruments categories have been determined based on IFRS 9</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV><FONT style="POSITION: relative"></FONT><FONT lang=PT-BR></FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The income, expenses, gains and losses resulting from each category of financial instruments are as follow:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

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<TR style="HEIGHT: 49.3pt">

   <TD style="HEIGHT: 49.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 49.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 49.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;Financial assets at amortized cost </FONT></B></P></TD>

   <TD vAlign=top width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 49.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;Financial assets at fair value through profit or loss </FONT></B></P></TD>

   <TD vAlign=top width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 49.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;Total </FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>As of December 31, 2018</FONT></B></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>Interest income </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 671,783 </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 671,783 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>Exchange differences</FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,866,396 </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,866,396 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>Bank fees and expenses</FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8,509) </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8,509) </FONT></P></TD></TR>

<TR style="HEIGHT: 11.5pt">

   <TD style="HEIGHT: 11.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>Changes in fair value of financial assets</FONT></P></TD>

   <TD style="HEIGHT: 11.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 11.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 746,532 </FONT></P></TD>

   <TD style="HEIGHT: 11.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 746,532 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>Adjustment to present value </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (327) </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (327) </FONT></P></TD></TR>

<TR style="HEIGHT: 13.1pt">

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>Total </FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,529,343 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 746,532 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,275,875 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 7.9pt">

   <TD style="HEIGHT: 7.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>As of December 31, 2017</FONT></B></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>Interest income </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 453,804 </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 453,804 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>Exchange differences</FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229,100 </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229,100 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>Bank fees and expenses</FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,883) </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,883) </FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>Changes in fair value of financial assets</FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 474,896 </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 474,896 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>Adjustment to present value </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (431) </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (431) </FONT></P></TD></TR>

<TR style="HEIGHT: 13.1pt">

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>Total </FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 679,590 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 474,896 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,154,486 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 7.9pt">

   <TD style="HEIGHT: 7.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>As of December 31, 2016</FONT></B></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>Interest income </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362,558 </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362,558 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>Exchange differences</FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178,191 </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,830 </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184,021 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>Bank fees and expenses</FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,928) </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,928) </FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>Changes in fair value of financial assets</FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 781,486 </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 781,486 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>Adjustment to present value </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (485) </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,799 </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,314 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.1pt">

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>Total </FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534,336 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 793,115 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,327,451 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 4.3pt">

   <TD style="HEIGHT: 4.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 61.7pt">

   <TD style="HEIGHT: 61.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 61.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 61.7pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;Financial liabilities at amortized cost </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 61.7pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;Financial liabilities at fair value through profit or loss </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 61.7pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;Total </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>As of December 31, 2018</FONT></B></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>Interest expense</FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,968,210) </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,968,210) </FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>Other financial results</FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (86,098) </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (86,098) </FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>Exchange differences</FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,496,362) </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,496,362) </FONT></P></TD></TR>

<TR style="HEIGHT: 13.1pt">

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;Total&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp; (10,550,670) </FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp; (10,550,670) </FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.1pt">

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;As of December 31, 2017 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>Interest expense</FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,567,373) </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,567,373) </FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>Other financial results</FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (78,877) </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (78,877) </FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>Exchange differences</FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (793,157) </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (793,157) </FONT></P></TD></TR>

<TR style="HEIGHT: 13.1pt">

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;Total&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,439,407) </FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,439,407) </FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.75pt">

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;As of December 31, 2016 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>Interest expense</FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,656,550) </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,656,550) </FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>Other financial results</FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67,780) </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67,780) </FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>Bank fees and expenses</FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>Exchange differences</FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (953,730) </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (953,730) </FONT></P></TD></TR>

<TR style="HEIGHT: 13.1pt">

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;Total&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,677,983) </FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></B></P></TD>

   <TD style="HEIGHT: 13.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arail>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,677,983) </FONT></B></P></TD></TR>

<TR>

   <TD style="WIDTH: 55%">&nbsp;</TD>

   <TD style="WIDTH: 2%">&nbsp;</TD>

   <TD style="WIDTH: 19%">&nbsp;</TD>

   <TD style="WIDTH: 2%">&nbsp;</TD>

   <TD style="WIDTH: 10%">&nbsp;</TD>

   <TD style="WIDTH: 2%">&nbsp;</TD>

   <TD style="WIDTH: 10%">&nbsp;</TD></TR></TABLE></DIV>

<P></P>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P></P></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P></P><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>

<P></P>

<DIV></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
&nbsp; <A name="page_231"></A>

<DIV align=left>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD>

   <DIV>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE><FONT lang=PT-BR><BR clear=all></FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 70.9pt; TEXT-INDENT: -70.9pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Nota 10.2 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Credit quality of financial assets</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The credit quality of financial assets that are neither past due nor impaired may be assessed based on external credit ratings or historical information:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="64%"></TD>

   <TD width="3%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><STRONG><FONT size=2>12.31.18</FONT></STRONG></TD>

   <TD width="3%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arail>12.31.17 </FONT></B></P></TD></TR>

<TR>

   <TD width="64%"><FONT size=2>Customers with no external credit rating: </FONT></TD>

   <TD width="3%"></TD>

   <TD width="15%"></TD>

   <TD width="3%"></TD>

   <TD width="15%"></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ccecff" width="64%"><FONT size=2>Group 1&nbsp; (i)</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="3%"></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="15%" align=right><FONT size=2>&nbsp;6,438,500 </FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="3%"></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="15%" align=right><FONT size=2>&nbsp; 7,487,484 </FONT></TD></TR>

<TR>

   <TD width="64%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arail>Group 2 (ii)</FONT></P></TD>

   <TD width="3%"></TD>

   <TD width="15%" align=right><FONT size=2>480,237 </FONT></TD>

   <TD width="3%"></TD>

   <TD width="15%" align=right><FONT size=2>339,740 </FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ccecff" width="64%"><FONT size=2>Group 3 (iii)</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="3%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="15%" align=right><FONT size=2>&nbsp;669,169 </FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="3%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccecff" width="15%" align=right><FONT size=2>558,013 </FONT></TD></TR>

<TR>

   <TD width="64%"><FONT size=2><STRONG>Total trade receivables&nbsp; </STRONG></FONT></TD>

   <TD width="3%"></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><FONT size=2><STRONG>7,587,906 </STRONG></FONT></TD>

   <TD width="3%"></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><FONT size=2><STRONG>8,385,237 </STRONG></FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ccecff" width="64%"><FONT size=2><STRONG>&nbsp;</STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="3%"></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="15%" align=right><FONT size=2><STRONG></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="3%"></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="15%" align=right><FONT size=2><STRONG></STRONG></FONT></TD></TR>

<TR>

   <TD width="64%"><FONT size=2><EM>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Relates to customers with debt to become due </EM></FONT></TD>

   <TD width="3%"></TD>

   <TD width="15%" align=right><FONT size=2><STRONG></STRONG></FONT></TD>

   <TD width="3%"></TD>

   <TD width="15%" align=right><FONT size=2><STRONG></STRONG></FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ccecff" width="64%"><FONT size=2><EM>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Relates to customers with past due debt from 0 to 3 months.</EM></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="3%"></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="15%" align=right><FONT size=2><STRONG></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="3%"></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" width="15%" align=right><FONT size=2><STRONG></STRONG></FONT></TD></TR>

<TR>

   <TD width="64%"><FONT size=2>

   <P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arail>&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Relates to customers with past due debt from 3 to 12 months.</FONT></I></P></FONT></TD>

   <TD width="3%"></TD>

   <TD width="15%" align=right><FONT size=2><STRONG></STRONG></FONT></TD>

   <TD width="3%"></TD>

   <TD width="15%" align=right><FONT size=2><STRONG></STRONG></FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>At the Statement of Financial Position date, the maximum exposure to credit risk is the carrying amount of these financial assets.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 11 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Other receivables</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Note</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Non-current:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;- </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Financial credit </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>30,484 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>54,661 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Related parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>35.d </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>4,662 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>8,015 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Advances to suppliers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>37 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>765,595 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>- </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total Non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>800,741 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>62,676 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="56%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="15%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="15%" noWrap align=right></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Current:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Prepaid expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>5,312 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>7,362 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Advances to suppliers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>81,440 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>9,791 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Advances to personnel</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1,700 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>3,293 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Security deposits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>16,695 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>15,249 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Financial credit </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>58,425 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>17,159 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Receivables from electric activities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>98,390 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>169,157 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Related parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>35.d </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1,946 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1,614 </FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom width="56%"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Guarantee deposits on derivative financial instruments</FONT></P></FONT></TD>

   <TD width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD vAlign=bottom width="1%" noWrap align=right></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD vAlign=bottom width="1%" noWrap align=right></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>88,667</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Judicial deposits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>30,482 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>23,795 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Credit with SBS Bank Company&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>25,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>- </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>24 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>2 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Allowance for the impairment of other receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(77,297) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(39,870) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="56%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>242,117 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>296,219 </FONT></B></P></TD></TR></TABLE>&nbsp;</DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The carrying amount of the Company&#8217;s other financial receivables approximates their fair value.</FONT></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The other non-current receivables are measured at amortized cost, which does not differ significantly from their fair value.</FONT></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The roll forward of the allowance for the impairment of other receivables is as follows:</FONT></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>

<DIV align=left><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=georgia>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="42%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;12.31.16 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Balance at beginning of year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>39,870 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="3%" align=right></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>63,940 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>32,712 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Increase</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>61,467 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" align=right></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>45,032 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Result from exposure to inlfation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(24,040) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="3%" align=right></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (12,704) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (13,804) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Recovery</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (11,366) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; - </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Balance at end of the period</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>77,297 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>39,870 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>63,940 </FONT></B></P></TD></TR></TABLE></FONT></FONT></DIV>

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P>

<DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><FONT size=2 face=Georgia></FONT>
<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
&nbsp; <A name="page_232"></A>

<DIV align=left>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD>

   <DIV>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<a name="_bclHeader232"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: -49.65pt" align=center></P>

<DIV align=left><FONT lang=PT-BR><BR clear=all></FONT>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The aging analysis of these other receivables is as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="54%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Without expiry date</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48,358 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39,526 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Past due</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34,854 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129,288 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Up to 3 months </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130,564 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110,759 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>From 3 to 6 months </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20,415 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,418 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>From 6 to 9 months </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,881 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,198 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>From 9 to 12 months </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,045 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,030 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>More than 12 months </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800,741 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62,676 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total other receivables</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,042,858 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358,895 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>At the Statement of Financial Position date, the maximum exposure to credit risk is the carrying amount of each class of other receivables.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>The carrying amount of the Company&#8217;s other receivables is denominated in Argentine pesos.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 12 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Trade receivables</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Current:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Sales of electricity - Billed </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,622,701 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="19%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,359,990 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Sales of electricity &#8211; Unbilled</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,735,956 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,404,135 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Framework Agreement</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,377 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="19%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230,953 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Fee payable for the expansion of the transportation and others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>22,969 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33,952 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Receivables in litigation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97,158 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="19%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33,736 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Allowance for the impairment of trade receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(901,255) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (677,529) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,587,906 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="19%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,385,237 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 14.15pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>The carrying amount of the Company&#8217;s trade receivables approximates their fair value.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>The roll forward of the allowance for the impairment of trade receivables is as follows:</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 4.5pt" align=center>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="46%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.16 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Balance at beginning of year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>677,529 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 383,439 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 146,238 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Change of accounting standard (Note 6) - Adjustment by model of expected losses IFRS 9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>82,041 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; - </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Balance at beginning of year restated</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>759,570 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 383,439 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 146,238 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Increase</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 916,036 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 391,615 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 388,339 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Decrease</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; (307,137) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (64,348) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (56,062) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Result from exposure to inlfation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(467,214) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (33,177) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (95,076) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Balance at end of the period</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>901,255 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 677,529 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 383,439 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 71.45pt; TEXT-INDENT: -36.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The aging analysis of these trade receivables is as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 71.45pt; TEXT-INDENT: -36.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="51%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Not due</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="19%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,377 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230,953 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Past due</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,149,406 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 897,752 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Up to 3 months</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,428,123 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="5%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,256,532 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total other receivables</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,587,906 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,385,237 </FONT></B></P></TD></TR></TABLE>&nbsp;</DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>At the Statement of Financial Position date, the maximum exposure to credit risk is the carrying amount of each class of trade receivables.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>The carrying amount of the Company&#8217;s trade receivables is denominated in Argentine pesos.</FONT></P>

<a name="_bclFooter232"></a><DIV>&nbsp;<FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>

<DIV></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
1&nbsp; <A name="page_233"></A>

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<TR>

   <TD>

   <DIV>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<a name="_bclHeader233"></a><DIV>

<DIV align=left><FONT lang=PT-BR></FONT>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Sensitivity analysis of the allowance for impairment of trade receivables:</FONT></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>5% increase in the uncollectibility rate estimate</FONT></I></P>

<P style="MARGIN: 0in 14.15pt 0pt 14.2pt; TEXT-INDENT: 107.3pt">&nbsp;</P>

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<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="70%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Contingencies</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="30%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 946,318 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>change</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45,063 </FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 49.65pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>5% decrease in the uncollectibility rate estimate</FONT></I></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 14.15pt 0pt 0pt; TEXT-INDENT: -21.95pt" align=center>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="70%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Contingencies</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="30%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 856,192 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>change</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 10pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45,063) </FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 13 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial assets at fair value through profit or loss</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

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<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="54%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="54%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="22%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="22%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="22%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="22%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Government bonds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="22%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,285,799 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="22%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,829,888 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Money market funds </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95,751 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,448,120 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total current </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,381,550 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,278,008 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 71.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#76923c face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 71.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#76923c face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 14 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financial assets at amortized cost</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in" align=center>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="54%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="22%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="22%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="22%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="22%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Government bonds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16,978 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif><BR>Time deposits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,208,770 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total Current </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,208,770 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16,978 </FONT></B></P></TD></TR></TABLE><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#76923c face=arial,sans-serif></FONT></B></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#76923c face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 15 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Inventories</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; TEXT-INDENT: 14.2pt" align=center>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="54%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="54%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="22%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="22%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Supplies and spare-parts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,252,292 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 589,339 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Advance to suppliers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,507 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60,241 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total inventories</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,259,799 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 649,580 </FONT></B></P></TD></TR></TABLE><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#76923c face=arial,sans-serif></FONT></B></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; TEXT-INDENT: 14.2pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#76923c face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 16 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Cash and cash equivalents</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 71.45pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="54%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Cash and banks</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27,608 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122,349 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total cash and cash equivalents</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>27,608 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122,349 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 71.45pt"></P>

<P style="MARGIN: 0in 0in 10pt"><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></P>

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<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>

<DIV></DIV>

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&nbsp; <A name="page_234"></A>

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<TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: -49.65pt" align=center></P>

<DIV align=left>&nbsp;</DIV>

<DIV align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 17 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Share capital and additional paid-in capital</FONT></B></DIV></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD vAlign=top width="44%">&nbsp;</TD>

   <TD vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;Share capital </FONT></B></P></TD>

   <TD vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;Additional paid-in capital </FONT></B></P></TD>

   <TD vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;Total </FONT></B></P></TD></TR>

<TR>

   <TD vAlign=top width="44%">&nbsp;</TD>

   <TD vAlign=bottom width="3%">&nbsp;</TD>

   <TD vAlign=bottom width="16%" align=right>&nbsp;</TD>

   <TD vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD vAlign=bottom width="16%" align=right>&nbsp;</TD>

   <TD vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD vAlign=bottom width="15%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=bottom width="44%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Balance at December 31, 2016</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 18,197,583 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183,604 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 18,381,187 </FONT></B></P></TD></TR>

<TR>

   <TD vAlign=bottom width="44%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Payment of Other reserve constitution - Share-bases compensation plan (Note 25)</FONT></P></TD>

   <TD vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>- </FONT></B></P></TD>

   <TD vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46,317 </FONT></P></TD>

   <TD vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46,317 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=bottom width="44%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Balance at December 31, 2017</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 18,197,583 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229,921 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 18,427,504 </FONT></B></P></TD></TR>

<TR>

   <TD vAlign=bottom width="44%">&nbsp;</TD>

   <TD vAlign=bottom width="3%">&nbsp;</TD>

   <TD vAlign=bottom width="16%" align=right>&nbsp;</TD>

   <TD vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD vAlign=bottom width="16%" align=right>&nbsp;</TD>

   <TD vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD vAlign=bottom width="15%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=bottom width="44%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Payment of Other reserve constitution - Share-bases compensation plan (Note 25)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>- </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,700 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,700 </FONT></B></P></TD></TR>

<TR>

   <TD vAlign=bottom width="44%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Balance at December 31, 2018</FONT></B></P></TD>

   <TD vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 18,197,583 </FONT></B></P></TD>

   <TD vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240,621 </FONT></B></P></TD>

   <TD vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double" vAlign=bottom width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 18,438,204 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>As of December 31, 2018, the Company&#8217;s share capital amounts to 906,455,100 shares, divided into 462,292,111 common, book-entry Class A shares with a par value of one peso each and the right to one vote per share; 442,210,385 common, book-entry Class B shares with a par value of one peso each and the right to one vote per share; and 1,952,604 common, book-entry Class C shares with a par value of one peso each and the right to one vote per share.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>No changes have occurred in the Company&#8217;s Share Capital structure in the last three fiscal years.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Listing of the Company&#8217;s shares</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company&#8217;s shares are listed on the Buenos Aires Stock Exchange and are part of the Merval Index.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Furthermore, with the SEC&#8217;s prior approval, the Company&#8217;s ADSs, each representing 20 common shares of the Company, began to be traded on the NYSE as from April 24, 2007.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The listing of ADSs on the NYSE is part of the Company&#8217;s strategic plan to increase both its liquidity and the volume of its shares.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Acquisition of the Company&#8217;s own shares</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company&#8217;s Board of Directors, at its meeting of December 4, 2018, approved the acquisition of the Company&#8217;s own shares in accordance with both section 64 of Law 26,831 and the regulations of the National Securities Commission (CNV), under the following main terms and conditions:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD vAlign=top width="5%" align=center><FONT size=2 face=Wingdings>&#167;</FONT></TD>

   <TD vAlign=top width="95%">

   <P style="MARGIN-BOTTOM: 5pt"><U><FONT size=2 face=Arial>Maximum amount to be invested</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>: up to $ 800,000,000;</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="5%" align=center><FONT size=2 face=Wingdings>&#167;</FONT></TD>

   <TD vAlign=top width="95%">

   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2 face=Arial>The treasury stock may not exceed, as a whole, the limit of 10% of share capital;</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="5%" align=center><FONT size=2 face=Wingdings>&#167;</FONT></TD>

   <TD vAlign=top width="95%" align=left>

   <P style="MARGIN-BOTTOM: 5pt"><U><FONT size=2 face=Arial>Price to be paid for the shares</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>: up to a maximum of USD 30 per ADR in the New York Stock Exchange, or the equivalent amount in pesos at USD 1.5 per share in Bolsas y Mercados Argentinos S.A.;</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="5%" align=center><FONT size=2 face=Wingdings>&#167;</FONT></TD>

   <TD vAlign=top width="95%" align=left>

   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2 face=Arial>The acquisitions will be made with realized and liquid profits;</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="5%" align=center><FONT size=2 face=Wingdings>&#167;</FONT></TD>

   <TD vAlign=top width="95%"><FONT size=2 face=Arial>The shares may be acquired for a term of 120 calendar days to commence on December 5, 2018.</FONT></TD></TR></TABLE></DIV>

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>In this framework, on December 31, 2018, the Company acquired 15,590,860 Class B own shares of 1 peso nominal value, for $858.7 million in cash ($1.1 billion in constant currency).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.35pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>As of December 31, 2018, the Company&#8217;s treasury shares amount to 23,385,028, and are disclosed as &#8220;treasury stock&#8221;. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Moreover, a total of 1,618,332,269 shares were awarded to executive directors and managers as additional remuneration for special processes developed during fiscal year 2016. (Note 25).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Furthermore, and subsequent to the closing date of these financial statements, the Company has acquired, in successive market transactions, 5,570,480 Class B own shares of 1 peso nominal value for a total of $ 289.6 million.</FONT></P>

<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 18 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Allocation of profits</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Clause 7.4 of the Adjustment Agreement provided that during the Transition period the Company could not distribute dividends without the Regulatory Entity&#8217;s prior authorization. This transition period ended on January 31, 2017 with the implementation of the RTI, ENRE Resolution No. 63/17. Therefore, in the Company&#8217;s opinion there exists no regulatory restriction on the distribution of dividends.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>If the Company&#8217;s Level of Indebtedness were higher than 3, the negative covenants included in the Corporate Notes program, which establish, among other issues, the Company&#8217;s impossibility to make certain payments, such as dividends, would apply.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 19 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Trade payables</FONT></B></P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>&nbsp;</TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Customer guarantees</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140,968 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148,349 </FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Customer contributions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112,324 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118,095 </FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Funding contributions - substations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32,925 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89,262 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total Non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286,217 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355,706 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="49%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="18%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="18%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Payables for purchase of electricity - CAMMESA </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>4,080,310 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,499,302 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Provision for unbilled electricity purchases - CAMMESA</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>7,828,458 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,715,431 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Suppliers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,426,016 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,995,697 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Advance to customer </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196,485 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220,111 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Customer contributions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,288 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27,706 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Discounts to customers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37,372 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55,182 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Funding contributions - substations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,215 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12,380 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Related parties </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;35.d </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,833 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51,711 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14,608,977 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,577,520 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The fair values of non-current customer contributions as of December 31, 2018 and 2017 amount to $ 107.7 million and $ 141.3 million, respectively. The fair values are determined based on estimated cash flows discounted at a representative market rate for this type of transactions. The applicable fair value category is Level 3 category.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The carrying amount of the rest of the financial liabilities included in the Company&#8217;s trade payables approximates their fair value.</FONT></P>

<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<a name="_bclFooter235"></a><DIV>&nbsp;<FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>

<DIV></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
&nbsp; <A name="page_236"></A>

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   <TD>

   <DIV>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<a name="_bclHeader236"></a><DIV>

<DIV align=left>&nbsp;</DIV>

<DIV align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 20 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;Other payables</FONT></B></DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt">&nbsp;</P>

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<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="9%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Note</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Loans (mutuum) with CAMMESA</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,282,176 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,783,474 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>ENRE penalties and discounts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,097,402 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,737,612 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Liability with FOTAE</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207,371 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280,813 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Payment agreements with ENRE </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37,196 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108,069 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total Non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,624,145 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,909,968 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="18%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="18%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>ENRE penalties and discounts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,835,590 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425,563 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Related parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;35.d </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,571 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,756 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Advances for works to be performed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>13,577 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20,046 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Payment agreements with ENRE </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65,301 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93,550 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,922,039 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 546,915 </FONT></B></P></TD></TR></TABLE><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The carrying amount of the Company&#8217;s other financial payables approximates their fair value.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 21 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Deferred revenue</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Nonrefundable customer contributions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275,437 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287,384 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total Non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275,437 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287,384 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="22%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="22%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Nonrefundable customer contributions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,346 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,961 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,346 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,961 </FONT></B></P></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 22 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Borrowings</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="52%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="22%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="22%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Corporate notes (1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,249,967 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,812,465 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Borrowing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 942,500 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,376,829 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,192,467 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,189,294 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="22%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="22%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="22%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="22%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Interest from corporate notes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110,019 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91,896 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Borrowing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 967,434 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,243 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,077,453 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105,139 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Net of debt issuance, repurchase and redemption expenses.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>On October 11, 2017, the Company was granted a 36-month term loan by the Industrial and Commercial Bank of China Dubai (ICBC) Branch, for an amount of USD 50 million. The proceeds of the loan will be used to finance the Company&#8217;s investment plan and working capital. Furthermore, it must be pointed out that such loan constitutes an &#8220;Allowed Indebtedness&#8221; within the limits stipulated in the Corporate Notes due 2022.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<a name="_bclFooter236"></a><DIV>&nbsp;<FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>

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<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_237"></A>

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   <TD>

   <DIV>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<a name="_bclHeader237"></a><DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The fair values of the Company&#8217;s non-current borrowings (Corporate Notes) as of December 31, 2018 and 2017 amount approximately to $ 6.5 billion and $ 5.3 billion, respectively. Such values were determined on the basis of the estimated market price of the Company&#8217;s Corporate Notes at the end of each year. The applicable fair value category is Level 1 category.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company&#8217;s borrowings are denominated in the following currencies:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>

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<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>US dollars </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,269,920 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="5%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,294,433 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="52%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,269,920 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,294,433 </FONT></B></P></TD></TR></TABLE><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The maturities of the Company&#8217;s borrowings and its exposure to interest rate are as follow:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>

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<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="52%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="52%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Fixed rate</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Less than 1 year </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110,019 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91,896 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>From 2 to 5 years</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,249,967 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,812,465 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="52%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total Fixed rate</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,359,986 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,904,361 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="52%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Variable rate</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="20%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="20%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Less than 1 year </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 967,434 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,244 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>From 1 to 2 years</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 942,500 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 688,414 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>From 2 to 5 years</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 688,414 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="52%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total Variable rate</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,909,934 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,390,072 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,269,920 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,294,433 </FONT></B></P></TD></TR></TABLE><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The roll forward of the Company&#8217;s borrowings during the year was as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>

<DIV align=left><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=georgia>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.16</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Balance at beginnig of the year</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>6,294,433 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 5,202,452 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 6,224,330 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Proceeds from borrowings </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 1,285,946 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>- </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Payment of borrowings' interests </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; (652,667) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; (418,494) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; (529,227) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Repurchase of Corporate Notes by the trust</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(9,683) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Paid from repurchase of Corporate Notes </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(375,520) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; (441,462) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Gain from repurchase of Corporate Notes </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(4,539) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (84) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Exchange diference and interest accrued </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>6,134,425 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 1,252,327 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 1,604,325 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Result from exposure to inlfation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(3,126,212) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; (1,027,798) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; (1,645,747) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;Balance at the end of period </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>8,269,920 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 6,294,433 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 5,202,452 </FONT></B></P></TD></TR></TABLE></FONT></FONT></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE>&nbsp;<FONT lang=PT-BR><BR clear=all></FONT></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0in" align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Corporate Notes programs</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>The Company is included in a Corporate Notes program, the relevant information of which is detailed below:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Debt issued in United States dollars </FONT></U></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>

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<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%" colSpan=6 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Million of USD</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Million of $</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Corporate Notes</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Class</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Rate</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Year of Maturity</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Debt structure at 12.31.17</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Debt repurchase </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Debt structure at 12.31.18</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>At 12.31.18</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Fixed Rate Par Note</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>9.75</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>2022</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171.87 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(10.22) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>161.65 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,249.78 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171.87 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(10.22) </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>161.65 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,249.78 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="11%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="12%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="11%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="11%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="12%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="11%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="11%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%" colSpan=6 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Million of USD</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Million of $</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Corporate Notes</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Class</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Rate</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Year of Maturity</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Debt structure at 12.31.16</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Debt repurchase</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Debt structure at 12.31.17</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>At 12.31.17</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Fixed Rate Par Note</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>9.75</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>2022</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171.87 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>171.87 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,259.22 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="6%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171.87 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>- </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>171.87 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=middle width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,259.22 </FONT></B></P></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>The main covenants are the following:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>i.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Negative Covenants</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>The terms and conditions of the Corporate Notes include a number of negative covenants that limit the Company&#8217;s actions with regard to, among others, the following:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>- encumbrance or authorization to encumber its property or assets;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>- incurrence of indebtedness, in certain specified cases;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>- sale of the Company&#8217;s assets related to its main business;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>- carrying out of transactions with shareholders or related companies; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>- making certain payments (including, among others, dividends, purchases of </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>edenor</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&#8217;s common shares or payments on subordinated debt).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>ii.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Suspension of Covenants:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>Certain negative covenants stipulated in the terms and conditions of the Corporate Notes will be suspended or adapted if:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>- the Company&#8217;s long-term debt rating is raised to Investment Grade, or the Company&#8217;s Level of Indebtedness is equal to or lower than 3.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>- If the Company subsequently losses its Investment Grade rating or its Level of Indebtedness is higher than 3, as applicable, the suspended negative covenants will be once again in effect.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif>At the date of issuance of these financial statements, the previously mentioned ratios have been complied with.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>In fiscal year 2018, the Company repurchased at market prices, in successive transactions, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&#8220;Fixed Rate Class 9 Par </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Corporate Notes&#8221; due 2022, for an amount of USD 10.2 million nominal value.</FONT></P>

<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<a name="_bclFooter238"></a><DIV>&nbsp;<FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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<DIV align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif></FONT></B>&nbsp;</DIV>

<DIV align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 23 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Salaries and social security taxes payable</FONT></B></DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 7.1pt 0pt 53.45pt; TEXT-INDENT: -0.25in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>a.</FONT></I></B><B><I><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Salaries and social security taxes payable</FONT></I></P>

<P style="MARGIN: 0in 7.1pt 0pt 53.45pt">&nbsp;</P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="51%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Early retirements payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14,884 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="4%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,960 </FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Seniority-based bonus</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147,853 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171,719 </FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="51%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162,737 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="4%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176,679 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="51%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="21%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="4%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="21%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Salaries payable and provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,581,241 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,571,228 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Social security payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151,137 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="4%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223,165 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Early retirements payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,248 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,099 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="51%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,742,626 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="4%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,801,492 </FONT></B></P></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The carrying amount of the Company&#8217;s salaries and social security taxes payable approximates their fair value.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 7.1pt 0pt 53.45pt; TEXT-INDENT: -0.25in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>b.</FONT></I></B><B><I><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></I></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Salaries and social security taxes charged to profit or loss</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>

<DIV align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="43%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.16 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Salaries</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp; 4,336,533 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp; 4,897,440 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp; 5,006,596 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Social security taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp; 1,686,430 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp; 1,904,559 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp; 1,947,009 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total salaries and social security taxes</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>6,022,963 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp; 6,801,999 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp; 6,953,605 </FONT></B></P></TD></TR></TABLE></FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Early retirements payable correspond to individual optional agreements. After employees reach a specific age, the Company may offer them this option. The related accrued liability represents future payment obligations which as of December 31, 2018 and 2017 amount to $ </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>10.2 million </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>and $ 7.1 million (current) and </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>$ 14.9 million </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>and $ 5 million (non-current), respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>The seniority-based bonus included in collective bargaining agreements in effect consists of a bonus to be granted to personnel with a certain amount of years of service. As of December 31, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>2018 and 2017,</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif> the related liabilities amount to $ </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>147.8 million </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>and $ 171.7 million, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>As of December 31, 2018 and 2017, the number of employees amounts </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>to</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif> 4,878 and 4,789, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<a name="_bclFooter239"></a><DIV>&nbsp;<FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>

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   <TD>

   <DIV>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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<DIV align=left>&nbsp;</DIV>

<DIV align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 24 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Benefit plans</FONT></B></DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>The defined benefit plans granted to Company employees consist of a bonus for all the employees who have the necessary years of service and have made the required contributions to retire under ordinary retirement plans.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>The amounts and conditions vary in accordance with the collective bargaining agreement and for non-unionized personnel.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P>

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<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="54%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Non-current</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385,098 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="4%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 477,765 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Current </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32,365 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46,375 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total Benefit plans</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417,463 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="4%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 524,140 </FONT></B></P></TD></TR></TABLE><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>The detail of the benefit plan obligations as of December 31, 2018 and 2017 is as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="54%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Benefit payment obligations at beginning</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>524,140 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="4%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 442,170 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Current service cost</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32,904 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42,500 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Interest cost</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79,304 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="4%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126,954 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Actuarial losses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,638 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22,219) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Result from exposure to inflation for the year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(169,169) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="4%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8,692) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Benefits paid to participating employees</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(55,354) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (56,573) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Benefit payment obligations at period end</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>417,463 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="4%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="21%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 524,140 </FONT></B></P></TD></TR></TABLE><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>As of December 31, 2018 and 2017, the Company does not have any assets related to post-retirement benefit plans.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>The detail of the charge recognized in the Statement of Comprehensive Income is as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="42%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.16</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Cost</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32,904 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42,500 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46,320 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Interest</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79,304 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126,954 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163,431 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Actuarial results - Other comprehensive loss</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>5,638 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22,219) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15,555) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117,846 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147,235 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194,196 </FONT></B></P></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The actuarial assumptions used are based on market interest rates for Argentine government bonds, past experience, and the Company Management&#8217;s best estimate of future economic conditions. Changes in these assumptions may affect the future cost of benefits and obligations. The main assumptions used are as follow:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>

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<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="54%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Discount rate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>5%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Salary increase</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>1%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>1%</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Inflation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>31%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>18%</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt">&nbsp;</P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Sensitivity analysis</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>:</FONT></P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.2018</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Discount Rate: 4%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Obligation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="21%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>459,651</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Variation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>42,188</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="53%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="21%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>10%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Discount Rate: 6%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="21%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="22%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Obligation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>381,587</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Variation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="21%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(35,876)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(9%)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="53%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="21%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="22%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Salary Increase : 0%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Obligation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="21%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>379,992</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Variation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(37,471)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="53%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="21%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(9%)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Salary Increase: 2%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="21%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="22%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Obligation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>460,939</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Variation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="21%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>43,476</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>10%</FONT></P></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 70.9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The expected payments of benefits are as follow</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="25%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;In 2019 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;In 2020 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;In 2021 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;In 2022 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;In 2023 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;Between 2022 to 2028 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>At December 31, 2018</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Benefit payment obligations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32,365 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,221 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,207 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,450 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,059 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11,128 </FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Estimates based on actuarial techniques imply the use of statistical tools, such as the so-called demographic tables used in the actuarial valuation of the Company&#8217;s active personnel.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>In order to determine the mortality of the Company&#8217;s active personnel, the &#8220;1971 Group Annuity Mortality&#8221; table has been used. In general, a mortality table shows for each age group the probability that a person in any such age group will die before reaching a predetermined age. Male and female mortality tables are elaborated separately inasmuch as men and women&#8217;s mortality rates are substantially different.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>In order to estimate total and permanent disability due to any cause, 80% of the &#8220;1985 Pension Disability Study&#8221; table has been used.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>In order to estimate the probability that the Company&#8217;s active personnel will leave the Company or stay therein, the &#8220;ESA 77&#8221; table has been used.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Liabilities related to the above-mentioned benefits have been determined considering all the rights accrued by the beneficiaries of the plans through the closing date of the year ended December 31, 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>These benefits do not apply to key management personnel.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 10pt"><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>

<DIV></DIV>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<a name="_bclHeader242"></a><DIV>

<DIV align=left>&nbsp; <FONT lang=PT-BR><BR clear=all></FONT></DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 25 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company&#8217;s Share-based Compensation Plan</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>In 2016, the Company&#8217;s Board of Directors proposed that the treasury shares be used for the implementation of a long-term incentive plan in favor of executive directors, managers or other personnel holding key executive positions in the Company in an employment relationship with the latter and those who in the future are invited to participate, in accordance with the provisions of section 67 of Law No. 26,831 on Capital Markets. The plan was ratified and approved by the ordinary and extraordinary shareholders&#8217; meeting held on April 18, 2017. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>At the date of issuance of these financial statements, the Company awarded a total of 1,618,332 shares to executive directors and managers as additional remuneration for their performance in special processes developed during fiscal years 2016 and 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The fair value of the previously referred to shares at the award date, amounted to $ 49.4 million and has been recorded in the Salaries and social security taxes line item, with a contra account in Equity. The amount recorded in Equity is net of the tax effect.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 26 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Income tax </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The analysis of deferred tax assets and liabilities is as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Result from exposure to inflation</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Charged to profit and loss</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Charged to other comprenhensive income</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Deferred tax assets</FONT></I></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Inventories</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>13,454</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(9,064)</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(4,390)</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Trade receivables and other receivables</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>481,066</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(371,025)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>335,061</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>445,102</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Trade payables and other payables</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>424,670</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>757,645</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>772,447</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1,954,762</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Salaries and social security taxes payable</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(95,813)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>130,428</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>14,824</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>49,439</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Benefit plans</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>219,113</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(128,800)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>13,980</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1,691</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>105,984</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Tax liabilities</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>55,897</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(43,540)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>3,274</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>15,631</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Provisions</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(546,274)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>755,078</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>137,055</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>345,859</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Deferred tax asset</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>605,906</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1,036,929</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1,272,251</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1,691</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>2,916,777</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="25%">&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Deferred tax liabilities:</FONT></I></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Property, plant and equipment</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(7,466,457)</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>903151.1937</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(4,184,856)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(10,748,162)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Financial assets at fair value through profit or loss</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(386,145)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>374,867</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(201,199)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(212,477)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(43,454)</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>37,986</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1,022</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(4,446)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Deferred tax liability</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(7,896,056)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1,316,004</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(4,385,033)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(10,965,085)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="25%">&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Net deferred tax (liabilities) assets</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(7,290,150)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>2,352,933</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(3,112,782)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1,691</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(8,048,308)</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.16</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Result from exposure to inflation</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Charged to profit and loss</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Charged to other comprenhensive income</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Deferred tax assets</FONT></I></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Tax loss carryforward</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>6,160</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(1,988)</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>49,620</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>53,792</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Inventories</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>7,520</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(2,427)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>8,361</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>13,454</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Trade receivables and other receivables</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>204,972</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(66,156)</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>342,250</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>481,066</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Trade payables and other payables</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1,659,011</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(535,455)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(698,886)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>424,670</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Salaries and social security taxes payable</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>36,176</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(11,676)</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(120,313)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(95,813)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Benefit plans</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>154,759</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(49,949)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>121,519</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(7,216)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>219,113</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Tax liabilities</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>23,232</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(7,498)</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>40,163</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>55,897</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Provisions</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>221,846</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(71,602)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(696,518)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(546,274)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Deferred tax asset</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>2,313,676</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(746,751)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(953,803)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(7,216)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>605,906</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="25%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Deferred tax liabilities:</FONT></I></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="13%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Property, plant and equipment</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(9,779,890)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>3,027,954</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(714,521)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(7,466,457)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Financial assets at fair value through profit or loss</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(59,581)</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>19,230</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(345,794)</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(386,145)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(12,424)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>4,010</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(35,040)</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(43,454)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Deferred tax liability</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(9,851,895)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>3,051,194</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(1,095,355)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(7,896,056)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Net deferred tax (liabilities) assets</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(7,538,219)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>2,304,443</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(2,049,158)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(7,216)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(7,290,150)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt">&nbsp;</P>

<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P></P><FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif>&nbsp;</FONT>

<P></P>

<DIV></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
&nbsp; <A name="page_243"></A>

<DIV align=left>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD>

   <DIV>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<a name="_bclHeader243"></a><DIV>

<DIV align=left>&nbsp;&nbsp;

<DIV align=left><FONT lang=PT-BR></FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Deferred tax assets:</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>To be recover in less than 12 moths</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="24%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>2,310,153</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="5%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>669,450</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>To be recover in more than 12 moths</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>606,624</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1,756,314</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Deferred tax asset</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="24%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>2,916,777</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="5%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>2,425,764</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Deferred tax liabilities:</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="24%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="5%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="22%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>To be recover in less than 12 moths</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(1,966,173)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(2,740,288)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>To be recover in more than 12 moths</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="24%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(8,998,912)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="5%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(6,975,626)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Deferred tax liability</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(10,965,085)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(9,715,914)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="49%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="24%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="5%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="22%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Net deferred tax assets (liabilities)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(8,048,308)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(7,290,150)</FONT></B></P></TD></TR></TABLE></FONT></DIV></DIV></DIV>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The detail of the income tax expense for the year includes two effects: (i) the current tax for the year payable in accordance with the tax legislation applicable to the Company; (ii) the effect of applying the deferred tax method which recognizes the effect of the temporary differences arising from the valuation of assets and liabilities for accounting and tax purposes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.16</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Deferred tax</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (759,849)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>255,285</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>342,403</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Current tax</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(1,114,384)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(760,641)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(484,887)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Difference between provision and tax return</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(3,163)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(4,700)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(4,786)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Income tax expense</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(1,877,396)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(510,056)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(147,270)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Tax Reform in Argentina</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>On December 29, 2017, the PEN enacted Law No. 27,430 &#8211; Income Tax. This Law has introduced several amendments to the treatment of income tax, whose key components are the following:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Income tax rate:</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif> The Income tax rate for Argentine companies will be gradually reduced from 35% to 30% for fiscal years beginning as from January 1, 2018 until December 31, 2019 and to 25% for fiscal years beginning on or after January 1, 2020.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Dividend withholding tax:</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif> A tax is introduced on dividends or profits distributed, among others, by Argentine companies or permanent establishments to: individuals, undivided estates or foreign beneficiaries, with the following considerations: (i) dividends deriving from profits generated during fiscal years beginning as from January 1, 2018 until December 31, 2019 &nbsp;will be subject to a withholding of 7%; and (ii) dividends arising from profits obtained in fiscal years beginning on or after January 1, 2020 will be subject to a 13% withholding. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The dividends arising from benefits obtained until the fiscal year prior to that beginning as from January 1, 2018 will continue to be subject, for all the beneficiaries thereof, to the 35% withholding on the amount exceeding the non-taxable distributable cumulative income (transition period of the equalization tax).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Optional tax revaluation:</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif> The law establishes that the Companies will have the option of carrying out a revaluation for tax purposes of the assets located in the country that generate taxable income. The special tax on the amount of the revaluation depends on the asset, amounting to 8% for real property not regarded as inventories, to 15% for real property regarded as inventories, and to 10 % for personal property and all other assets. If the option is exercised for a certain asset, all the other assets of the same category must be revalued. The tax result arising from the revaluation is not subject to income tax, and the special tax on the amount of the revaluation will not be deductible from such tax. The Company is currently analyzing the impacts of the aforementioned option.</FONT></P>

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<a name="_bclFooter243"></a><DIV>&nbsp;<FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Adjustment of deductions:</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif> Acquisitions or investments made in fiscal years beginning on or after January 1, 2018 will be adjusted on the basis of the IPIM&#8217;s percentage variations published by the INDEC. This situation will increase the deductible amortization and its tax deductible cost in case of sale.</FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="41%">&nbsp;</TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%"></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%"></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.16</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="41%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Profit for the year before taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>6,174,862</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>5,590,691</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>388,041</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="41%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Applicable tax rate</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>30%</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>35%</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>35%</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="41%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Loss for the year at the tax rate</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(1,852,459)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(1,956,742)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right></TD>

   <TD style="BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(135,814)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="41%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Gain (Loss) from interest in joint ventures</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>560</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(6)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(3)</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="41%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Non-taxable income </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>220,769</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>115,661</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>138,040</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="41%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Gain on net monetary position and others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(1,007,010)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>902,631</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(144,707)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="41%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Difference between provision and tax return</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(3,163)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(4,700)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(4,786)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="41%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Change in the income tax rate (1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>763,907 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>433,100</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="41%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Income tax expense</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(1,877,396)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(510,056)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccecff; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(147,270)</FONT></B></P></TD></TR></TABLE></DIV>

<DIV align=left>&nbsp;</DIV><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.45pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Refers to the effect of applying to deferred tax assets and liabilities the changes in income tax rates in accordance with the previously detailed tax reform on the basis of the year in which they are expected to be realized/settled.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The income tax payable, net of withholdings is detailed below.</FONT></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="56%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=center></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=center></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Tax payable 2017</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1,114,384 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="4%" align=center></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>760,641 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Total Tax payable</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1,114,384 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=center></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>760,641 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Tax withholdings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(497,058) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="4%" align=center></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(71,550) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Total current</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>617,326 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="4%" align=center></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>689,091 </FONT></B></P></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 27 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Tax liabilities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD vAlign=bottom width="56%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>

   <TD vAlign=bottom width="4%"></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>12.31.17</FONT></B></P></TD></TR>

<TR>

   <TD vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD vAlign=bottom width="20%">&nbsp;</TD>

   <TD vAlign=bottom width="4%"></TD>

   <TD vAlign=bottom width="19%">&nbsp;</TD></TR>

<TR>

   <TD vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD vAlign=bottom width="20%"></TD>

   <TD vAlign=bottom width="4%"></TD>

   <TD vAlign=bottom width="19%"></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Provincial, municipal and federal contributions and taxes</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=bottom width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>130,445 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=bottom width="4%" align=right></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=bottom width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>587,723 </FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom width="56%"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>VAT payable</FONT></P></FONT></TD>

   <TD vAlign=bottom width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>412,547</FONT></P></TD>

   <TD vAlign=bottom width="4%" align=right></TD>

   <TD vAlign=bottom width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>728,173</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ccecff" width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Tax withholdings</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=bottom width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>127,121 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=bottom width="4%" align=right></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=bottom width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>131,091 </FONT></P></TD></TR>

<TR>

   <TD width="56%"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>SUSS withholdings</FONT></P></FONT></TD>

   <TD vAlign=bottom width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>7,435</FONT></P></TD>

   <TD vAlign=bottom width="4%" align=right></TD>

   <TD vAlign=bottom width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>5,190</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Municipal taxes</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=bottom width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial>1</FONT>06,117 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=bottom width="4%" align=right></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=bottom width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>101,082 </FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>Tax regularization plan</FONT></P></TD>

   <TD vAlign=bottom width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial>380</FONT></FONT></P></TD>

   <TD vAlign=bottom width="4%" align=right></TD>

   <TD vAlign=bottom width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>2,242</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total Current</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>784,045 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=bottom width="4%" align=right></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1,555,501 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P>

<DIV></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
&nbsp; <A name="page_246"></A>

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<TR>

   <TD>

   <DIV>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<a name="_bclHeader246"></a><DIV>

<DIV align=left><FONT lang=PT-BR></FONT>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 43.1pt; TEXT-INDENT: -43.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 28 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Leases</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 71.45pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Lessee</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>The features that these leases have in common are that payments (installments) are established as fixed amounts; there are neither purchase option clauses nor renewal term clauses (except for the lease contract of the Energy Handling and Transformer Center that has an automatic renewal clause for the term thereof); and there are prohibitions such as: transferring or sub-leasing the building, changing its use and/or making any kind of modifications thereto. All operating leases contracts have cancelable terms and assignment periods of 2 to 13 years.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Among them the following can be mentioned: commercial offices, two warehouses, the headquarters building (comprised of administration, commercial and technical offices), the Energy Handling and Transformer Center (two buildings and a plot of land located within the perimeter of Central Nuevo Puerto and Puerto Nuevo) and Las Heras substation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>As of December 31, 2018 and 2017, future minimum payments with respect to operating assignments of use are as follow:</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>2018</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="23%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="23%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124,503 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>2019</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155,454 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124,626 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>2020</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="23%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138,048 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="23%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52,194 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>2021</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102,515 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,597 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total future minimum lease payments</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="23%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>396,017 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="23%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305,920 </FONT></B></P></TD></TR></TABLE><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total expenses for operating assignments of use for the years ended December 31, 2018, 2017 nad 2016 are as follow:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.16</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" rowSpan=2 width="40%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total lease expenses</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" rowSpan=2 width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>125,157</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" rowSpan=2 width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>126,098</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: black 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" rowSpan=2 width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>126,193</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 71.45pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Lessor</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>The Company has entered into operating leases contracts with certain cable television companies granting them the right to use the poles of the Company&#8217;s network. Most of these contracts include automatic renewal clauses.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>As of December 31, 2018 and 2017, future minimum collections with respect to operating leases are as follow:</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>2018</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="23%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="23%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202,143 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>2019</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173,619 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193,812 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total future minimum lease collections</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="23%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>173,619 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="23%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395,955 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total income from operating leases for the years ended December 31, 2018, 2017 and 2016 is as follows</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>:</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center>&nbsp;</P>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.16</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="43%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total lease income</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>190,370</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>212,265</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>199,431</FONT></B></P></TD></TR></TABLE></DIV></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center></P>

<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<a name="_bclFooter246"></a><DIV><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>

<DIV></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
&nbsp; <A name="page_247"></A>

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   <TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 29 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Provisions</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: -40.5pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;Non-current liabilities </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;Current liabilities </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;Contingencies </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;At 12.31.16 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504,038 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129,808 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Increases</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411,975 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130,389 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Decreases</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (58,930) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Result from exposure to inflation for the year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(32,890) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10,409) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;At 12.31.17 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 883,119 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190,858 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Increases</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 472,067 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252,030 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Decreases</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (85,662) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (239,585) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Result from exposure to inflation for the year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(199,374) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15,868) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;At 12.31.18 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,070,150 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187,435 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 30 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Revenue from sales</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="42%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;12.31.16 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Sales of electricity </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>55,689,651 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>39,329,729 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 25,576,978 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Right of use on poles</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>190,370 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 212,265 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>213,449 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Connection charges</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>51,105 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>49,369 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 30,893 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Reconnection charges</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>22,523 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>11,505 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 5,439 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total Revenue from sales</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>55,953,649 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>39,602,868 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 25,826,759 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 31 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Expenses by nature</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The detail of expenses by nature is as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: 7.1pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Description </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;Transmission and distribution expenses </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;Selling&nbsp; expenses </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;Administrative expenses </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;Total </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Salaries and social security taxes </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>4,331,442 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 777,014 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>914,507 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 6,022,963 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Pension plans</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 80,695 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 14,476 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 17,037 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 112,208 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Communications expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 81,110 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 269,674 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 16,017 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 366,801 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Allowance for the impairment of trade and other receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 977,503 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 977,503 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Supplies consumption </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 790,392 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>122,623 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 913,015 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Leases and insurance&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 530 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>180,218 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 180,748 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Security service</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 136,656 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>2,027 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>128,699 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 267,382 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Fees and remuneration for services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1,411,812 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 1,040,164 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1,007,152 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 3,459,128 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Public relations and marketing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 32,246 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 32,246 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Advertising and sponsorship </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 16,612 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 16,612 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Reimbursements to personnel </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 60 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 68 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>498 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 626 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Depreciation of property, plants and equipments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>2,014,887 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 300,255 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>246,357 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 2,561,499 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="35%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Directors and Supervisory Committee members&#8217; fees </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 21,893 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 21,893 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>ENRE penalties (1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 2,064,330 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 1,052,135 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 3,116,465 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Taxes and charges </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 598,908 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>162,549 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 761,457 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 808 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 457 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 5,719 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>6,984 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="32%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>At 12.31.18</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 10,912,722 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 5,032,681 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>2,872,127 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 18,817,530 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The expenses included in the chart above are net of the Company&#8217;s own expenses capitalized in Property, plant and equipment as of December 31, 2018 for $ 1 billion.</FONT></P>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Description </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;Transmission and distribution expenses </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;Selling&nbsp;expenses </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;Administrative expenses </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;Total </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Salaries and social security taxes </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>4,997,823 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 886,976 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 917,200 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,801,999 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Pension plans</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124,507 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22,097 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22,850 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169,454 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Communications expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55,281 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289,371 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22,804 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367,456 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Allowance for the impairment of trade and other receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 391,615 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 391,615 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Supplies consumption </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 687,199 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109,780 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 796,979 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Leases and insurance&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 653 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182,024 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182,677 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Security service</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130,263 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,797 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141,231 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273,291 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Fees and remuneration for services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1,081,974 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 876,612 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 820,225 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,778,811 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Public relations and marketing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56,659 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56,659 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Advertising and sponsorship </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29,187 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29,187 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Reimbursements to personnel </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 827 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 971 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Depreciation of property, plants and<BR>equipments </FONT></P></TD>

   <TD vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1,740,231 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275,125 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132,733 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,148,089 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Directors and Supervisory Committee<BR>members&#8217; fees </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21,429 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21,429 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>ENRE penalties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 428,049 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 428,663 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 856,712 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Taxes and charges </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395,263 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32,011 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 427,274 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 996 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,546 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16,806 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="32%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>At 12.31.17</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,247,065 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,567,838 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,504,506 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,319,409 </FONT></B></P></TD></TR></TABLE></DIV>

<DIV align=left>&nbsp;</DIV></DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" face=arial,sans-serif>Transmission and distribution expenses include recovery for $ 719.8 million net of the charge for the year for $ 1.6 billion.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The expenses included in the chart above are net of the Company&#8217;s own expenses capitalized in Property, plant and equipment as of December 31, 2017 for $ 869.7 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Description </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;Transmission and distribution expenses </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;Selling&nbsp;expenses </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;Administrative expenses </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;Total </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Salaries and social security taxes </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>5,104,795 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 861,097 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 987,713 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,953,605 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Pension plans</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142,590 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24,053 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27,589 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194,232 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Communications expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49,817 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251,381 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20,318 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321,516 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Allowance for the impairment of trade and other receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 433,371 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 433,371 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Supplies consumption </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513,318 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64,249 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 577,567 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Leases and insurance&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 870 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173,973 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174,843 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Security service</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134,404 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22,855 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85,461 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242,720 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Fees and remuneration for services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>897,754 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 923,607 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 771,520 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,592,881 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Public relations and marketing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Advertising and sponsorship </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Reimbursements to personnel </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,821 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,520 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,684 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Depreciation of property, plants and equipments </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1,739,293 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301,301 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106,647 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,147,241 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="35%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Directors and Supervisory Committee members&#8217; fees </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11,937 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11,937 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>ENRE penalties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,677,844 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367,907 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,045,751 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Taxes and charges </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193,081 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27,088 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220,169 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,351 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,022 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11,638 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="32%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>At 12.31.16</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,263,857 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,379,261 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,288,037 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18,931,155 </FONT></B></P></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The expenses included in the chart above are net of the Company&#8217;s own expenses capitalized in Property, plant and equipment as of December 31, 2017 for $ 602 million.</FONT></P>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<a name="_bclFooter248"></a><DIV>&nbsp;<FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>

<DIV></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
&nbsp; <A name="page_249"></A>

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<TR>

   <TD>

   <DIV>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<a name="_bclHeader249"></a><DIV>

<DIV align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 32 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Other operating expense, net</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt">&nbsp;</P>

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<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="39%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.16 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Other operating income</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Services provided to third parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>74,522 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89,303 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120,580 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Commissions on municipal taxes collection</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>77,088 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51,358 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42,131 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Related parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>35</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44,303 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,263 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 921 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Income from non-reimbursable customer contributions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>5,574 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,372 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,520 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Fines to suppliers&nbsp;&nbsp; (1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76,914 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,811 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43,355 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 705 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,995 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total other operating income</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="7%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321,756 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157,812 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172,147 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="39%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Other operating expense</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="16%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="16%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="16%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Gratifications for services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (74,266) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (80,802) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (69,678) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Cost for services provided to third parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(52,429) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (65,238) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (98,328) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Severance paid </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16,645) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28,353) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31,243) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Donatios and contributions </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Debit and Credit Tax</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (594,750) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (479,525) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (306,892) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Other expenses - FOCEDE</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31,223) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Provision for contingencies </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (724,097) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (542,364) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (301,808) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="46%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Disposals of property, plant and equipment </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(134,455) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49,824) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (244,456) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45,918) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14,398) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,534) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total other operating expense</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="7%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,642,566) </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,260,504) </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,085,162) </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Other operating expense, net</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,320,810) </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,102,692) </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (913,015) </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Relates to fines applied to Suppliers for failing to comply with agreed-upon contractual conditions.</FONT></P>

<P style="MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 33 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Net financial expense</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;12.31.16 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Financial income</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></U>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Commercial interest</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>273,457 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 177,655 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>262,536 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Financial interest</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>398,326</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>276,149</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>122,057 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total financial income</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>671,783</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>453,804</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>384,593</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Financial expenses</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></U>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Interest and other </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(1,987,092) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; (819,377) </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (535,721) </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Fiscal interest</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(22,752) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (31,153) </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(18,762) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Commercial interest</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(2,958,366) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; (1,716,843) </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; (2,028,136) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Bank fees and expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(8,509) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(2,883) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; (6,608) </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total financial expenses</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(4,976,719)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(2,570,256)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(2,589,227)</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Other financial results</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></U>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Exchange differences</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; (<FONT style="FONT-SIZE: 10pt" face=Arial>2</FONT>,<FONT style="FONT-SIZE: 10pt" face=Arial>629</FONT>,<FONT style="FONT-SIZE: 10pt" face=Arial>966</FONT>) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; (564,056) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (911,819) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Adjustment to present value of receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(327) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; (431) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 5,749 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Changes in fair value of financial assets (1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>746,532 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; 474,896 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>891,773 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Net gain from the repurchase of </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Corporate Notes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>4,539 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; 90 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Other financial expense</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (86,098) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp; (78,877) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(73,096) </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total other financial expense</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(1,965,320)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(168,468)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(87,303)</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Total net financial expense</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(6,270,256)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="16%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(2,284,920)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>(2,291,937)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 42.55pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif>Includes changes in the fair value of financial assets on cash equivalents as of December 31, 2018, 2017 and 2016 for $ 43.4 million, $ 37.3 million and $ 39.6 million, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>

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   <TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<a name="_bclHeader250"></a><DIV>

<DIV align=left>&nbsp;</DIV>

<DIV align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 34 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Basic and diluted earnings per share</FONT></B></DIV></DIV>

<P style="MARGIN: 0in 0in 0pt 70.9pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 70.9pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Basic</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The basic earnings per share are calculated by dividing the profit attributable to the holders of the Company&#8217;s equity instruments by the weighted average number of common shares outstanding as of December 31, 2018 and 2017, excluding common shares purchased by the Company and held as treasury shares. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The basic earnings per share coincide with the diluted earnings per share, inasmuch as the Company has issued neither preferred shares nor Corporate Notes convertible into common shares.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt">&nbsp;</P>

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<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="41%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.16 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="41%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Profit (Loss) for the year attributable to the owners of the Company </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>4,297,466 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>5,080,635 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>240,771 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="41%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Weighted average number of common shares outstanding</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>890,492 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>898,280 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>897,043 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="41%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Basic and diluted&nbsp; profit (loss) earnings per share &#8211; in pesos</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>4.83 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>5.66 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>0.27 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 35 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Related-party transactions</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.9pt; TEXT-INDENT: -57.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The following transactions were carried out with related parties:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 99.25pt; TEXT-INDENT: -28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>a.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Income</FONT></P>

<P style="MARGIN: 0in 0in 0pt 99.25pt; TEXT-INDENT: -28.35pt">&nbsp;</P>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Company</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Concept</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.18 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.17 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.16 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>CYCSA</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="26%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face=verdana,sans-serif>Other income </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp; 17,686 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>PESA</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Impact study</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp; 149 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp; - </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="24%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="26%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Electrical assembly service</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp; 11,161 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp; 4,263 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp; - </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>SACDE</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Reimbursement expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp; 32,993 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp; - </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Transener</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="26%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Reimbursement expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp; 369 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Transba</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Reimbursement expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp; 553 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="24%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="26%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp; 44,303 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp; 4,263 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp; 18,608 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 99.25pt; TEXT-INDENT: -28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>b.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Expense</FONT></P>

<P style="MARGIN: 0in 0in 0pt 99.25pt; TEXT-INDENT: -28.35pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Company</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Concept</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.16 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>PESA</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Technical advisory services on financial matters</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(86,098) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp; (60,944) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(67,642) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>SACME</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Operation and oversight of the electric power transmission system</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(81,698) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp; (68,960) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(65,298) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Salaverri, Dellatorre, Burgio y Wetzler Malbran</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Legal fees</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp; - </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(876) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp; (6,365) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>PYSSA</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Financial and granting of loan services to customers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp; (39) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>OSV</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Hiring life insurance for staff</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(19,521) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp; (18,965) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(11,474) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>ABELOVICH, POLANO&nbsp; &amp; ASOC.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Legal fees</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp; (1,310) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(712) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp; - </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="27%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(188,627) </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp; &nbsp;&nbsp;(150,457) </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;&nbsp; (149,891) </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 99.25pt; TEXT-INDENT: -28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>c.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Key Management personnel&#8217;s remuneration</FONT></P>

<P style="MARGIN: 0in 0in 0pt 99.25pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="38%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.16</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Salaries </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>194,040 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>250,646 </FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>229,206 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>194,040 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>250,646 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>229,206 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.9pt; TEXT-INDENT: -57.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The balances with related parties are as follow:</FONT></P>

<P style="MARGIN: 0in 0in 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 99.25pt; TEXT-INDENT: -28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>d.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Receivables and payables</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.18</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>12.31.17</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>&nbsp;12.31.16 </FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><I><U><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Other receivables - Non current</FONT></U></I></P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>&nbsp;</TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>SACME</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="17%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,662 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,015 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="17%" noWrap align=right>&nbsp;</TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,662 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,015 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap align=right>&nbsp;</TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="17%" noWrap align=right>&nbsp;</TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><I><U><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Other receivables - Current</FONT></U></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap align=right>&nbsp;</TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>SACME</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="17%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 766 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>1131</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>PESA</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,180 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 483 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" vAlign=bottom width="36%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="4%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="17%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,946 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,614 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ccecff" width="17%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The other receivables with related parties are not secured and do not accrue interest. No allowances have been recorded for these concepts in any of the periods covered by these financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>According to IAS 24, paragraphs 25 and 26, the Company applies the exemption from the disclosure requirement of transactions with related parties when the counterpart is a governmental agency that has control, joint control or significant influence. As of December 31, 2018, the ANSES holds Corporate Notes of the Company due in 2022 for $ 752 million (USD 20 million nominal value). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The agreements with related parties that were in effect throughout fiscal year 2018 are detailed below:</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(a)&nbsp;&nbsp; </FONT></I><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Agreement with </FONT></I><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>SACME</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>In the framework of the regulation of the Argentine electric power sector established by Law No. 24,065 and SEE Resolution No. 61/92, and after the awarding of the distribution areas of the city and metropolitan area of Buenos Aires to </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>edenor</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif> and Edesur S.A., the bidding terms and conditions of the privatization provided that both companies were required to organize SACME to operate the electric power supervision and control center of the transmission and sub-transmission system that feeds the market areas transferred to those companies. For such purpose, on September 18, 1992 SACME was organized by </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>edenor</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif> and Edesur S.A.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The purpose of this company is to manage, supervise and control the operation of both the electric power generation, transmission and sub-transmission system in the City of Buenos Aires and the Buenos Aires metropolitan area and the interconnections with the Argentine Interconnection System, to represent Distribution Companies in the operational management before CAMMESA, and, in general, to carry out the necessary actions for the proper development of its activities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The share capital of SACME is divided into 12,000 common, registered non-endorsable shares, of which 6,000 Class I shares are owned by </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>edenor</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif> and 6,000 Class II shares are owned by Edesur S.A.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The operating costs borne by the Company during fiscal year 2018 amounted to $ 81.6 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(b)&nbsp;&nbsp; Agreement with EASA</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The agreement stipulates the provision to the Company of technical advisory services on financial matters for a term of five years to commence as from September 19, 2015. The term of the agreement will be extended if so agreed by the parties. In consideration of these services, the Company pays PESA an annual amount of USD 2.5 million.&nbsp; Any of the parties may terminate the agreement at any time by giving 60 days&#8217; notice, without having to comply with any further obligations or paying any indemnification to the other party. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Due to the merger process of EASA and its parent IEASA with and into CTLL, and, in turn, of CTLL with and into PESA, the amount stipulated in the agreement in consideration of the services will be paid to the acquiring and surviving company/companies of EASA.</FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(c)&nbsp;&nbsp;&nbsp; Or&#237;genes Seguros de Vida</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>In the framework of the process for the taking out of the mandatory life insurance for its personnel, the Company invited different insurance companies to submit their proposals. After having been analyzed, the one submitted by OSV was selected as the best proposal. This transaction was approved by the Company&#8217;s Board of Directors at the Board meeting held on March 7, 2018, with the Auditing Committee&#8217;s prior favorable opinion.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The operating costs borne by the Company in fiscal year 2018 amounted to $ 19.5 million.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt"><I><FONT lang=ES-AR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(d)&nbsp;&nbsp;&nbsp; Fidus Sociedad de Garant&#237;a Rec&#237;proca</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt"><I><FONT lang=ES-AR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>The Company&#8217;s Board of Directors, at its meeting of December 4, 2018, approved the making of a contribution of funds to Fidus SGR for a sum of $ 25.0 million, in the capacity as protector partner and with the scope set forth in Law No. 24,467. In this manner, the Company expects to strengthen the relationship with its suppliers by giving them the possibility of facilitating an improvement in financing conditions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>(e)&nbsp;&nbsp;&nbsp; SACDE</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>Throughout 2018, due to the agreement entered into by and between the Federal Government and SACDE for the construction of the Presidente Per&#243;n highway&#8217;s extension, the Company received from SACDE requests for moving certain facilities owned by the Company located in some specific places of the referred to highway&#8217;s path. As stipulated in edenor&#8217;s Concession Agreement, the entire cost of the removals in question is to be borne by the requesting party; therefore, the Projects and Permits Area of the Company&#8217;s Operations Department prepared the respective works budgets in accordance with the Price List in effect, with the related percentages for contingencies and edenor&#8217;s fee for the Project, works oversight and associated electric operations, in addition to the estimated time period for the completion of the works. Given that SACDE is a related party under the terms of the Law on Capital Markets, the aforementioned works contracts were approved by the Board of Directors at the Board meetings held on April 25, 2018 and January 30, 2019.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The ultimate controlling company of </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>edenor</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif> is PESA.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt; TEXT-INDENT: -56.7pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 36 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Safekeeping of documentation</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>On August 14, 2014, the CNV issued General Resolution No. 629 which introduced changes to its regulations concerning the safekeeping and preservation of corporate books, accounting books and commercial documentation. In this regard, it is informed that for safekeeping purposes the Company has sent its workpapers and non-sensitive information, whose periods for retention have not expired, to the warehouses of the firm Iron Mountain Argentina S.A., located at</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>:</FONT></P>

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<P style="MARGIN: 0in 0in 0pt 55.7pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>1245 Azara St. &#8211; City of Buenos Aires</FONT></P>

<P style="MARGIN: 0in 0in 0pt 55.7pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>2163 Don Pedro de Mendoza Av. &#8211; City of Buenos Aires</FONT></P>

<P style="MARGIN: 0in 0in 0pt 55.7pt; TEXT-INDENT: -0.25in"><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>-</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>2482 Amancio Alcorta Av. &#8211; City&nbsp; of Buenos Aires</FONT></P>

<P style="MARGIN: 0in 0in 0pt 55.7pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Tucum&#225;n St. on the corner of El Zonda, Carlos Spegazzini City, Ezeiza, Province of Buenos Aires</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The detail of the documentation stored outside the Company&#8217;s offices for safekeeping purposes, as well as the documentation referred to in Section 5 sub-section a.3) of Caption I of Chapter V of Title II of the Regulations (Technical Rule No. 2,013, as amended) is available at the Company&#8217;s registered office.</FONT></P>

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<P style="MARGIN: 0in 0in 10pt">&nbsp;<FONT face=georgia><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#174179 face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#174179 face=arial,sans-serif>2018 FINANCIAL STATEMENTS</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 49.65pt; TEXT-INDENT: -49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 37 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Termination of agreement on real estate asset</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>With the aim of concentrating in one single building the Company&#8217;s centralized functions, and reducing rental costs and the risk of future increases, in November 2015, the Company acquired from RDSA (the &#8220;seller&#8221;) a real estate asset to be constructed, for a total amount of USD 46 million -equivalent to $ 439.3 million at the exchange rate in effect at the time of entering into the purchase and sale agreement. To guarantee payment of liquidated damages in case of termination on account of the seller&#8217;s default, the Company received a surety bond issued by Aseguradores de Cauciones S.A. Compa&#241;&#237;a de Seguros for up to the maximum amount of USD 46 million, plus the private banks&#8217; Badlar rate in dollars + 2%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The real property had to be delivered by the seller to the Company on June 1, 2018, which the seller failed to comply. Therefore, the Company declared the seller in default, notifying the insurance company that issued the surety bond of such situation, and collected USD 502.8 thousand in fines accrued during the term of the purchase and sale agreement and duly deposited as bond by the seller for failing to meet the construction project milestones agreed upon in the agreement, amount which was recorded in the Other operating expense, net line item of the Statement of Comprehensive Income.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>On August 27, 2018, upon expiration of the legal time periods set forth in the agreement, the Company notified RDSA of the termination of the agreement on account of its default, demanding payment of the liquidated damages: refunding of the purchase price, plus 15% interest in dollars from the purchase price payment date until the day of default, less the delay penalty amounts indicated in the preceding paragraph. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Furthermore, on September 3, 2018, the Company filed a claim against the bond with the insurance company, and subsequently provided the additional documentation and information that had been required.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Due to RDSA&#8217;s failure to reimburse the purchase price plus interest, in November 2018, the Company initiated an arbitration process against RDSA before the Arbitral Tribunal of the Buenos Aires Stock Exchange in order for RDSA to be ordered to pay the liquidated damages stipulated in the purchase and sale agreement, which, as of December 31, 2018 amounts to $ 3 billion. As of to date, said process is in process</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#323e4f face="calisto mt">. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Additionally, the Company initiated the process aimed at collecting the surety bond that guaranteed RDSA&#8217; obligation, which under the terms of the insurance policy results in a claim for USD 50.3 million, covering more than 60% of the amount claimed to RDSA.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" color=#323e4f face="calisto mt"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>In the opinion of our legal advisors, the Company&#8217;s right to collect the credit is based on extremely solid arguments; therefore, the award in the aforementioned arbitration process against RDSA as well as the outcome of the lawsuit that could eventually be filed against Aseguradora de Cauciones if it fails to comply with the payment of the above-mentioned surety bond, should be favorable to the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>However, taking into consideration that on February 1, 2019 RDSA filed a voluntary petition for reorganization proceedings, and that on February 28, 2019 the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Official Gazette</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif> published Resolution No. 207/2019 of the National Insurance Superintendency forbidding Aseguradora de Cauciones from entering into new contracts and maintaining the prohibition to dispose of property until the latter&#8217;s deficitary situation is rectified, the Company has recorded an allowance to partially cover the amount of the receivable, considering the possibility of its recovery, not because of the quality of its right, about which there is no doubt, but rather because of the financial position of its debtors, RDSA and Aseguradora de Cauciones. Accordingly, the balance of the recorded receivable as of December 31, 2018, net of allowances, amounts to $ 765.6 million (Note 11) which is disclosed in the &#8220;Exchange differences&#8221; line item.</FONT></FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt"><FONT color=#a6a6a6 face=arial,sans-serif><FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT lang=ES-AR style="FONT-SIZE: 10pt; LETTER-SPACING: 2pt; LINE-HEIGHT: 115%" color=#a6a6a6 face=arial,sans-serif>NOTES</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 56.7pt; TEXT-INDENT: -56.7pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=#0070c0 face=arial,sans-serif>Note 38 |</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=#0070c0 face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>&nbsp;&nbsp;Ordinary and Extraordinary Shareholders&#8217; Meeting</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>The Company Ordinary and Extraordinary Shareholders&#8217; Meeting held on April 26, 2018 resolved, among other issues, the following:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 63.8pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>To approve </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>edenor&#8217;s</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif> Annual Report and Financial Statements as of December 31, 2017;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 63.8pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>To allocate the profit for the year ended December 31, 2017 to the absorption of accumulated losses;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 63.8pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>To approve the actions taken by the Directors and Supervisory Committee members, together with their respective remunerations;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 63.8pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=georgia>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>To appoint the authorities and the external auditors for the current fiscal year;</FONT></P>

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   <P style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: center; MARGIN: 5pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Chairman</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Exhibit 12.1</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">CFO Certification</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">I, Leandro Carlos Montero, certify that:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this annual report on Form 20-F of Empresa Distribuidora y Comercializadora Norte S.A.;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The company&#8217;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(c) Evaluated the effectiveness of the company&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(d) Disclosed in this report any change in the company&#8217;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company&#8217;s internal control over financial reporting; and </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The company&#8217;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company&#8217;s auditors and the audit committee of the company&#8217;s board of directors (or persons performing the equivalent functions):</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.5in; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company&#8217;s ability to record, process, summarize and report financial information; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.5in; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company&#8217;s internal control over financial reporting.</FONT></P>

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<P style="MARGIN: 0in 0in 12pt"><FONT lang=ES-AR style="FONT-SIZE: 12pt" face="Times New Roman">Date: April 30, 2019.</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=ES-AR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 4.5in"><U><FONT lang=ES style="FONT-SIZE: 11pt; LINE-HEIGHT: 150%" face="Times New Roman">/s/ Leandro Carlos Montero</FONT><FONT lang=ES style="FONT-SIZE: 12pt; LINE-HEIGHT: 150%" face="Times New Roman"> </FONT></U></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 12pt" face="Times New Roman">Leandro Carlos Montero</FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=ES style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Chief Financial Officer</FONT></P>

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<TYPE>EX-12.2
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<FILENAME>exhibit12_2.htm
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 12pt" align=right><B><FONT lang=IT style="FONT-SIZE: 12pt" face="Times New Roman">Exhibit 12.2</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT lang=IT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT lang=IT style="FONT-SIZE: 12pt" face="Times New Roman">CEO Certification</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=IT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=IT style="FONT-SIZE: 12pt" face="Times New Roman">I, Ricardo Torres, certify that:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this annual report on Form 20-F of Empresa Distribuidora y Comercializadora Norte S.A.;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The company&#8217;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(c) Evaluated the effectiveness of the company&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-JUSTIFY: inter-ideograph; MARGIN: 0in 0in 12pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(d) Disclosed in this report any change in the company&#8217;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company&#8217;s internal control over financial reporting; and</FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_2"></A>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The company&#8217;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company&#8217;s auditors and the audit committee of the company&#8217;s board of directors (or persons performing the equivalent functions):</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.5in; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company&#8217;s ability to record, process, summarize and report financial information; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.5in; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company&#8217;s internal control over financial reporting.</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=IT style="FONT-SIZE: 12pt" face="Times New Roman">Date: April 30, 2019.</FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"><U></U></FONT>&nbsp;</P>

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   <P></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">/s/ Ricardo Torres</FONT></P></TD></TR>

<TR>

   <TD width="100%" align=center><FONT lang=IT style="FONT-SIZE: 12pt" face="Times New Roman">Ricardo Torres</FONT></TD></TR>

<TR>

   <TD width="100%" noWrap>

   <P></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Chief Executive Officer</FONT></P></TD></TR></TABLE></DIV>

<a name="_bclFooter2"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2</FONT><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Exhibit 13.1</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Officer Certifications Pursuant to Section 906</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">of the Sarbanes-Oxley Act of 2002</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of Empresa Distribuidora y Comercializadora Norte S.A., a sociedad an&#243;nima organized under the laws of Argentina (the &#8220;Company&#8221;), does hereby certify to such officer&#8217;s knowledge that:</FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">The Annual Report on Form 20-F for the year ended December 31, 2018 (the &#8220;Form 20-F&#8221;) of the Company fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form 20-F fairly presents, in all material respects, the financial condition and results of operations of the Company.</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;Date: April 30, 2019.</FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0.5in 0pt 0in; TEXT-INDENT: 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"><U>/s/ Ricardo Torres</U></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0.25in 0pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Name: Ricardo Torres</FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Title: Chief Executive Officer</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;Date: April 30, 2019.</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in" align=center><FONT style="HEIGHT: 1px; WIDTH: 250px; POSITION: absolute; MARGIN-LEFT: 531px; LEFT: 0px; MARGIN-TOP: 204px"><U>
<IMG src="x19042716123401.jpg" width=250 height=1></U></FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">/s/ Leandro Carlos Montero</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></U></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Name: Leandro Carlos Montero</FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;Title: Chief Financial Officer</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

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    <ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory contextRef="From2018-01-01to2018-12-31">&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;History&#13;and development of the Company&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;edenor&lt;/b&gt; was&#13;organized on July 21, 1992 by Executive Order No. 714/92 in connection with the privatization and concession process of the distribution&#13;and sale of electric power carried out by SEGBA.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;By means of an&#13;International Public Bidding, the PEN awarded 51% of the Company&amp;#8217;s capital stock, represented by the Class &amp;#34;A&amp;#34; shares,&#13;to the bid made by EASA, the parent company of &lt;b&gt;edenor&lt;/b&gt; at that time. The award as well as the transfer contract were approved&#13;on August 24, 1992 by Executive Order No. 1,507/92 of the PEN.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;On September 1,&#13;1992, EASA took over the operations of &lt;b&gt;edenor&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The corporate purpose&#13;of &lt;b&gt;edenor&lt;/b&gt; is to engage in the distribution and sale of electricity within the concession area. Furthermore, among other&#13;activities, the Company may subscribe or acquire shares of other electricity distribution companies, subject to the approval of&#13;the regulatory agency, assign the use of the network to provide electricity transmission or other voice, data and image transmission&#13;services, and render advisory, training, maintenance, consulting, and management services and know-how related to the distribution&#13;of electricity both in Argentina and abroad. These activities may be conducted directly by &lt;b&gt;edenor&lt;/b&gt; or through subsidiaries&#13;or related companies. In addition, the Company may act as trustee of trusts created under Argentine laws.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;The Company&amp;#8217;s&#13;economic and financial situation&lt;/b&gt;&amp;#9;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in"&gt;One of the main&#13;milestone events in 2017 was the return to the regulatory framework, thanks to which the RTI and the new electricity rate schedules,&#13;which have been almost entirely implemented since February 2018, have materialized.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;In that context,&#13;the Company&amp;#8217;s Board of Directors is optimistic that the effects caused by the application of the aforementioned RTI will&#13;make it possible to gradually restore the Company&amp;#8217;s economic and financial position; being confident that the new electricity&#13;rates will result in the Company&amp;#8217;s operating once again under a regulatory framework with clear and precise rules, which&#13;will make it possible to not only cover the operation costs, afford the investment plans and meet debt interest payments, but also&#13;deal with the impact of the different variables that affect the Company&amp;#8217;s business.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;As of December&#13;31, 2018, the Company&amp;#8217;s comprehensive income amounts to a profit of $ 4.2 billion, whereas the working capital totals $ 7.3&#13;billion&amp;#8211; deficit-, which includes the amount owed to CAMMESA for $ 11.9 billion (principal plus interest accrued as of December&#13;31, 2018).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company&amp;#8217;s&#13;equity and negative working capital reflects the deteriorated financial and cash position the Company still has as a consequence&#13;of the Federal Government&amp;#8217;s delay in the compliance with certain obligations under the Adjustment Agreement, which are contingent&#13;on specific negotiations and regulatory changes to be applied by the different governmental bodies. Additionally, the increase&#13;in operating costs during the fiscal year, as a consequence of the country&amp;#8217;s macroeconomic context, made the Company intensify&#13;its efforts to be able to absorb them and comply with the execution of the investment plan and the carrying out of the essential&#13;operation and maintenance works necessary to maintain the provision of the public service, object of the concession, in a satisfactory&#13;manner in terms of quality and safety.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The issues pending&#13;resolution at the date of issuance of these financial statements are, among others, the following:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 56.7pt"&gt;&lt;/td&gt;&lt;td style="width: 21.3pt"&gt;&lt;font style="font-size: 8pt"&gt;i)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;the treatment to be given to the funds received from the Federal Government&#13;through the loans for consumption (mutuums) agreements entered into with CAMMESA for the fulfillment of the Extraordinary Investment&#13;Plan, granted to cover the insufficiency of the FOCEDE&amp;#8217;s funds; &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 78pt; text-align: justify; text-indent: -21.3pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 56.7pt"&gt;&lt;/td&gt;&lt;td style="width: 21.3pt"&gt;&lt;font style="font-size: 8pt"&gt;ii)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;the conditions for the settlement of the balance outstanding with&#13;CAMMESA at the date of issuance of SEE Resolution No. 32/15;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 78pt; text-align: justify; text-indent: -21.3pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 56.7pt"&gt;&lt;/td&gt;&lt;td style="width: 21.3pt"&gt;&lt;font style="font-size: 8pt"&gt;iii)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;the treatment to be given to the Penalties and Discounts determined&#13;by the ENRE under the terms of the Adjustment Agreement not complied with by the Federal Government, whose payment/crediting is&#13;pending.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;In this regard,&#13;the Company and the Governmental Secretariat of Energy are negotiating the signing of an agreement for the regularization of the&#13;previously mentioned pending issues. All that within the framework of the transfer of Concession Holders to the jurisdiction of&#13;the Province and the City of Buenos Aires described in Note 2.h.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory>
    <EDN:DisclosureOfRegulatoryFrameworkExplanatory contextRef="From2018-01-01to2018-12-31">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 49.65pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;a)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;General&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The ENRE is empowered&#13;to control the quality levels of the technical product and service, the commercial service and the compliance with public safety&#13;regulations, as provided for in the Concession Agreement. If the Distribution Company fails to comply with the obligations assumed,&#13;the ENRE may apply the penalties stipulated in the aforementioned Agreement.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;b)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Concession&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The term of the&#13;concession is 95 years, which may be extended for an additional maximum period of 10 years. The term of the concession is divided&#13;into management periods: a first period of 15 years and subsequent periods of 10 years each. At the end of each management period,&#13;the Class &amp;#8220;A&amp;#8221; shares representing 51% of the share capital of &lt;b&gt;edenor&lt;/b&gt;, currently held by PESA, must be offered&#13;for sale through a public bidding. If PESA makes the highest bid, it will continue to hold the Class &amp;#8220;A&amp;#8221; shares, and&#13;no further disbursements will be necessary. On the contrary, if PESA is not the highest bidder, then the bidder who makes the highest&#13;bid shall pay PESA the amount of the bid in accordance with the conditions of the public bidding. The proceeds from the sale of&#13;the Class &amp;#8220;A&amp;#8221; shares will be delivered to PESA after deducting any amounts receivable to which the Grantor of the concession&#13;may be entitled. The first management period ended at the conclusion of the tariff period commenced on February 1, 2017.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company has&#13;the exclusive right to render electric power distribution and sales services within the concession area to all the customers who&#13;are not authorized to obtain their power supply from the MEM, thus being obliged to supply all the electric power that may be required&#13;in due time and in accordance with the established quality levels. In addition, the Company must allow free access to its facilities&#13;to any MEM agents whenever required, under the terms of the Concession.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;No specific fee&#13;must be paid by the Company under the Concession Agreement during the term of the concession.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;On January 6,&#13;2002, the PEN enacted Law No. 25,561 whereby adjustment clauses in dollars, as well as any other indexation mechanisms stipulated&#13;in the contracts entered into by the Federal Public Administration, including those related to public utilities, were declared&#13;null and void as from such date. The resulting prices and rates were converted into Argentine pesos at a rate of 1 peso per US&#13;dollar.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;In this context,&#13;the Company is subject to compliance with the terms of its Concession Agreement and the provisions of the regulatory framework&#13;comprised of National Laws Nos. 14,772, 15,336 and 24,065, Resolutions and Regulatory and supplementary standards issued by the&#13;different entities with authority over the matter. Thus, the Company is responsible for the provision of the public service of&#13;electricity distribution and sale with a satisfactory quality level, complying for such purpose with the requirements set forth&#13;in the aforementioned concession agreement and regulatory framework.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Failure to comply&#13;with the established guidelines will result in the application of fines, based on the economic damage suffered by the customer&#13;when the service is provided in an unsatisfactory manner, the amounts of which will be determined in accordance with the methodology&#13;stipulated in the above-mentioned agreement. The ENRE is the authority in charge of controlling strict compliance with the pre-established&#13;guidelines.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;c)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Electricity rate situation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;On January 31,&#13;2017, the ENRE issued Resolution No. 63/17, pursuant to which it determined the definitive Electricity Rate Schedules, the review&#13;of costs, the required quality levels, and all the other rights and obligations that are to be applied and complied with by the&#13;Company as from February 1, 2017.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The aforementioned&#13;Resolution stated that the ENRE, as instructed by the MINEM, were to limit the increase in the VAD resulting from the RTI process&#13;and applicable as from February 1, 2017, to a maximum of 42% vis-&amp;#225;-vis the VAD in effect at the date of issuance of the aforementioned&#13;resolution, with the remaining value of the new VAD being applied in two stages, the first of them in November 2017 and the second&#13;and last one in February 2018.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Furthermore, on&#13;November 30, 2017, by means of Resolution No. 603/17, the ENRE approved the CPD values, applicable as from December 1, 2017, and&#13;retroactively to consumption recorded in the months of August through November 2017. That amount totaled $ 753.9 million and was&#13;billed in two installments, December 2017 and January 2018. Additionally, the Electricity Rate Schedule&amp;#8217;s values, applicable&#13;as from December 1, 2017, were approved.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;On January 31,&#13;2018, the ENRE issued Resolution No. 33/18, whereby it approves the CPD values relating to the July 2017-December 2017 period,&#13;which were in the order of 11.99%, the values of the 48 monthly installment to be applied in accordance with the provisions of&#13;ENRE Resolution No. 329/17 which were deferred in the year 2017, and the electricity rate schedule to be applied to consumption&#13;recorded as from February 1, 2018. Additionally, it is informed that the average electricity rate value amounts to $2.4627/kwh.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Furthermore, on&#13;July 31, 2018, the ENRE issued Resolution No. 208/18, whereby it approves, as from August 1, 2018, the CPD relating to the January-June&#13;2018 period, to be applied 7.93% as of August 1, 2018, and 6.51% in six (6) consecutive monthly installments as of February 1,&#13;2019. The CPD amounted to 15.85%. Moreover, the above-mentioned resolution sets the system of caps for the social tariff as well&#13;as the values that the Company shall apply to determine and credit discount amounts onto the power bills of the consumers affected&#13;by deficiencies in the quality of the technical product and/or the quality of the technical and commercial service as from the&#13;first control day of the September 2018-February 2019 six-month period. Additionally, it is informed that the average electricity&#13;rate value amounts to $2.9871/kWh.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Finally, according&#13;to section 4 of SE Resolution No. 366/18, passed on December 27, 2018, SE Resolution 1091/17 was repealed, thus eliminating the&#13;energy-savings discount for the residential tariff charged to customers framed or not under the social tariff as from January 1,&#13;2019. With regard to the social tariff discounts, they will be assumed by the Governments of the Province of Buenos Aires and the&#13;City of Buenos Aires in accordance with the provisions of the 2019 Federal Budget Law.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;br style="clear: both" /&gt;&#13;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 49.65pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;d)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Framework agreement &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;On January 10,&#13;1994, the Company, together with Edesur S.A., the Federal Government and the Government of the Province of Buenos Aires entered&#13;into the so-called Framework Agreement, whose purpose was to establish the guidelines under which the Company was to supply electricity&#13;to low-income areas and shantytowns. In October 2003, the so-called New Framework Agreement was signed with the aim of setting&#13;the bases and general guidelines based on which the Federal and the Provincial Governments&amp;#8217; economic contribution for the&#13;electricity supplied by the two Distribution Companies to the different shantytowns would take place and be coordinated. After&#13;successive extensions of the agreement&amp;#8217;s term, the latest extension was in effect until September 30, 2017.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;At the date of&#13;these financial statements, the Company is negotiating with the Federal Government the signing of a new extension for the period&#13;elapsed from October 1, 2017 through December 31, 2018, and the payment of the electricity supplied during such period; therefore,&#13;no revenue for this concept has been recognized.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Additionally,&#13;and as a consequence of the transfer of jurisdiction over the public service of electricity distribution from the Federal Government&#13;to the Province of Buenos Aires and to the City of Buenos Aires provided for by Law 27,467, the Company will be required, when&#13;the transfer takes place, to undertake a review, with the new Grantors of the Concession, of the treatment to be given to low-income&#13;areas and shantytowns&amp;#8217; consumption of electricity as from January 1, 2019. In this framework, the Government of the Province&#13;of Buenos Aires enacted Law No. 15,078 on General Budget, which establishes that the aforementioned consumption shall be borne&#13;by the referred to province&amp;#8217;s Municipalities and approved by the regulatory entities or local authorities having jurisdiction&#13;in each area.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 49.65pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;e)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Penalties&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The ENRE is empowered&#13;to control the quality levels of the technical product and service, the commercial service and the compliance with public safety&#13;regulations, as provided for in the Concession Agreement. If the Distribution Company fails to comply with the obligations assumed,&#13;the ENRE may apply the penalties stipulated in the aforementioned Agreement.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;As of December&#13;31, 2018 and 2017, the Company has recognized in its financial statements the penalties accrued, whether imposed or not yet issued&#13;by the ENRE, relating to the control periods elapsed as of those dates.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Furthermore, ENRE&#13;Resolution No. 63/17, Note 2.c).III, has set out the control procedures, the service quality assessment methodologies, and the&#13;penalty system, applicable as from February 1, 2017, for the 2017 &amp;#8211; 2021 period.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.4pt"&gt;Additionally, by&#13;means of Note No. 125,248 dated March 29, 2017, the ENRE sets the new penalty determination and adjustment mechanisms in relation&#13;to the control procedures, the service quality assessment methodologies, and the penalty system applicable as from February 1,&#13;2017 for the 2017 &amp;#8211; 2021 period set by ENRE Resolution No. 63/17, providing for the following:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 37.7pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 8pt"&gt;i)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Penalty values shall be determined on the basis of the kWh value,&#13;the average electricity rate, the cost of energy not supplied or other economic parameter at the value in effect at the first day&#13;of the control period or the value in effect at the date of the penalizable event for penalties arising from specific events.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 55.7pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 37.7pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 8pt"&gt;ii)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;For all the events that occurred during the transition period (the&#13;period between the signing of the Adjustment Agreement and the effective date of the RTI) for which a penalty has not been imposed,&#13;penalties shall be adjusted by the IPC used by the BCRA to produce the ITCRM for the month prior to the end of the control period&#13;or that for the month prior to the date of occurrence of the penalizable event for penalties arising from specific events, until&#13;the date on which the penalty is imposed. This mechanism is also applicable to the concepts penalized after April 15, 2016 (ENRE&#13;Note No. 120,151) and until the effective date of the RTI. This adjustment will be part of the penalty principal amount.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 55.7pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 37.7pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 8pt"&gt;iii)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Unpaid penalties will accrue interest at the BNA lending rate for&#13;thirty-day discount transactions from the date of the resolution to the date of actual payment, as interest on late payment. In&#13;the case of penalties relating to Customer service, the calculated amount shall be increased by 50%.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 55.7pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 37.7pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 8pt"&gt;iv)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Penalties subsequent to February 1, 2017 will be valued at the Kwh&#13;value or the cost of energy not supplied of the first day of the control period or of the day on which the penalty is imposed for&#13;penalties arising from specific events. Those concepts will not be adjusted by the IPC, applying the interest on late payment established&#13;in iii) above. Moreover, an additional fine equivalent to twice the amount of the penalty will be determined if payment is not&#13;made in due time and proper form.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;In the ENRE&amp;#8217;s&#13;opinion many of the penalties imposed in kWh must be valued at the date of occurrence of the penalizable event; these modifications&#13;have been quantified and recognized as of December 31, 2018.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;In accordance with&#13;the provisions of Sub-Appendix XVI to ENRE Resolution No. 63/17, the Company is required to submit in a term of 60 calendar days&#13;the calculation of global indicators, interruptions for which force majeure had been alleged, the calculation of individual indicators,&#13;and will determine the related discounts, crediting the amounts thereof within 10 business days. In turn, the ENRE will examine&#13;the information submitted by the Company, and in the event that the crediting of such discounts were not verified will impose a&#13;fine, payable to the Federal Government, equivalent to twice the value that should have been recorded. At the date of these financial&#13;statements, the Company has complied with the provisions of the aforementioned Resolution in relation to the six-month period ended&#13;August 31, 2018.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Furthermore, in&#13;different resolutions concerning penalties relating to the Quality of the Commercial and Technical Service, the Regulatory Entity&#13;has provided for the application of increases and adjustments, applying for such purpose a criterion different from the one applied&#13;by the Company. In this regard, the ENRE implemented an automatic penalty mechanism in order that the discounts on account of deviations&#13;from the established limits may be credited to customers within a term of 60 days as from the end of the six-month control period.&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;In fiscal year&#13;2018, the ENRE regulated and/or issued new penalty procedures, to wit:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Wingdings"&gt;&amp;#252;&lt;/font&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif"&gt;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;ENRE Resolution No. 118/18: It regulated the Compensation&#13;for extraordinary service provision interruptions.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Wingdings"&gt;&amp;#252;&lt;/font&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif"&gt;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;ENRE Resolution No. 170/18: It regulated the Penalty&#13;System for Deviations from the Investment Plan, a procedure whereby real investments are assessed by comparison with the annual&#13;investment plan submitted by the Company, and the investment plan carried out for the 5-year rate period is assessed as against&#13;the Five-year period plan proposed in the RTI.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Wingdings"&gt;&amp;#252;&lt;/font&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif"&gt;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;ENRE Resolution No. 198/18: New Supplementary Penalty&#13;System of Technical Service Quality, which penalizes deviations &amp;#186;from quality parameters at feeder level.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Wingdings"&gt;&amp;#252;&lt;/font&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif"&gt;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;ENRE Resolution N&amp;#176; 91/18: Through the filing&#13;of charges, the ENRE informs &lt;b&gt;edenor&lt;/b&gt; about the penalty system to be applied for failure to comply with meter-reading and&#13;billing time periods.&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The effects of&#13;these resolutions were quantified by the Company and recognized as of December 31, 2018.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 49.65pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;f)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Restriction on the transfer of the Company&amp;#8217;s common shares&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The by-laws provide&#13;that Class &amp;#8220;A&amp;#8221; shareholders may transfer their shares only with the prior approval of the ENRE. The ENRE must communicate&#13;its decision within 90 days upon submission of the request for such approval, otherwise the transfer will be deemed approved.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Furthermore, Caja&#13;de Valores S.A. (the Public Register Office), which keeps the Share Register of the shares, is entitled (as stated in the by-laws)&#13;to reject such entries which, at its criterion, do not comply with the rules for the transfer of common shares included in (i)&#13;the Business Organizations Law, (ii) the Concession Agreement and (iii) the By-laws.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;In addition, the&#13;Class &amp;#8220;A&amp;#8221; shares will be pledged during the entire term of the concession as collateral to secure the performance of&#13;the obligations assumed under the Concession Agreement.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 7.1pt 0 35.45pt; text-align: justify"&gt;&lt;b&gt;Other restrictions:&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 7.1pt 0 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -21.25pt"&gt;&lt;font style="font: 8pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;In connection with the issuance of Corporate Notes,&#13;during the term thereof, PESA is required to be the beneficial owner and owner of record of not less than 51% of the Company&amp;#8217;s&#13;issued, voting and outstanding shares.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -21.25pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -21.25pt"&gt;&lt;font style="font: 8pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;In connection with the Adjustment Agreement signed&#13;with the Grantor of the Concession and ratified by Executive Order No. 1,957/06, Section 10 stipulates that from the signing of&#13;the agreement through the end of the Transition Period, the majority shareholders may not modify their ownership interest nor&#13;sell their shares.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -21.25pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 49.65pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;g)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Law on electricity dependent patients&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;On May 17, 2017,&#13;Law No. 27,351 was passed, which guarantees the permanent and free of charge supply of electricity to those individuals who qualify&#13;as dependent on power for reasons of health and require medical equipment necessary to avoid risks in their lives or health. The&#13;law states that the account holder of the service or someone who lives with him/her (a cohabitant) that is registered as &amp;#8220;Electricity&#13;dependent for reasons of health&amp;#8221; will be exempt from the payment of any and all connection fees and will benefit from a special&#13;free of charge tariff treatment in the electric power supply service under national jurisdiction, which consists in the recognition&#13;of the entire amount of the power bill.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;According to Executive&#13;Order No. 740 of the PEN, dated September 20, 2017, the MINEM will be the Authority of Application of Law No. 27,351, whereas the&#13;Ministry of Health will be responsible for determining the conditions necessary to be met for registration with the &amp;#8220;Registry&#13;of Electricity Dependent for Reasons of Health&amp;#8221; and will issue the clarifying and supplementary regulations for the application&#13;thereof.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;On September 25,&#13;2017, the National Ministry of Health issued Resolution No. 1,538-E/17, which creates the Registry of Electricity Dependent for&#13;Reasons of Health (RECS), within the orbit of the National Ministry of Health, operating under the authority of the Undersecretariat&#13;for the Management of Health Care Services.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#9;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;At the date of&#13;issuance of these financial statements no further regulations have been issued concerning the Resolution mentioned in the preceding&#13;paragraph.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 49.65pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;h)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Change of Jurisdiction&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;By Law No. 27467,&#13;2019 Federal budget of expenditures and resources, the Executive Power is instructed to promote such actions that may be necessary&#13;in order for electricity distribution companies &lt;b&gt;edenor&lt;/b&gt; and Edesur S.A. to become subject to the jurisdiction of the Province&#13;of Buenos Aires and the City of Buenos Aires as from January 1, 2019.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 42.55pt"&gt;&lt;br /&gt;&#13;Upon completion of the aforementioned process, the ENRE will continue to exercise its functions and powers over all those issues&#13;that are unrelated to the public service of electricity distribution.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;In this regard,&#13;on February 28, 2019, the Federal Government, the Province of Buenos Aires and the City of Buenos Aires entered into an agreement&#13;for the transfer of the public service of electricity distribution, duly awarded to &lt;b&gt;edenor&lt;/b&gt; under a concession by the Federal&#13;Government, to the jurisdiction of the Province of Buenos Aires and the City of Buenos Aires. It is worth pointing out that the&#13;Company has not been a party to such agreement, and, at the date of issuance of these financial statements is analyzing the scope&#13;and effects therefrom.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;</EDN:DisclosureOfRegulatoryFrameworkExplanatory>
    <ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory contextRef="From2018-01-01to2018-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The financial statements&#13;for the year ended December 31, 2018 have been prepared in accordance with IFRS issued by the IASB and IFRIC interpretations, incorporated&#13;by the CNV.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;These financial&#13;statements were approved for issue by the Company&amp;#8217;s Board of Directors on March 8, 2019.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;Restatement&#13;of financial information &lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The financial statements&#13;as of December 31, 2018, including the prior year&amp;#8217;s figures, have been restated to reflect the changes in the general purchasing&#13;power of the Company&amp;#8217;s functional currency (the Argentine peso), in conformity with the provisions of both IAS 29 &amp;#8220;Financial&#13;reporting in hyperinflationary economies&amp;#8221; and General Resolution No. 77718 of the National Securities Commission. As a result&#13;thereof, the financial statements are stated in terms of the measuring unit current at the end of the reporting period.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;According to IAS&#13;29, the restatement of financial statements is necessary when the functional currency of an entity is that of a hyperinflationary&#13;economy. To define a state of hyperinflation, IAS 29 provides a series of guidelines, including but not limited to the following,&#13;which consist of (i) analyzing the behavior of population, prices, interest rates and wages faced with the development of price&#13;indexes and the loss of the currency&amp;#8217;s purchasing power, and (ii) as a quantitative feature, which, in practice, is the mostly&#13;considered condition, verifying whether the cumulative inflation rate over three years approaches or exceeds 100%.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Although in recent&#13;years the general level of prices experienced a significant growth, the cumulative inflation rate over three years in Argentina&#13;had remained below 100%. However, due to different macroeconomic factors, triennial inflation in 2018 surpassed that percentage,&#13;while the federal government&amp;#8217;s targets and other available projections indicate that this trend will not reverse in the&#13;short term.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Therefore, according&#13;to IAS 29, the Argentine economy should be regarded as highly inflationary as from July 1, 2018. The standard states that the adjustment&#13;will be resumed from the date on which it was last made, February 2003. Moreover, on July 24, 2018, the FACPCE issued a communication&#13;confirming that which has been previously mentioned. Additionally, it should be taken into account that on December 4, 2018 the&#13;&lt;i&gt;Official Gazette&lt;/i&gt; published Law 27,468 pursuant to which the provisions of Executive Order No. 664/03 of the PEN, which did&#13;not allow for the filing of inflation-adjusted financial statements, are no longer in effect. This law states that the provisions&#13;of section 62 of Business Organizations Law 19,550 -preparation of financial statements to reflect the effects of inflation- will&#13;continue to apply, thus reinstating the adjustment for inflation. On December 28, the CNV, reaffirming the provisions of Law 27,468,&#13;published Resolution No. 777/18 stating that issuing companies shall apply the restatement method of financial statements to reflect&#13;the effects of inflation in conformity with IAS 29.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;In order to not&#13;only assess the aforementioned quantitative condition but also restate the financial statements, the CNV has stated that the series&#13;of indexes to be used for the application of IAS 29 is that determined by the FACPCE. That series of indexes combines the IPC published&#13;by the INDEC from January 2017 (base month: December 2016) with the IPIM published by the INDEC through that date, computing for&#13;the months of November and December 2015 -in respect of which there is no available information from the INDEC on the development&#13;of the IPIM-, the variation recorded in the IPC of the City of Buenos Aires.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Taking&#13;into consideration the above-mentioned index, in the fiscal years ended December 2018,  2017, and 2016 the inflation rate&#13;amounted to 47.66%, 24.79% and 40.9% respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The effects of&#13;the application of IAS 29 are summarized below:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;Restatement&#13;of the statement of financial position&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 36pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;(i)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Monetary items (those&#13;with a fixed nominal value in local currency) are not restated in as much as they are already expressed in terms of the measuring&#13;unit current at the closing date of the reporting period.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 71.45pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 36pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;(ii)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Non-monetary items carried&#13;at historical cost or at the current value of a date prior to the end of the reporting period are restated using coefficients that&#13;reflect the variation recorded in the general level of prices from the date of acquisition or revaluation to the closing date of&#13;the reporting period. Depreciation charges of property, plant and equipment and amortization charges of intangible assets recognized&#13;in profit or loss for the period, as well as any other consumption of non-monetary assets will be determined on the basis of the&#13;new restated amounts.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 36pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;(iii)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The restatement of non-monetary&#13;assets in terms of the measuring unit current at the end of the reporting period without an equivalent adjustment for tax purposes,&#13;gives rise to a taxable temporary difference and to the recognition of a deferred tax liability, deferred tax liability is recognized&#13;for the temporary difference generated bythe restatement of the accounting bases of asset without any restatement of their tax&#13;bases the debit entry of this deffered tax liability is a monetary loss.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in"&gt;&lt;b&gt;Restatement of the statement of profit&#13;or loss and other comprehensive income&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 35.45pt"&gt;&lt;font style="font-size: 8pt"&gt;(i)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Income and expenses are restated from the date when they were recorded,&#13;except for those profit or loss items that reflect or include in their determination the consumption of assets carried at the purchasing&#13;power of the currency as of a date prior to the recording of the consumption, which are restated based on the date when the asset&#13;to which the item is related originated (for example, depreciation, impairment and other consumptions of assets valued at historical&#13;cost).&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 35.45pt"&gt;&lt;font style="font-size: 8pt"&gt;(ii)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The net gain from the maintenance of monetary assets and liabilities&#13;is presented in a line item separately from the profit or loss for the year.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;Restatement&#13;of the statement of changes in equity&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 34.9pt"&gt;&lt;/td&gt;&lt;td style="width: 36pt"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;(i)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The components of equity,&#13;except for reserved earnings and unappropriated retained earnings, have been restated from the dates on which they were contributed,&#13;or on which they otherwise arose.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 34.9pt"&gt;&lt;/td&gt;&lt;td style="width: 36pt"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;(ii)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The restated unappropriated&#13;retained earnings were determined by the difference between net assets restated at the date of transition and the other components&#13;of opening equity expressed as indicated in the preceding headings.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 70.9pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 35.45pt"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif"&gt;(iii)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;After the restatement&#13;at the date of transition indicated in (i) above, all components of equity are restated by applying the general price index from&#13;the beginning of the period, and each variation of those components is restated from the date of contribution or the date on which&#13;it otherwise arose.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;Restatement&#13;of the statement of cash flows&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;IAS 29 requires&#13;that all the items of this statement be restated in terms of the measuring unit current at the closing date of the reporting period.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The monetary gain&#13;or loss generated by cash and cash equivalents is presented in the statement of cash flows separately from cash flows from operating,&#13;investing and financing activities, as a specific item of the reconciliation between cash and cash equivalents at the beginning&#13;and end of the period.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory>
    <ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory contextRef="From2018-01-01to2018-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The main accounting&#13;policies used in the preparation of these financial statements are detailed below.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 49.65pt"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;4.1&#13;|&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0"&gt;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.15pt"&gt;New&#13;accounting standards, amendments and interpretations &lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;issued&#13;by the IASB&amp;#9;&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company has&#13;applied the following standards and/or amendments for the first time as from January 1, 2018:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;- IFRS 15 &amp;#34;Revenue&#13;from contracts with customers&amp;#34; (issued in May 2014 and amended in September 2015)&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;- IFRS 9 &amp;#8220;Financial&#13;instruments&amp;#8221; (amended in July 2014)&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;- IFRS 2 &amp;#8220;Share-based&#13;payments&amp;#8221; (amended in June 2016)&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;- IFRIC 22 &amp;#8220;Foreign&#13;currency transactions and Advanced consideration&amp;#8221; (issued in December 2016)&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;- Annual improvements&#13;to IFRSs &amp;#8211; 2014-2016 Cycle (issued in December 2016)&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;In the respective&#13;accounting policies detail the main issues related to the initial application of IFRS 9 and IFRS 15. The application of the other&#13;standards, amendments and interpretations generated no impact on either the Company&amp;#8217;s results of operations and financial&#13;position, or the accounting policies applicable as from January 1, 2018.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 20.25pt"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;4.1.1&#13;|&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Impacts of adoption of rules not yet effectives&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;- IFRS 16 &amp;#8220;Leases&amp;#8221;:&#13;On January 13, 2016, the IASB published IFRS 16, which replaces the current guidance in IAS 17. The standard defines a lease as&#13;a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange&#13;for consideration. The standard requires the recognition of a lease liability that reflects future lease payments and a &amp;#8216;right-of-use&#13;asset&amp;#8217; for almost all lease contracts. This is a significant change compared to IAS 17 under which lessees were required&#13;to make a distinction between a finance lease (reported on the balance sheet) and an operating lease (off balance sheet). IFRS&#13;16 contains an optional exemption for certain short-term leases and leases of low-value assets; however, this exemption can only&#13;be applied by lessees. IFRS 16 is effective for annual reporting periods beginning on or after January 1, 2019. The impact of the&#13;application of the aforementioned standard estimated by the Company is not significant.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;- IFRS 17 &amp;#8220;Insurance&#13;Contracts&amp;#8221;, issued in May 2017. It replaces IFRS 4 - an interim standard issued in 2004 that allowed entities to account&#13;for insurance contracts using their local accounting requirements, resulting in multiple application approaches. IFRS 17 establishes&#13;the principles for the recognition, measurement, presentation, and disclosure of insurance contracts, and applies to annual periods&#13;beginning on or after January 1, 2021, with early adoption permitted if entities also apply IFRS 9 and IFRS 15. The Company is&#13;currently analyzing the impact of the application of IFRS 17; nevertheless, it estimates that the application thereof will have&#13;no impact on the Company&amp;#8217;s results of operations or its financial position.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;- IFRIC 23 &amp;#8220;Uncertainty&#13;over income tax treatments&amp;#8221;, issued in June 2017. It clarifies the application of IAS 12 where there is uncertainty over&#13;income tax treatments. In accordance with the interpretation, an entity is required to reflect the impact of the uncertain tax&#13;treatment using the method that best predicts the resolution of the uncertainty, using either the most likely amount method or&#13;the expected value method. Additionally, the entity is required to assume that the tax authority will examine the uncertain treatments&#13;and have full knowledge of all the related relevant information when assessing the tax treatment over income tax. The interpretation&#13;is effective for annual periods beginning on or after January 1, 2019, although early adoption is permitted. The Company estimates&#13;that the application of IFRIC 23 will have no impact on the Company&amp;#8217;s results of operations or its financial position.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;- IAS 28 &amp;#8220;Investments&#13;in associates and joint ventures&amp;#8221;, amended in October 2017. It clarifies that IFRS 9 applies to other financial instruments&#13;in an associate or joint venture to which the equity method is not applied. The standard is effective for annual periods beginning&#13;on or after January 1, 2019, although early adoption is permitted. The Company estimates that its application will have no impact&#13;on the Company&amp;#8217;s results of operations or its financial position.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;- IAS 19 &amp;#8220;Employee&#13;benefits&amp;#8221;, amended in February 2018. It introduces changes to the measurement of past service cost and net interest in the&#13;case of post-employment defined benefit plans that have suffered amendments, curtailments or settlements. It applies to amendments,&#13;curtailments or settlements as from January 1, 2019.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company is&#13;currently assessing the impact of these new standards and amendments.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 20.25pt"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;4.2&#13;|&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Property, plant and equipment&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Additions have&#13;been valued at acquisition cost restated to reflect the effects of inflation, net of the related accumulated depreciation. Depreciation&#13;has been calculated by applying the straight-line method over the remaining useful life of the assets, which was determined on&#13;the basis of engineering studies.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Subsequent costs&#13;(major maintenance and reconstruction costs) are either included in the value of the assets or recognized as a separate asset,&#13;only if it is probable that the future benefits associated with the assets will flow to the Company, being it possible as well&#13;that the costs of the assets may be measured reliably and the investment will improve the condition of the asset beyond its original&#13;state. The other maintenance and repair expenses are recognized in profit or loss in the year in which they are incurred.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;In accordance with&#13;the Concession Agreement, the Company may not pledge the assets used in the provision of the public service nor grant any other&#13;security interest thereon in favor of third parties, without prejudice to the Company&amp;#8217;s right to freely dispose of those&#13;assets which in the future may become inadequate or unnecessary for such purpose. This prohibition does not apply in the case of&#13;security interests granted over an asset at the time of its acquisition and/or construction as collateral for payment of the purchase&#13;and/or installation price.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The residual value&#13;and the remaining useful lives of the assets are reviewed and adjusted, if appropriate, at the end of each fiscal year (reporting&#13;period).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#9;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Land is not depreciated.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Facilities in service:&#13;between 30 and 50 years&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Furniture, tools&#13;and equipment: between 5 and 20 years&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Construction in&#13;process is valued based on the degree of completion and is recorded at cost restated to reflect the effects of inflation less any&#13;impairment loss, if applicable. Cost includes expenses attributable to the construction, when they are part of the cost incurred&#13;for the purposes of acquisition, construction or production of property, plant and equipment that require considerable time until&#13;they are in condition to be used. These assets begin to be depreciated when they are in economic condition to be used.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Gains and losses&#13;on the sale of Property, plant and equipment are calculated by comparing the price collected with the carrying amount of the asset,&#13;and are recognized within Other operating expense or Other operating income in the Statement of Comprehensive Income.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The valuation of&#13;property, plant and equipment, taken as a whole, does not exceed its recoverable value, which is measured as the higher of value&#13;in use and fair value less costs to sell at the end of the year.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;At the date of&#13;issuance of these financial statements there are no indicators of a potential impairment (Note 6.c).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 20.25pt"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;4.3&#13;|&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Interests in joint ventures&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The main conceptual&#13;definitions are as follow:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 42.55pt"&gt;&lt;/td&gt;&lt;td style="width: 7.1pt"&gt;&lt;font style="font-size: 8pt"&gt;i.&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;A joint arrangement takes place among two or more parties when they&#13;have joint control: joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions&#13;about the relevant activities require the unanimous consent of the parties sharing control.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: -7.1pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 42.55pt"&gt;&lt;/td&gt;&lt;td style="width: 7.1pt"&gt;&lt;font style="font-size: 8pt"&gt;ii.&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;A joint venture is a joint arrangement whereby the parties that have&#13;joint control of the arrangement have rights to the net assets of the arrangement. Such parties are called joint venturers.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 42.55pt"&gt;&lt;/td&gt;&lt;td style="width: 7.1pt"&gt;&lt;font style="font-size: 8pt"&gt;iii.&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;A joint operation is a joint arrangement whereby the parties that&#13;have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement.&#13;These parties are called joint operators.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company accounts&#13;for its investment in joint ventures in accordance with the equity method. Under this method, the interest is initially recognized&#13;at cost and subsequently adjusted by recognizing the Company&amp;#8217;s share in the profit or loss obtained by the joint venture,&#13;after acquisition date. The Company recognizes in profit or loss its share of the joint venture&amp;#8217;s profit or loss and in other&#13;comprehensive income its share of the joint venture&amp;#8217;s other comprehensive income.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;When the Company&#13;carries out transactions in the joint ventures, the unrealized gains and losses are eliminated in accordance with the percentage&#13;interest held by the Company in the jointly controlled entity.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The joint ventures&amp;#8217;&#13;accounting policies have been modified and adapted, if applicable, to ensure consistency with the policies adopted by the Company.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Furthermore, taking&#13;into account that the interests in joint ventures are not regarded as significant balances, the disclosures required under IFRS&#13;12 have not been made.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 20.25pt"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;4.4&#13;|&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Revenue recognition&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 21.25pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;a.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Revenue from sales&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 7.65pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;i&gt;Revenues from&#13;contracts with customers (ENRE Resolutions No. 63/17, 603/17, 33/18, 208/18 and SE Resolution No. 366/18):&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company recognizes,&#13;on a monthly basis, revenues from electricity distribution and commercialization as energy is distributed to each client based&#13;on the applicable tariff and procedures established by the ENRE. Such revenue includes energy delivered, whether billed or unbilled,&#13;at the end of each period. Revenues are not adjusted for the effect of financing components as sales&amp;#8217; payments are not deferred&#13;over time, which is consistent with market practice.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The current&#13;remuneration scheme establishes certain limits to the increase in the VAD resulting from the tariff structure review process,&#13;as well as a mechanism for monitoring the variation of CPD, which implies an increase in the compensation scheme for certain&#13;cases; the Company recognizes related revenues only to the extent that it is highly probable that a significant reversal will&#13;not occur and it is probable that the consideration will be collected regardless the period in which the energy is&#13;distributed.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company&#13;recognizes revenues related to energy supply to low-income areas and shantytowns, only to the extent that the Framework Agreement&#13;with Argentine Nation and Province of Buenos Aires has been renewed for the period in which the service was rendered.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;i&gt;Other&#13;revenues from &lt;font style="font-family: Times New Roman, Times, Serif"&gt;contracts with customers:&lt;/font&gt;&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company recognizes&#13;other revenues from contracts with customers in relation to connection and reconnection services, rights of use on poles and transport&#13;of energy to other distribution companies on a monthly basis as services are rendered based on the price established in each contract.&#13;Revenues are not adjusted for the effect of financing components as sales&amp;#8217; payments are not deferred over time, which is&#13;consistent with market practice.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 7.65pt"&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 21.25pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;b.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Interest income&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Interest income&#13;is recognized by applying the effective interest rate method. Interest income is recorded in the accounting on a time basis by&#13;reference to the principal amount outstanding and the applicable effective rate.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Interest income&#13;is recognized when it is probable that the economic benefits associated with the transaction will flow to the Company and the&#13;amount of the transaction can be measured reliably.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 20.25pt"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;4.5&#13;|&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Effects of the changes in foreign currency&#13;exchange rates&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 21.25pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;a.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Functional and presentation currency&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The information&#13;included in the financial statements is measured using the Company&amp;#8217;s functional currency, which is the currency of the main&#13;economic environment in which the entity operates. The financial statements are measured in pesos (legal currency in Argentina),&#13;restated to reflect the effects of inflation (Note 3), which is also the presentation currency.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 21.25pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;b.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Transactions and balances&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Foreign currency&#13;denominated transactions and balances are translated into the functional and presentation currency using the rates of exchange&#13;prevailing at the date of the transactions or revaluation, respectively. The gains and losses generated by foreign currency exchange&#13;differences resulting from each transaction and from the translation of monetary items valued in foreign currency at the end of&#13;the year are recognized in the Statement of Income.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The foreign currency&#13;exchange rates used are the bid price for monetary assets, the offer price for monetary liabilities, and the specific exchange&#13;rate for foreign currency denominated transactions.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 20.25pt"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;4.6&#13;|&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Trade and other receivables&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 22.15pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;a.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Trade receivables&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The receivables&#13;arising from services billed to customers but not collected as well as those arising from services rendered but unbilled at the&#13;closing date of each year are recognized at fair value and subsequently measured at amortized cost using the effective interest&#13;rate method.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The receivables&#13;from electricity supplied to low-income areas and shantytowns are recognized, also in line with revenue, when the Framework Agreement&#13;has been renewed for the period in which the service was provided.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 22.15pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;b.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Other receivables&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The financial assets&#13;included in other receivables are initially recognized at fair value (generally the original billing/settlement amount) and subsequently&#13;measured at amortized cost, using the effective interest rate method, and when significant, adjusted by the time value of money.&#13;The Company records impairment allowances when there is objective evidence that the Company will not be able to collect all the&#13;amounts owed to it in accordance with the original terms of the receivables.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The rest of other&#13;receivables are initially recognized at the amount paid.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 20.25pt"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;4.7&#13;|&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Inventories&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Inventories are&#13;valued at the lower of acquisition cost restated to reflect the effects of inflation and net realizable value.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;They are valued&#13;based on the purchase price, import duties (if applicable), and other taxes (that are not subsequently recovered by tax authorities),&#13;and other costs directly attributable to the acquisition of those assets.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Cost is determined&#13;by applying the weighted average price (WAP) method.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company has&#13;classified inventories into current and non-current depending on whether they will be used for maintenance or capital expenditures&#13;and on the period in which they are expected to be used. The non-current portion of inventories is disclosed in the &amp;#8220;Property,&#13;plant and equipment&amp;#8221; account.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The valuation&#13;of inventories, taken as a whole, does not exceed their recoverable value at the end of each year.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 20.25pt"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;4.8&#13;|&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Financial assets&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&#13;&#13;&#13;&#13;&#13;&#13;&#13;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 0.5in"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0; letter-spacing: -0.15pt"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0; letter-spacing: -0.15pt"&gt;&lt;b&gt;4.8.1&#13;|&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0; letter-spacing: -0.15pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.15pt"&gt;Classification&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company classifies&#13;financial assets into the following categories: those measured at amortized cost and those subsequently measured at fair value.&#13;This classification depends on whether the financial asset is an investment in a debt or an equity instrument. In order for a&#13;financial asset to be measured at amortized cost, the two conditions described below must be met. All other financial assets are&#13;measured at fair value. IFRS 9 requires that all investments in equity instruments be measured at fair value.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 21.25pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;a.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Financial assets at amortized cost&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Financial assets&#13;are measured at amortized cost if the following conditions are met:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 63.85pt"&gt;&lt;/td&gt;&lt;td style="width: 14.15pt"&gt;&lt;font style="font-size: 8pt"&gt;i.&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;the objective of the Company&amp;#8217;s business model is to hold the&#13;assets to collect the contractual cash flows; and &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 63.85pt"&gt;&lt;/td&gt;&lt;td style="width: 14.15pt"&gt;&lt;font style="font-size: 8pt"&gt;ii.&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;the contractual terms give rise, on specified dates, to cash flows&#13;that are solely payments of principal and interest on principal. &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 21.25pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;b.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Financial assets at fair value&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;If any of the above-detailed&#13;conditions is not met, financial assets are measured at fair value through profit or loss.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;All investments&#13;in equity instruments are measured at fair value. For those investments that are not held for trading, the Company may irrevocably&#13;elect at the time of their initial recognition to present the changes in the fair value in other comprehensive income. The Company&amp;#8217;s&#13;decision was to recognize the changes in fair value in profit or loss.&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 0.5in"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0; letter-spacing: -0.15pt"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0; letter-spacing: -0.15pt"&gt;&lt;b&gt;4.8.2&#13;|&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0; letter-spacing: -0.15pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Recognition and measurement&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The regular way&#13;purchase or sale of financial assets is recognized on the trade date, i.e. the date on which the Company agrees to acquire or sell&#13;the asset. Financial assets are derecognized when the rights to receive the cash flows from the investments have expired or been&#13;transferred and the Company has transferred substantially all the risks and rewards of the ownership of the assets.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Financial assets&#13;are initially recognized at fair value plus, in the case of financial assets not measured at fair value through profit or loss,&#13;transaction costs that are directly attributable to the acquisition thereof.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The gains or losses&#13;generated by investments in debt instruments that are subsequently measured at fair value and are not part of a hedging transaction&#13;are recognized in profit or loss. Those generated by investments in debt instruments that are subsequently measured at amortized&#13;cost and are not part of a hedging transaction are recognized in profit or loss when the financial asset is derecognized or impaired&#13;and by means of the amortization process using the effective interest rate method.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company subsequently&#13;measures all the investments in equity instruments at fair value. When it elects to present the changes in fair value in other&#13;comprehensive income, such changes cannot be reclassified to profit or loss. Dividends arising from these investments are recognized&#13;in profit or loss to the extent that they represent a return on the investment.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company reclassifies&#13;financial assets if and only if its business model to manage financial assets is changed.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The expected losses,&#13;according to the calculated coefficients, are detailed in Note 6.a.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;font style="letter-spacing: -0.15pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 0.5in"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0; letter-spacing: -0.15pt"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0; letter-spacing: -0.15pt"&gt;&lt;b&gt;4.8.3&#13;|&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0; letter-spacing: -0.15pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.15pt"&gt;Impairment of financial&#13;assets&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;At the end of each&#13;annual reporting period, the Company assesses whether there is objective evidence that the value of a financial asset or group&#13;of financial assets measured at amortized cost is impaired. The value of a financial asset or group of financial assets is impaired,&#13;and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred&#13;after the initial recognition of the asset (a &amp;#8220;loss event&amp;#8221;), and that loss event (or events) has an impact on the estimated&#13;future cash flows of the financial asset or group of financial assets that can be reliably measured.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Impairment tests&#13;may include evidence that the debtors or group of debtors are undergoing significant financial difficulties, have defaulted on&#13;interest or principal payments or made them after they had come due, the probability that they will enter bankruptcy or other financial&#13;reorganization, and when observable data indicate that there is a measurable decrease in the estimated future cash flows, such&#13;as changes in payment terms or in the economic conditions that correlate with defaults.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;In the case of&#13;financial assets measured at amortized cost, the amount of the impairment loss is measured as the difference between the asset&amp;#8217;s&#13;carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred)&#13;discounted at the financial asset&amp;#8217;s original effective interest rate. The asset&amp;#8217;s carrying amount is reduced and the&#13;amount of the impairment loss is recognized in the Statement of Income.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Although cash,&#13;cash equivalents and financial assets measured at amortized cost are also subject to the impairment requirements of IFRS 9, the&#13;identified impairment loss is not material.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 0.5in"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0; letter-spacing: -0.15pt"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0; letter-spacing: -0.15pt"&gt;&lt;b&gt;4.8.4&#13;|&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0; letter-spacing: -0.15pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.15pt"&gt;Offsetting of financial&#13;instruments&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Financial assets&#13;and liabilities are offset, and the net amount reported in the Statement of Financial Position, when there is a legally enforceable&#13;right to offset the recognized amounts, and there is an intention to settle on a net basis, or realize the asset and settle the&#13;liability simultaneously.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 20.25pt"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;4.9&#13;|&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Derivative financial instruments&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Derivative financial&#13;instruments are initially recognized at fair value on the date on which the respective contract is signed. Subsequently to the&#13;initial recognition, they are remeasured at their fair value. The method for recognizing the resulting loss or gain depends on&#13;whether the derivative has been designated as a hedging instrument and, if that is the case, on the nature of the item being hedged.&#13;As of December 31, 2018 and 2017, the economic impact of these transactions is recorded in the Other financial expense account&#13;of the Statement of Comprehensive Income.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;During fiscal year&#13;2018, the Company has not entered into futures contracts to buy US dollars.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;As of December&#13;31, 2017, the economic impact of the transactions carried out in that fiscal year resulted in a loss of $ 21.1 million, which&#13;is recorded in the Other financial expense account of the Statement of Comprehensive Income.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 20.25pt"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;4.10&#13;|&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0"&gt;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Cash&#13;and cash equivalents&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Cash and cash equivalents&#13;include cash on hand, deposits held at call with banks and other short-term highly liquid investments with original maturities&#13;of three months or less from their acquisition date, with significant low risk of change in value.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 46.35pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 8pt"&gt;i.&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Cash and banks in local currency: at nominal value.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 64.35pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 46.35pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 8pt"&gt;ii.&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Cash and banks in foreign currency: at the exchange rates in effect&#13;at the end of the year.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 46.35pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 8pt"&gt;iii.&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Money market funds, which have been valued at the prevailing market&#13;price at the end of the year. Those that do not qualify as cash equivalents are disclosed in the Financial assets at fair value&#13;through profit or loss account.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 20.25pt"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;4.11&#13;|&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0"&gt;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Equity&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Changes in this&#13;account have been accounted for in accordance with the corresponding legal or statutory regulations and the decisions adopted by&#13;the shareholders&amp;#8217; meetings.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 21.25pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;a.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Share capital&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Share capital represents&#13;issued capital, which is comprised of the contributions committed and/or made by the shareholders, represented by shares, including&#13;outstanding shares at nominal value, restated to reflect the effects of inflation as indicated in Note 3.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 21.25pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;b.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Treasury stock&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Treasury stock&#13;account represents the nominal value of the Company&amp;#8217;s own shares acquired by the Company, restated to reflect the effects&#13;of inflation as indicated in Note 3.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 21.25pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;c.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Other comprehensive income &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Represents recognition,&#13;at the end of the year, of the actuarial losses associated with the Company&amp;#8217;s employee benefit plans, restated to reflect&#13;the effects of inflation as indicated in Note 3.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 21.25pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;d.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Retained earnings&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Retained earnings&#13;are comprised of profits or accumulated losses with no specific appropriation. When positive, they may be distributed, if so decided&#13;by the Shareholders&amp;#8217; Meeting, to the extent that they are not subject to legal restrictions. Retained earnings are comprised&#13;of previous year results that have not been distributed, amounts transferred from other comprehensive income and prior year adjustments&#13;due to the application of accounting standards, restated to reflect the effects of inflation as indicated in Note 3.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 20.25pt"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;4.12&#13;|&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0"&gt;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Trade&#13;and other payables&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0.55in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;a.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Trade payables&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Trade payables&#13;are payment obligations with suppliers for the purchase of goods and services in the ordinary course of business. Trade payables&#13;are classified as current liabilities if payments fall due within one year or in a shorter period of time. Otherwise, they are&#13;classified as non-current liabilities.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Trade payables&#13;are initially recognized at fair value and subsequently measured at amortized cost using the effective interest rate method.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0.55in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;b.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Customer deposits&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Customer deposits&#13;are initially recognized at the amount received and subsequently measured at amortized cost using the effective interest rate method.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;In accordance with&#13;the Concession Agreement, the Company is allowed to receive customer deposits in the following cases:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 60pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 8pt"&gt;i.&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;When the power supply is requested and the customer is unable to provide&#13;evidence of his legal ownership of the premises; &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 78pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 60pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 8pt"&gt;ii.&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;When service has been suspended more than once in one-year period;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 78pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 60pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 8pt"&gt;iii.&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;When the power supply is reconnected and the Company is able to verify&#13;the illegal use of the service (fraud).&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 78pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 60pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 8pt"&gt;iv.&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;When the customer is undergoing liquidated bankruptcy or reorganization&#13;proceedings.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company has decided&#13;not to request customer deposits from residential tariff customers.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Customer deposits&#13;may be either paid in cash or through the customer&amp;#8217;s bill and accrue monthly interest at a specific rate of BNA for each&#13;customer category.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;When the conditions&#13;for which the Company is allowed to receive customer deposits no longer exist, the customer&amp;#8217;s account is credited for the&#13;principal amount plus any interest accrued thereon, after deducting, if appropriate, any amounts receivable which the Company has&#13;with the customer.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0.55in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;c.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Customer contributions&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;i&gt;Refundable&lt;/i&gt;:&#13;The Company receives assets or facilities (or the cash necessary to acquire or build them) from certain customers for services&#13;to be provided, based on individual agreements and the provisions of ENRE Resolution No. 215/12. These contributions are initially&#13;recognized as trade payables at fair value with a contra-account in Property, plant and equipment, and subsequently measured at&#13;amortized cost using the effective interest rate method.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0.55in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;d.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Other payables&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The rest of the&#13;financial liabilities recorded in Other Payables, including the loans for consumption (mutuums) with CAMMESA, the Payment agreement&#13;with the ENRE and the advances for the execution of works, are initially recognized at fair value and subsequently measured at&#13;amortized cost.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The recorded liabilities&#13;for the debts with the FOTAE, the penalties accrued, whether imposed or not yet issued by the ENRE (Note 2.e)), and other provisions&#13;are the best estimate of the settlement value of the present obligation in the framework of IAS 37 provisions at the date of these&#13;financial statements.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The balances of&#13;ENRE Penalties and Discounts are adjusted in accordance with the regulatory framework applicable thereto and are based on the&#13;Company&amp;#8217;s estimate of the outcome of the renegotiation process described in Note 2, whereas the balances of the loans for&#13;consumption (mutuums) are adjusted by a rate equivalent to the monthly average yield obtained by CAMMESA from its short-term investments.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 20.25pt"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;4.13&#13;|&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0"&gt;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Borrowings&#13;&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Borrowings are&#13;initially recognized at fair value, net of direct costs incurred in the transaction. Subsequently, they are measured at amortized&#13;cost; any difference between the funds obtained (net of direct costs incurred in the transaction) and the amount to be paid at&#13;maturity is recognized in profit or loss during the term of the borrowings using the effective interest rate method.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 20.25pt"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;4.14&#13;|&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0"&gt;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Deferred&#13;revenue&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;Non-refundable&#13;customer contributions&lt;font style="line-height: 115%"&gt;: &lt;/font&gt;&lt;/i&gt;&lt;font style="line-height: 115%"&gt;The Company receives assets&#13;or facilities (or the cash necessary to acquire or built them) from certain customers for services to be provided, based on individual&#13;agreements. In accordance with IFRS 15 &amp;#8220;Transfers of Assets from Customers&amp;#8221;, the assets received are recognized by&#13;the Company as Property, plant and equipment with a contra-account in deferred revenue, the accrual of which depends on the nature&#13;of the identifiable services, in accordance with the following:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: -21.3pt"&gt;&lt;font style="font: 8pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;customer connection to the network: revenue is&#13;accrued until such connection is completed;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: -21.3pt"&gt;&lt;font style="font: 8pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;continuous provision of the electric power supply&#13;service: throughout the shorter of the useful life of the asset and the term for the provision of the service.&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 20.25pt"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;4.15&#13;|&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0"&gt;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Employee&#13;benefits&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 71.45pt; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Benefit plans&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company operates&#13;various benefit plans. Usually, benefit plans establish the amount of the benefit the employee will receive at the time of retirement,&#13;generally based on one or more factors such as age, years of service and salary.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The liability recognized&#13;in the Statement of Financial Position in respect of benefit plans is the present value of the benefit plan obligation at the closing&#13;date of the year, together with the adjustments for past service costs and actuarial gains or losses. The benefit plan obligation&#13;is calculated annually by independent actuaries in accordance with the projected unit credit method. The present value of the benefit&#13;plan obligation is determined by discounting the estimated future cash outflows using actuarial assumptions about demographic and&#13;financial variables that affect the determination of the amount of such benefits. The benefit plans are not funded.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The group&amp;#8217;s&#13;accounting policy for benefit plans is as follow:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 52.9pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;a.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Past service costs are recognized immediately in profit or loss, unless&#13;the changes to the benefit plan are conditional on the employees&amp;#8217; remaining in service for a specified period of time (the&#13;vesting period). In this case, past service costs are amortized on a straight-line basis over the vesting period.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 52.9pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;b.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Actuarial gains and losses arising from experience adjustments and&#13;changes in actuarial assumptions are recognized in other comprehensive income in the period in which they arise.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 53.45pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 8pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;The Company&amp;#8217;s Share-based Compensation Plan&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 71.45pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company has&#13;share-based compensation plans under which it receives services from some employees in exchange for the Company&amp;#8217;s shares.&#13;The fair value of the employee services received is recognized as an operating expense in the &amp;#8220;Salaries and social security&#13;taxes&amp;#8221; line item. The total amount of the referred to expense is determined by reference to the fair value of the shares&#13;granted.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;When the employees&#13;provide the services before the shares are granted, the fair value at the grant date is estimated in order to recognize the respective&#13;result.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 20.25pt"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;4.16&#13;|&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0"&gt;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Income&#13;tax &lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The income tax&#13;is recognized in profit or loss, other comprehensive income or in equity depending on the items from which it originates.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The deferred tax&#13;is recognized, in accordance with the liability method, on the temporary differences arising between the tax base of assets and&#13;liabilities and their carrying amounts in the statement of financial position. However, no deferred tax liability is recognized&#13;if such difference arises from the initial recognition of goodwill, or from the initial recognition of an asset or liability other&#13;than in a business combination, which at the time of the transaction affected neither the accounting nor the taxable profit.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The deferred tax&#13;is determined using the tax rate that is in effect at the date of the financial statements and is expected to apply when the deferred&#13;tax assets are realized or the deferred tax liabilities are settled.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Deferred tax assets&#13;and liabilities are offset if the Company has a legally enforceable right to offset recognized amounts and when deferred tax assets&#13;and liabilities relate to income tax levied by the same tax authority on the same taxable entity. Deferred tax assets and liabilities&#13;are stated at their undiscounted value.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Deferred tax assets&#13;are recognized only to the extent that it is probable that future taxable profits will be available against which the temporary&#13;differences can be utilized.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 20.25pt"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;4.17&#13;|&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0"&gt;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Leases&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The leases in which&#13;a significant portion of the risks and rewards of ownership is retained by the assignor are classified as operating. At present,&#13;the Company only has leases contracts that are classified as operating.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 28.35pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;a.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Lessee&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The payments with&#13;respect to operating leases are recognized as operating expenses in the Statement of Comprehensive Income on a straight-line basis&#13;throughout the term of the assignment.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 28.35pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;b.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Lessor&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The leases in which&#13;the Company does not transfer substantially all the risks and rewards of the ownership of the asset are classified as operating&#13;leases.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The collections&#13;with respect to operating leases are recognized as income in the Statement of Comprehensive Income on a straight-line basis throughout&#13;the term of the assignment.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 20.25pt"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;4.18&#13;|&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0"&gt;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Provisions&#13;and contingencies&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Provisions have&#13;been recognized in those cases in which the Company is faced with a present obligation, whether legal or constructive, that has&#13;arisen as a result of a past event, whose settlement is expected to result in an outflow of resources, and the amount thereof can&#13;be estimated reliably.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The amount recognized&#13;as provisions is the best estimate of the expenditure required to settle the present obligation, at the end of the reporting year,&#13;taking into account the corresponding risks and uncertainties. When a provision is measured using the estimated cash flow to settle&#13;the present obligation, the carrying amount represents the present value of such cash flow. This present value is obtained by applying&#13;a pre-tax discount rate that reflects market conditions, the time value of money and the specific risks of the obligation.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The provisions&#13;included in liabilities have been recorded to face contingent situations that could result in future payment obligations. To estimate&#13;the amount of provisions and the likelihood of an outflow of resources, the opinion of the Company&amp;#8217;s legal advisors has been&#13;taken into account.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 20.25pt"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;4.19&#13;|&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0"&gt;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Balances&#13;with related parties&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Receivables and&#13;payables with related parties are initially recognized at fair value and subsequently measured at amortized cost in accordance&#13;with the terms agreed upon by the parties involved.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory>
    <ifrs-full:DisclosureOfFinancialRiskManagementExplanatory contextRef="From2018-01-01to2018-12-31">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 20.25pt"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;5.1&#13;|&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Financial risk factors&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company&amp;#8217;s&#13;activities and the market in which it operates expose the Company to a series of financial risks: market risk (including currency&#13;risk, cash flows interest rate risk, fair value interest rate risk and price risk), credit risk and liquidity risk.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The management&#13;of the financial risk is part of the Company&amp;#8217;s overall policies, which focus on the unpredictability of the financial markets&#13;and seek to minimize potential adverse effects on its financial performance. Financial risks are the risks derived from the financial&#13;instruments to which the Company is exposed during or at the end of each year. The Company uses derivative instruments to hedge&#13;exposure to certain risks whenever it deems appropriate in accordance with its internal risk management policy.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Risk management&#13;is controlled by the Finance and Control Department, which identifies, evaluates and hedges financial risks. Risk management policies&#13;and systems are periodically reviewed so that they can reflect the changes in the market&amp;#8217;s conditions and the Company&amp;#8217;s&#13;activities.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;This section includes&#13;a description of the main risks and uncertainties that could have a material adverse effect on the Company&amp;#8217;s strategy, performance,&#13;results of operations and financial position.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 42.55pt"&gt;&lt;/td&gt;&lt;td style="width: 28.35pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;&lt;i&gt;a.&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;&lt;i&gt;Market risks&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 53.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 49.65pt"&gt;&lt;/td&gt;&lt;td style="width: 21.25pt"&gt;&lt;font style="font-size: 8pt"&gt;i.&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&lt;u&gt;Currency risk &lt;/u&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Currency risk is&#13;the risk of fluctuation in the fair value or future cash flows of a financial instrument due to changes in foreign currency exchange&#13;rates. The Company&amp;#8217;s exposure to currency risk relates to the collection of its revenue in pesos, in conformity with regulated&#13;electricity rates that are not indexed in relation to the US dollar, whereas a significant portion of its existing financial liabilities&#13;is denominated in US dollars. Therefore, the Company is exposed to the risk of a loss resulting from a devaluation of the peso.&#13;The Company may hedge its currency risk trying to enter into currency futures. At the date of issuance of these financial statements,&#13;the Company has not hedged its exposure to the US dollar.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;If the Company&#13;continued to be unable to effectively hedge all or a significant part of its exposure to currency risk, any devaluation of the&#13;peso could significantly increase its debt service burden, which, in turn, could have a substantial adverse effect on its financial&#13;and cash position (including its ability to repay its Corporate Notes) and the results of its operations. The exchange rates used&#13;as of December 31, 2018 and 2017 are $ 37.70 and $ 18.65 per U.S.$., respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 40%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td rowspan="2" style="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 10%"&gt;Currency&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td rowspan="2" style="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 11%"&gt;Amount in foreign currency&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td rowspan="2" style="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 10%"&gt;Exchange rate (1)&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td rowspan="2" style="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 12%"&gt;Total &lt;br /&gt;&#13;12.31.18&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td rowspan="2" style="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 12%"&gt;Total &lt;br /&gt;&#13;12.31.17&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;ASSETS&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: center; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;NON-CURRENT ASSETS&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: center; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Other receivables&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;USD&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;20,416&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right; background-color: white"&gt;37.500&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;765,600&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;TOTAL NON-CURRENT ASSETS&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;20,416&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: center; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;765,600&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;CURRENT ASSETS&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: center; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Other receivables&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;USD&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,989&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right; background-color: white"&gt;37.500&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;149,588&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="background-color: white"&gt;Financial assets at fair value through profit or loss&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;USD&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;87,621&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; background-color: white"&gt;37.500&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,285,788&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,829,881&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Cash and cash equivalents&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;USD&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;250&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right; background-color: white"&gt;37.500&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;9,375&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,519&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;EUR&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right; background-color: white"&gt;42.840&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;394&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;TOTAL CURRENT ASSETS&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;91,860&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,444,751&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,836,794&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;TOTAL ASSETS&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; background-color: white"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;112,276&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: center; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; background-color: white"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,210,351&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; background-color: white"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,836,794&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: center; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;LIABILITIES&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: center; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;NON-CURRENT LIABILITIES&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: center; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Borrowings&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;USD&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;190,782&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right; background-color: white"&gt;37.700&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,192,467&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,189,294&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;TOTAL NON-CURRENT LIABILITIES&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;190,782&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: center; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,192,467&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,189,294&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;CURRENT LIABILITIES&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: center; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Trade payables&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;USD&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;17,519&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right; background-color: white"&gt;37.700&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;660,459&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;386,504&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;EUR&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;93&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right; background-color: white"&gt;43.163&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,014&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;9,248&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;CHF&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right; background-color: white"&gt;38.312&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;15,454&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;NOK&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;68&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right; background-color: white"&gt;4.346&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;296&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;230&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Borrowings&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;USD&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;28,580&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right; background-color: white"&gt;37.700&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,077,453&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;105,139&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;TOTAL CURRENT LIABILITIES&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;46,265&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,742,222&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;516,575&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;TOTAL LIABILITIES&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; background-color: white"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;237,047&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: center; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; background-color: white"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,934,689&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; background-color: white"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,705,869&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 21.25pt"&gt;&lt;font style="font-size: 8pt"&gt;(1)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The exchange rates used are the BNA exchange rates in effect as of&#13;December 31, 2018 for US Dollars (U.S.$.), Euros (EUR), Swiss Francs (CHF) and Norwegian Krones (NOK). &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The table below&#13;shows the Company&amp;#8217;s exposure to currency risk resulting from the financial assets and liabilities denominated in a currency&#13;other than the Company&amp;#8217;s functional currency.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; width: 54%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 22%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 22%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;Net position Assets/(Liabilities)&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top"&gt;US dollar&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(4,720,028)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(4,844,537)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top"&gt;Euro&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(4,014)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(8,854)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top"&gt;Norwegian krone&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(296)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(230)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top"&gt;Swiss franc&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(15,454)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;Total&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(4,724,338)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(4,869,075)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company estimates&#13;that a 10% devaluation of the Argentine peso with respect to each foreign currency, with all the other variables remaining constant,&#13;would give rise to the following decrease in the profit for the year:&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; width: 54%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 22%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 22%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;Net position Assets/(Liabilities)&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top"&gt;US dollar&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(472,003)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(484,454)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top"&gt;Euro&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(401)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(886)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top"&gt;Norwegian krone&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(30)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(24)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top"&gt;Swiss franc&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(1,546)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;Decrease in the results of operations for the year&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(472,434)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(486,910)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 49.65pt"&gt;&lt;/td&gt;&lt;td style="width: 21.25pt"&gt;&lt;font style="font-size: 8pt"&gt;i.&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&lt;u&gt;Price risk&lt;/u&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company&amp;#8217;s&#13;investments in listed equity instruments are susceptible to market price risk arising from the uncertainties concerning the future&#13;value of these instruments. Due to the low significance of the investments in equity instruments in relation to the net asset/liability&#13;position, the Company is not significantly exposed to the referred to instruments price risk.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Furthermore, the&#13;Company is not exposed to commodity price risk.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 7.1pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 49.65pt"&gt;&lt;/td&gt;&lt;td style="width: 21.25pt"&gt;&lt;font style="font-size: 8pt"&gt;ii.&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&lt;u&gt;Interest rate risk &lt;/u&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 7.1pt 0 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Interest rate risk&#13;is the risk of fluctuation in the fair value or cash flows of an instrument due to changes in market interest rates. The Company&amp;#8217;s&#13;exposure to interest rate risk is related mainly to the long-term debt obligations.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Indebtedness at&#13;floating rates exposes the Company to interest rate risk on its cash flows. Indebtedness at fixed rates exposes the Company to&#13;interest rate risk on the fair value of its liabilities. As of December 31, 2018 and 2017 -except for a loan applied for by the&#13;Company and granted by ICBC Bank as from October 2017 for a three-year term at a six-month Libor rate plus an initial 2.75% spread,&#13;which will be adjusted semi-annually by a quarter-point-, 100% of the loans were obtained at fixed interest rates. The Company&amp;#8217;s&#13;policy is to keep the largest percentage of its indebtedness in instruments that accrue interest at fixed rates.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company analyzes&#13;its exposure to interest rate risk in a dynamic manner. Several scenarios are simulated taking into account the positions with&#13;respect to refinancing, renewal of current positions, alternative financing and hedging. Based on these scenarios, the Company&#13;calculates the impact on profit or loss of a specific change in interest rates. In each simulation, the same interest rate fluctuation&#13;is used for all the currencies. Scenarios are only simulated for liabilities that represent the most relevant interest-bearing&#13;positions.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The table below&#13;shows the breakdown of the Company&amp;#8217;s loans according to interest rate and the currency in which they are denominated:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center; width: 54%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 22%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 22%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;Fixed rate:&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify"&gt;US dollar&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,359,986&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,904,361&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;Subtotal loans at fixed rates&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,359,986&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,904,361&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;Floating rate:&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify"&gt;US dollar&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,909,934&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,390,072&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;Subtotal loans at floating rates&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,909,934&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,390,072&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;Total loans&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,269,920&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,294,433&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Based on the simulations&#13;performed, a 1% increase in floating interest rates, with all the other variables remaining constant, would give rise to the following&#13;decrease in the profit for the year:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; width: 54%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 22%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 22%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;Floating rate:&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify"&gt;US dollar&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(4,241)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(3,098)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;Decrease in the results of operations for the year&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(4,241)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(3,098)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Based on the simulations&#13;performed, a 1% decrease in floating interest rates, with all the other variables remaining constant, would give rise to the following&#13;increase in the profit for the year:&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; width: 54%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 22%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 22%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;Floating rate:&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify"&gt;US dollar&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,241&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,098&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;Increase in the results of operations for the year&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"&gt;4,241&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,098&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 42.55pt"&gt;&lt;/td&gt;&lt;td style="width: 28.35pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;&lt;i&gt;a.&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;&lt;i&gt;Credit risk&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 7.1pt 0 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Credit risk is&#13;the risk of a financial loss as a consequence of a counterparty&amp;#8217;s failure to comply with the obligations assumed in a financial&#13;instrument or commercial contract. The Company&amp;#8217;s exposure to credit risk results from its operating (particularly from its&#13;commercial receivables) and financial activities, including deposits in financial entities and other instruments.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Credit risk arises&#13;from cash and cash equivalents, deposits with banks and financial entities and derivative financial instruments, as well as from&#13;credit exposure to customers, included in outstanding balances of accounts receivable and committed transactions.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;With regard to&#13;banks and financial entities, only those with high credit quality are accepted.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;With regard to&#13;debtors, if no independent credit risk ratings are available, the Finance Department evaluates the debtors&amp;#8217; credit quality,&#13;past experience and other factors.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Individual credit&#13;limits are established in accordance with the limits set by the Company&amp;#8217;s CEO, on the basis of the internal or external ratings&#13;approved by the Finance and Control Department.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company has&#13;different procedures in place to reduce energy losses and allow for the collection of the balances owed by its customers. The Commercial&#13;Department periodically monitors compliance with the above-mentioned procedures.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;One of the significant&#13;items of delinquent balances is that related to the receivable amounts with Municipalities, in respect of which the Company either&#13;applies different offsetting mechanisms against municipal taxes it collects in the name and to the order of those government bodies,&#13;or implements debt refinancing plans, with the aim of reducing them.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;At each year-end,&#13;the Company analyzes whether the recording of an impairment is necessary. As of December 31, 2018 and 2017, delinquent trade receivables&#13;totaled approximately $ 2 billion and $ 1.5 billion, respectively. As of December 31, 2018 and 2017, the financial statements&#13;included allowances for $ 901.3 million and $ 677.5 million, respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The inability to&#13;collect the accounts receivable in the future could have an adverse effect on the Company&amp;#8217;s results of operations and its&#13;financial position, which, in turn, could have an adverse effect on the Company&amp;#8217;s ability to repay loans, including payment&#13;of the Corporate Notes.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The balances of&#13;the bills for electricity consumption of small-demand (T1), medium-demand (T2) and large-demand (T3) customers that remain unpaid&#13;7 working days after the bills&amp;#8217; first due dates are considered delinquent trade receivables. Additionally, the amounts related&#13;to the Framework Agreement are not considered within delinquent balances.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company&amp;#8217;s&#13;maximum exposure to credit risk is based on the book value of each financial asset in the financial statements, after deducting&#13;the corresponding allowances.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 42.55pt"&gt;&lt;/td&gt;&lt;td style="width: 28.35pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;&lt;i&gt;b.&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;&lt;i&gt;Liquidity risk&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 7.1pt 0 0"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company monitors&#13;the risk of a deficit in cash flows on a periodical basis. The Finance Department supervises the updated projections of the Company&amp;#8217;s&#13;liquidity requirements in order to ensure that there is enough cash to meet its operational needs, permanently maintaining sufficient&#13;margin for undrawn credit lines so that the Company does not fail to comply with the indebtedness limits or covenants, if applicable,&#13;of any line of credit. Such projections give consideration to the Company&amp;#8217;s debt financing plans, compliance with covenants,&#13;with internal balance sheet financial ratios objectives and, if applicable, with external regulations and legal requirements, such&#13;as, restrictions on the use of foreign currency.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Cash surpluses&#13;held by the Company and the balances in excess of the amounts required to manage working capital are invested in Money Market Funds&#13;and/or time deposits that accrue interest, currency deposits and securities, choosing instruments with appropriate maturities or&#13;sufficient liquidity to provide sufficient margin as determined in the aforementioned projections. As of December 31, 2018 and&#13;2017, the Company&amp;#8217;s current financial assets at fair value amount to $ 3.4 billion and $ 4.3 billion, respectively, which&#13;are expected to generate immediate cash inflows to manage the liquidity risk.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The table below&#13;includes an analysis of the Company&amp;#8217;s non-derivative financial liabilities, which have been classified into maturity groupings&#13;based on the remaining period between the closing date of the fiscal year and the contractual maturity date. Derivative financial&#13;liabilities are included in the analysis if their contractual maturities are essential for an understanding of the timing of the&#13;cash flows. The amounts disclosed in the table are the contractual undiscounted cash flows.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify; width: 27%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 10%"&gt;&amp;#160;No deadline&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 10%"&gt;&amp;#160;Less than 3 months&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 9%"&gt;&amp;#160;From 3 months to 1 year&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 9%"&gt;&amp;#160;From 1 to 2 years&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 9%"&gt;&amp;#160;From 2 to 5 years&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 9%"&gt;&amp;#160;More than 5 years&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 10%"&gt;&amp;#160;Total&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;As of December 31, 2018&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Trade and other payables&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;12,407,373&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;9,082,933&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,760,794&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;82,491&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;99,953&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;24,433,544&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Borrowings&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;684,469&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;684,469&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,676,569&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;9,045,507&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Total&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;12,407,373&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;9,082,933&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,445,263&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;766,960&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,776,522&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;33,479,051&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;As of December 31, 2017&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Trade and other payables&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,950,249&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,877,338&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,195,465&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;135,840&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;179,584&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;23,338,476&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Borrowings&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;499,945&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;499,945&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,107,012&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,106,902&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Total&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,950,249&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,877,338&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,695,410&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;635,785&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,286,596&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;30,445,378&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 20.25pt"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;5.2&#13;|&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Concentration risk factors&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: bold 8pt Times New Roman, Times, Serif; margin: 0 0 0 53.45pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 8pt"&gt;a.&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Related to customers&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company&amp;#8217;s&#13;receivables derive primarily from the sale of electricity.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;No single customer&#13;accounted for more than 10% of sales for the years ended December 31, 2018 and 2017. The collectibility of trade receivables balances&#13;related to the Framework Agreement, which amount to $ 10.4 million and $ 231 million as of December 31, 2018 and 2017, respectively,&#13;as disclosed in Note 2.d), is subject to compliance with the terms of such agreement.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 8pt"&gt;b.&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Related to employees who are union members&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;As of December&#13;31, 2018, the Company&amp;#8217;s employees are members of unions, Sindicato de Luz y Fuerza de Capital Federal (Electric Light and&#13;Power Labor Union Federal Capital) and Asociaci&amp;#243;n del Personal Superior de Empresas de Energ&amp;#237;a (Association of Supervisory&#13;Personnel of Energy Companies). These employees labor cost depends on negotiations between the Company and the unions; a sensitive&#13;change in employment conditions generates a significant impact on the Company&amp;#8217;s labor costs.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;In November 2018,&#13;the Company reached an agreement with the Sindicato de Luz y Fuerza on a total salary increase to be implemented in 5 tranches,&#13;beginning in November 2018 and ending in October 2019. Each increase will be calculated on the basis of the previous month salary&#13;and paid to the personnel represented by the union and providing services at the time of each payment. 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margin: 0 0 0 71.45pt; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;5%, applicable as from April 2019.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 71.45pt; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;5%, applicable as from July 2019. &lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 71.45pt; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;5%, applicable as from October 2019.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Additionally, it&#13;was agreed that the values of the Attendance Bonus, payable to those who have maintained perfect attendance for a full quarter,&#13;or have a maximum of 2 absences over the period, would be adjusted as from November 2018.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;At present, the&#13;Company continues negotiating with the Asociaci&amp;#243;n del Personal Superior de Empresas de Energ&amp;#237;a (APSEE), but no agreement&#13;has been reached as of to date.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 20.25pt"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;5.3&#13;|&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Capital risk management&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 7.1pt 0 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company&amp;#8217;s&#13;objectives when managing capital are to safeguard its ability to continue as a going concern and to maintain an optimal capital&#13;structure to reduce the cost of capital.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Consistent with&#13;others in the industry, the Company monitors its capital on the basis of the gearing ratio. This ratio is calculated as net debt&#13;divided by total capital. Net debt is calculated as total liabilities (current and non-current) less cash and cash equivalents.&#13;Total capital is calculated as equity attributable to the owners as shown in the statement of financial position plus net debt.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify"&gt;As of December 31, 2018&#13;and 2017, gearing ratios were as follow:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 54%"&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 22%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 22%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Total liabilities&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;46,023,206&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;43,088,208&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Less: cash and cash equivalents&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(3,409,158)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(4,400,357)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Net debt&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;42,614,048&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;38,687,851&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Total Equity&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;30,968,972&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;27,793,719&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Total capital attributable to owners&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;73,583,020&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;66,481,570&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Gearing ratio&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right"&gt;57.91%&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right"&gt;58.19%&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 20.25pt"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;5.4&#13;|&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Regulatory risk factors&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Pursuant to caption&#13;C of Section 37 of the Concession Agreement, the Grantor of the Concession may, without prejudice to other rights to which he is&#13;entitled thereunder, foreclose on the collateral granted by the Company when the cumulative value of the penalties imposed to the&#13;Company in the previous one-year period exceeds 20% of its annual billing, net of taxes and rates.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company&amp;#8217;s&#13;Management evaluates the development of this indicator on an annual basis. At the date of issuance of these financial statements,&#13;there are no events of non-compliance by the Company that could lead to that situation.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 20.25pt"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;5.5&#13;|&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Fair value estimate&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 7.1pt 0 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company classifies&#13;the measurements of financial instruments at fair value using a fair value hierarchy that reflects the relevance of the variables&#13;used to carry out such measurements. The fair value hierarchy has the following levels:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt"&gt;&lt;br /&gt;&#13;&amp;#183; &lt;b&gt;Level 1&lt;/b&gt;: quoted prices (unadjusted) in active markets for identical assets or liabilities.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt"&gt;&lt;br /&gt;&#13;&amp;#183; &lt;b&gt;Level 2&lt;/b&gt;: inputs other than quoted prices included in level 1 that are observable for the asset or liability, either&#13;directly (i.e. prices) or indirectly (i.e. derived from the prices).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;br /&gt;&#13;&amp;#183; &lt;b&gt;Level 3&lt;/b&gt;: inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The table below&#13;shows the Company&amp;#8217;s financial assets and liabilities measured at fair value as of December 31, 2018 and 2017:&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 40%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 18px; font-weight: bold; text-align: left; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"&gt;&amp;#160;LEVEL 1&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"&gt;&amp;#160;LEVEL 2&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 13%"&gt;&amp;#160;LEVEL 3&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 13%"&gt;&amp;#160;TOTAL&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 18px; font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;At December 31, 2018&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Assets&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-style: italic; vertical-align: bottom"&gt;Financial assets at fair value through profit or loss:&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Government bonds&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,285,799&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,285,799&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Money market funds&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;95,751&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;95,751&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Total assets&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,381,550&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,381,550&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Liabilities&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Derivative financial instruments&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,035&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,035&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Total liabilities&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,035&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,035&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;At December 31, 2017&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Assets&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-style: italic; vertical-align: bottom"&gt;Financial assets at fair value through profit or loss:&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Government bonds&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,829,888&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,829,888&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Money market funds&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,448,120&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,448,120&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Total assets&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,278,008&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,278,008&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Liabilities&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Derivative financial instruments&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;291&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;291&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Total liabilities&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;291&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;291&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The value of the&#13;financial instruments negotiated in active markets is based on the market quoted prices on the date of the statement of financial&#13;position. A market is considered active when the quoted prices are regularly available through a stock exchange, broker, sector-specific&#13;institution or regulatory body, and those prices reflect regular and current market transactions between parties that act in conditions&#13;of mutual independence. The market quotation price used for the financial assets held by the Company is the current offer price.&#13;These instruments are included in level 1.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The fair value&#13;of financial instruments that are not negotiated in active markets is determined using valuation techniques. These valuation techniques&#13;maximize the use of market observable information, when available, and rely as little as possible on specific estimates of the&#13;Company. If all significant variables to establish the fair value of a financial instrument can be observed, the instrument is&#13;included in level 2. These derivative financial instruments arise from the variation between the market prices at year-end or sale&#13;thereof and the time of negotiation. The market value used is obtained from the &amp;#8220;Transactions with securities&amp;#8221; report&#13;issued by Banco Mariva.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;When one or more&#13;relevant variables used to determine the fair value cannot be observed in the market, the financial instrument is included in level&#13;3. There are no financial instruments that are to be included in level 3.&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;</ifrs-full:DisclosureOfFinancialRiskManagementExplanatory>
    <ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory contextRef="From2018-01-01to2018-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The preparation&#13;of the financial statements requires the Company&amp;#8217;s Management to make estimates and assessments concerning the future, exercise&#13;critical judgments and make assumptions that affect the application of the accounting policies and the reported amounts of assets&#13;and liabilities and revenues and expenses.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;These estimates&#13;and judgments are permanently evaluated and are based upon past experience and other factors that are reasonable under the existing&#13;circumstances. Future actual results may differ from the estimates and assessments made at the date of preparation of these financial&#13;statements.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The estimates that&#13;have a significant risk of causing adjustments to the amounts of assets and liabilities during the next fiscal year are detailed&#13;below:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;a.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Impairment of financial assets&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The allowance for&#13;the impairment of accounts receivable is assessed based on the delinquent balance, which comprises all such debt arising from the&#13;bills for electricity consumption of small-demand (T1), medium-demand (T2), and large-demand (T3) customers that remain unpaid&#13;7 working days after their first due dates. The Company&amp;#8217;s Management records an allowance applying to the delinquent balances&#13;of each customer category an uncollectibility rate that is determined according to each customer category based on the historical&#13;comparison of collections made.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Additionally, and&#13;faced with temporary and/or exceptional situations, the Company&amp;#8217;s Management may redefine the amount of the allowance, specifying&#13;and supporting the criteria used in all the cases.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;As from January&#13;1, 2018, the Company has applied the amended IFRS 9  with the allowed practical resources, without restating the&#13;comparative periods.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company has&#13;performed a review of the financial assets it currently measures and classifies at fair value through profit or loss or at amortized&#13;cost and has concluded that they meet the conditions to maintain their classification; consequently, the initial adoption has not&#13;affected the classification and measurement of the Company&amp;#8217;s financial assets.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Furthermore, with&#13;regard to the new hedge accounting model, the Company has not elected to designate any hedge relationship at the date of the initial&#13;adoption of the amended IFRS 9 and, consequently, has generated no impact on the Company&amp;#8217;s results of operations or its financial&#13;position.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Finally, with&#13;regard to the change in the methodology for calculating the impairment of financial assets based on expected credit losses, the&#13;Company has applied the simplified approach of IFRS 9 for trade receivables and other receivables with similar risk characteristics.&#13;In order to measure the expected credit losses, receivables are grouped by customer segment, and on the basis of the shared credit&#13;risk characteristics and the number of days past the payment due date. The expected loss as of January 1, 2018 was determined&#13;based on the following coefficients calculated for the number of days past the payment due date:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="11" style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center"&gt;Number of days&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 29%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: center; width: 11%"&gt;0-30&lt;/td&gt;&#13;    &lt;td style="text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: center; width: 11%"&gt;30-60&lt;/td&gt;&#13;    &lt;td style="text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: center; width: 11%"&gt;60-90&lt;/td&gt;&#13;    &lt;td style="text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: center; width: 11%"&gt;90-120&lt;/td&gt;&#13;    &lt;td style="text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: center; width: 11%"&gt;120-150&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: center; width: 11%"&gt;+150&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: center"&gt;Loss expected percentage&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: center; border-top-color: Black; border-top-width: 0.5pt"&gt;8%&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: center; border-top-color: Black; border-top-width: 0.5pt"&gt;12%&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: center; border-top-color: Black; border-top-width: 0.5pt"&gt;19%&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: center; border-top-color: Black; border-top-width: 0.5pt"&gt;26%&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: center; border-top-color: Black; border-top-width: 0.5pt"&gt;59%&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: center; border-top-color: Black; border-top-width: 0.5pt"&gt;69%&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;For such purpose,&#13;the adjustments determined as of December 31, 2017 are as follow:&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left; width: 67%; padding-bottom: 1pt"&gt;Amount of the provisions for impairment of the trade receivables&lt;br /&gt;&#13;at 12.31.2017 by IAS 39&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; width: 9%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right; width: 23%; border-bottom: Black 1pt solid"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(458,853)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Adjustment of expected losses IFRS 9&lt;/td&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(82,041)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt"&gt;Amount of the provisions for impairment of the trade receivables&lt;br /&gt;&#13;at 12.31.2017 by IAS 39&lt;/td&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(540,894)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The adjustment&#13;determined as a result of the application of this new standard, net of its tax effect, amounts to $ 60.2 million, which is disclosed&#13;within the &amp;#8220;Unappropriated Retained Earnings&amp;#8221; line item.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 21.25pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;b.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; padding-right: 7.1pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Revenue recognition&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 7.1pt 0 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Revenue is recognized&#13;on an accrual basis upon delivery to customers, which includes the estimated amount of unbilled distribution of electricity at&#13;the end of each year. The accounting policy for the recognition of estimated revenue is considered critical because it depends&#13;on the amount of electricity effectively delivered to customers, which is valued on the basis of applicable tariffs. Unbilled&#13;revenue is classified as current trade receivables.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 21.25pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;c.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; padding-right: 7.1pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Impairment of long-lived assets&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Long-lived assets&#13;are tested for impairment at the lowest disaggregation level at which independent cash flows can be identified (cash generating&#13;units, or CGU).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company analyzes&#13;the recoverability of its long-lived assets on a periodical basis or when events or changes in circumstances indicate that the&#13;recoverable amount of assets, which is measured as the higher of value in use and fair value less costs to sell at the end of the&#13;year, may be impaired.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;At the date of&#13;issuance of these financial statements there are no indicators of a potential impairment.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 21.25pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;d.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; padding-right: 7.1pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Current and deferred income tax&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 7.1pt 0 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;A degree of judgment&#13;is required to determine the income tax provision inasmuch as the Company&amp;#8217;s Management has to evaluate, on an ongoing basis,&#13;the positions taken in tax returns in respect of situations in which the applicable tax regulation is subject to interpretation&#13;and, whenever necessary, make provisions based on the amount expected to be paid to the tax authorities. When the final tax outcome&#13;of these matters differs from the amounts initially recognized, such differences will impact on both the income tax and the deferred&#13;tax provisions in the fiscal year in which such determination is made.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;There are many&#13;transactions and calculations for which the ultimate tax determination is uncertain. The Company recognizes liabilities for eventual&#13;tax claims based on estimates of whether additional taxes will be due in the future.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Deferred tax assets&#13;are reviewed at each reporting date and reduced in accordance with the probability that the sufficient taxable base will be available&#13;to allow for the total or partial recovery of these assets. Deferred tax assets and liabilities are not discounted. The realization&#13;of deferred tax assets depends on the generation of future taxable income in the periods in which these temporary differences&#13;become deductible. To make this assessment, the Company&amp;#8217;s Management takes into consideration the scheduled reversal of&#13;deferred tax liabilities, the projected future taxable income, the prevailing rates to be applied in each period, and tax planning&#13;strategies.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 21.25pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;e.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; padding-right: 7.1pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Benefit plans&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 7.1pt 0 53.45pt; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The liability recognized&#13;by the Company is the best estimate of the present value of the cash flows representing the benefit plan obligation at the closing&#13;date of the year together with the adjustments for past service costs and actuarial losses. Cash flows are discounted using a rate&#13;that contemplates actuarial ns about demographic and financial conditions that affect the determination of benefit plans. Such&#13;estimate is based on actuarial calculations made by independent professionals in accordance with the projected unit credit method.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 21.25pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;f.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; padding-right: 7.1pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;ENRE penalties and discounts&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 7.1pt 0 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company considers&#13;its applicable accounting policy for the recognition of ENRE penalties and discounts critical because it depends on penalizable&#13;events that are valued on the basis of the Management&amp;#180;s best estimate of the expenditure required to settle the present obligation&#13;at the date of these financial statements. The balances of ENRE penalties and discounts are adjusted in accordance with the regulatory&#13;framework applicable thereto and have been estimated based on that which has been described in Note 2.e).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 21.25pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;g.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; padding-right: 7.1pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Contingencies and provisions for lawsuits&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 7.1pt 0 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company is&#13;a party to several complaints, lawsuits and other legal proceedings, including customer claims, in which a third party is seeking&#13;payment for alleged damages, reimbursement for losses or compensation. The Company&amp;#8217;s potential liability with respect to&#13;such claims, lawsuits and legal proceedings may not be accurately estimated. The Company&amp;#8217;s Management, with the assistance&#13;of its legal advisors (attorneys), periodically analyzes the status of each significant matter and evaluates the Company&amp;#8217;s&#13;potential financial exposure. If the loss deriving from a complaint or legal proceeding is considered probable and the amount can&#13;be reasonably estimated, a provision is recorded.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Provisions for&#13;contingent losses represent a reasonable estimate of the losses that will be incurred, based on the information available to Management&#13;at the date of the financial statements preparation, taking into account the Company&amp;#8217;s litigation and settlement strategies.&#13;These estimates are mainly made with the help of legal advisors. However, if the Management&amp;#8217;s estimates proved wrong, the&#13;current provisions could be inadequate and result in a charge to profits that could have a significant effect on the statements&#13;of financial position, comprehensive income, changes in equity and cash flows.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory>
    <ifrs-full:DisclosureOfJointVenturesExplanatory contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;Percentage interest held&amp;#160;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center"&gt;&amp;#160;Equity attributable to the owners&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 53%"&gt;&amp;#160;in capital stock and votes&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 15%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"&gt;12.31.18&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"&gt;12.31.17&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;SACME&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;50.00%&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,844&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;10,693&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</ifrs-full:DisclosureOfJointVenturesExplanatory>
    <ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; width: 19%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%"&gt;&amp;#160;Lands and buildings&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%"&gt;&amp;#160;Substations&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%"&gt;&amp;#160;High, medium and low voltage lines&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%"&gt;&amp;#160;Meters and Transformer chambers and platforms&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 10%"&gt;&amp;#160;Tools, Furniture, vehicles, equipment, communications and advances to suppliers&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%"&gt;&amp;#160;Construction in process&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%"&gt;&amp;#160;&amp;#160;Supplies and spare parts&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%"&gt;&amp;#160;Total&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;&amp;#160;At 12.31.17&amp;#160;&lt;/td&gt;&#13; 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   &lt;td&gt;Cost&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,376,244&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;13,471,386&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;36,429,475&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;15,047,060&lt;/td&gt;&#13; 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   &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,339,357&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;129,731&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,549,909&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Disposals&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(36)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(2,211)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(94,785)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(35,870)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(440,852)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(573,754)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Transfers&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;89,250&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;187,522&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,595,057&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;710,388&lt;/td&gt;&#13; 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text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(546,048)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(367,244)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(2,561,499)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid"&gt;&amp;#160;Net amount 12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,205,617&lt;/td&gt;&#13; 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   &lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;62,474,843&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;&amp;#160;At 12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Cost&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,449,399&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;13,769,111&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;38,060,451&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;15,749,070&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,656,570&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;13,409,979&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;195,305&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;85,289,885&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Accumulated depreciation&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(243,782)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(3,973,902)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(12,171,436)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(5,160,874)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(1,265,048)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(22,815,042)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double"&gt;&amp;#160;Net amount&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,205,617&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;9,795,209&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;25,889,015&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;10,588,196&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,391,522&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;13,409,979&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;195,305&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;62,474,843&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 70.9pt; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;During the year ended December 31, 2018, the Company&#13;capitalized as direct own costs $ 1 billion.&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 70.9pt; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; width: 19%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%"&gt;&amp;#160;Lands and buildings&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%"&gt;&amp;#160;Substations&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%"&gt;&amp;#160;High, medium and low voltage lines&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%"&gt;&amp;#160;Meters and Transformer chambers and platforms&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 10%"&gt;&amp;#160;Tools, Furniture, vehicles, equipment, communications and advances to suppliers&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%"&gt;&amp;#160;Construction in process&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%"&gt;&amp;#160;&amp;#160;Supplies and spare parts&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%"&gt;&amp;#160;Total&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;&amp;#160;At 12.31.16&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Cost&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,276,109&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;12,466,805&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;33,712,884&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;13,924,981&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,398,833&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,839,187&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;56,036&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;69,674,835&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Accumulated depreciation&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(178,241)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(3,214,869)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(10,386,483)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(4,157,929)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(842,545)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13; 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   &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(2,148,089)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid"&gt;&amp;#160;Net amount 12.31.17&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,170,786&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;9,899,727&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;25,179,626&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;10,408,261&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,593,891&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,717,184&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;90,712&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;57,060,187&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13; 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   &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;&amp;#160;At 12.31.17&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13; 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   &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(20,578,217)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double"&gt;&amp;#160;Net amount&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,170,786&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;9,899,727&lt;/td&gt;&#13; 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margin: 0 0 0 70.9pt; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 70.9pt; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;During the year ended December 31, 2017, the Company&#13;capitalized as direct own costs $ 869.7 million.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 70.9pt; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 70.9pt; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;/p&gt;</ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory>
    <ifrs-full:DisclosureOfFinancialInstrumentsExplanatory contextRef="From2018-01-01to2018-12-31">&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;Note&#13;10.1 |&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Financial instruments by category&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left; width: 40%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%"&gt;&amp;#160;Financial assets at amortized cost&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%"&gt;&amp;#160;Financial assets at fair value through profit or loss&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%"&gt;&amp;#160;Non-financial assets&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%"&gt;&amp;#160;Total&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;As of December 31, 2018&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;Assets&amp;#160;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Trade receivables&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,587,906&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,587,906&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Other receivables&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;954,407&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;88,451&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,042,858&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-style: italic"&gt;Cash and cash equivalents&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Cash and Banks&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;27,608&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;27,608&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-style: italic"&gt;Financial assets at fair value through profit or loss:&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Government bonds&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,285,799&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,285,799&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Derivative financial instruments&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Money market funds&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;95,751&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;95,751&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-style: italic; vertical-align: bottom"&gt;Financial assets at amortized cost:&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Time deposits&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,208,770&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,208,770&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;Total&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;9,778,691&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,381,550&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;88,451&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;13,248,692&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;As of December 31, 2017&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;Assets&amp;#160;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Trade receivables&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,385,237&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,385,237&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Other receivables&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;249,780&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;88,667&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;20,448&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;358,895&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-style: italic"&gt;Cash and cash equivalents&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Cash and Banks&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;120,053&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;120,053&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Checks to be deposited&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,296&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,296&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Money market funds&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-style: italic; vertical-align: bottom"&gt;Financial assets at fair value through profit or loss:&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Government bonds&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,829,888&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,829,888&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Derivative financial instruments&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,448,120&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,448,120&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-style: italic; vertical-align: bottom"&gt;Financial assets at fair value&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Government bonds&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;16,978&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;16,978&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;Total&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,774,344&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,366,675&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;20,448&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;13,161,467&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left; width: 40%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%"&gt;&amp;#160;Financial liabilities at amortized cost&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%"&gt;&amp;#160;Financial liabilities at fair value through profit or loss&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%"&gt;&amp;#160;Non-financial liabilities&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%"&gt;&amp;#160;Total&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;As of December 31, 2018&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;Liabilities&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;Trade payables&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;14,895,194&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;14,895,194&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;Other payables&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;317,439&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;9,228,745&lt;/td&gt;&#13; 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   &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,269,920&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;Total&amp;#160;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;23,482,553&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;9,228,745&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;32,711,298&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;As of December 31, 2017&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;Liabilities&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;Trade payables&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;13,933,226&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;13,933,226&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;Other payables&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;490,188&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,966,695&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;9,456,883&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;Borrowings&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,294,433&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,294,433&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;Total&amp;#160;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;20,717,847&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,966,695&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;29,684,542&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Financial instruments&#13;categories have been determined based on IFRS 9.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The income, expenses,&#13;gains and losses resulting from each category of financial instruments are as follow:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left; width: 46%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 17%"&gt;&amp;#160;Financial assets at amortized cost&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 17%"&gt;&amp;#160;Financial assets at fair value through profit or loss&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 17%"&gt;&amp;#160;Total&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;As of December 31, 2018&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Interest income&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;671,783&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;671,783&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Exchange differences&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,886,396&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,886,396&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Bank fees and expenses&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(8,509)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(8,509)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Changes in fair value of financial assets&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;746,532&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;746,532&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;Adjustment to present value&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(327)&lt;/td&gt;&#13;    &lt;td style="text-align: right; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(327)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Total&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,529,343&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;746,532&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,275,875&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;As of December 31, 2017&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Interest income&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;453,804&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;453,804&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Exchange differences&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;229,100&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;229,100&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Bank fees and expenses&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(2,883)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(2,883)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Changes in fair value of financial assets&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;474,896&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;474,896&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Adjustment to present value&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(431)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(431)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Total&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;679,590&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;474,896&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,154,486&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;As of December 31, 2016&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Interest income&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;362,558&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;362,558&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Exchange differences&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;178,191&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,830&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;184,021&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Bank fees and expenses&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(5,928)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(5,928)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Changes in fair value of financial assets&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;781,486&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;781,486&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Adjustment to present value&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(485)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,799&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,314&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Total&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;534,336&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;793,115&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,327,451&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left; width: 46%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 17%"&gt;&amp;#160;Financial liabilities at amortized cost&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 17%"&gt;&amp;#160;Financial liabilities at fair value through profit or loss&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 17%"&gt;&amp;#160;Total&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;As of December 31, 2018&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Interest expense&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(4,968,210)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(4,968,210)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="background-color: white"&gt;Other financial results&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(86,098)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(86,098)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Exchange differences&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(5,496,362)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(5,496,362)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;Total&amp;#160;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(10,550,670)&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(10,550,670)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;As of December 31, 2017&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Interest expense&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(2,567,373)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(2,567,373)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="background-color: white"&gt;Other financial results&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(78,877)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(78,877)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Exchange differences&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(793,157)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(793,157)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;Total&amp;#160;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(3,439,407)&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(3,439,407)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;As of December 31, 2016&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Interest expense&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(2,656,550)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(2,656,550)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="background-color: white"&gt;Other financial results&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(67,780)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(67,780)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Bank fees and expenses&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;77&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;77&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Exchange differences&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(953,730)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(953,730)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;Total&amp;#160;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(3,677,983)&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(3,677,983)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 70.9pt"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;10.2&#13;|&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Credit quality of financial assets&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The credit quality&#13;of financial assets that are neither past due nor impaired may be assessed based on external credit ratings or historical information:&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; width: 58%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%; vertical-align: bottom"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; width: 1%; vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%; vertical-align: bottom"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;Customers with no external credit rating:&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;Group 1&amp;#160;&amp;#160;(i)&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,438,500&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,487,484&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;Group 2 (ii)&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;480,237&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;339,740&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;Group 3 (iii)&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;669,169&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;558,013&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;Total trade receivables&amp;#160;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,587,906&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,385,237&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-style: italic; text-align: left"&gt;&amp;#160;(i)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Relates to customers with debt to become due&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="3" style="font-style: italic; text-align: left"&gt;&amp;#160;(ii)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Relates to customers with past due debt from 0 to 3 months.&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="3" style="font-style: italic; text-align: left"&gt;&amp;#160;(iii)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Relates to customers with past due debt from 3 to 12 months.&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;At the Statement&#13;of Financial Position date, the maximum exposure to credit risk is the carrying amount of these financial assets.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;</ifrs-full:DisclosureOfFinancialInstrumentsExplanatory>
    <EDN:DisclosureOfOtherReceivablesExplanatory contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; width: 55%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 7%"&gt;Note&lt;/td&gt;&#13;    &lt;td style="text-align: left; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 18%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 18%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Non-current:&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Financial credit&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;30,484&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;54,661&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Related parties&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: middle; text-align: right"&gt;&amp;#160;35.d&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,662&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,015&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Advances to suppliers&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;37&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;765,595&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Total Non-current&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;800,741&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;62,676&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Current:&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Prepaid expenses&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,312&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,362&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Advances to suppliers&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;81,440&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;9,791&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Advances to personnel&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,700&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,293&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Security deposits&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;16,695&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;15,249&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Financial credit&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;58,425&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;17,159&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Receivables from electric activities&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;98,390&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;169,157&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Related parties&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: middle; text-align: right"&gt;&amp;#160;35.d&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,946&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,614&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="3" style="text-align: left"&gt;Guarantee deposits on derivative financial&lt;br /&gt;&#13;instruments&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;88,667&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Judicial deposits&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;30,482&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;23,795&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Credit with SBS Bank Company&amp;#160;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;25,000&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Other&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;24&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Allowance for the impairment of other receivables&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(77,297)&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(39,870)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Total Current&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;242,117&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;296,219&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 40pt"&gt;The carrying amount&#13;of the Company&amp;#8217;s other financial receivables approximates their fair value.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: 40pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 40pt"&gt;The other non-current&#13;receivables are measured at amortized cost, which does not differ significantly from their fair value.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: 40pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: 40pt"&gt;The roll forward of the allowance&#13;for the impairment of other receivables is as follows:&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-indent: 40pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; width: 46%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; width: 6%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; width: 1%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"&gt;&amp;#160;12.31.16&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Balance at beginning of year&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;39,870&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;63,940&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;32,712&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Increase&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;61,467&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;45,032&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Result from exposure to inflation&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(24,040)&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(12,704)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(13,804)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Recovery&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(11,366)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Balance at end of the period&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;77,297&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;39,870&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;63,940&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-indent: 40pt"&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The aging analysis&#13;of these other receivables is as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; width: 55%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; width: 7%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 18%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 18%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Without expiry date&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;48,358&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;39,526&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Past due&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;34,854&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;129,288&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Up to 3 months&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;130,564&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;110,759&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;From 3 to 6 months&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;20,415&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,418&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;From 6 to 9 months&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,881&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,198&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;From 9 to 12 months&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,045&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,030&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;More than 12 months&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;800,741&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;62,676&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Total other receivables&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,042,858&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;358,895&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;At the Statement&#13;of Financial Position date, the maximum exposure to credit risk is the carrying amount of each class of other receivables.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The carrying amount&#13;of the Company&amp;#8217;s other receivables is denominated in Argentine pesos.&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;/p&gt;</EDN:DisclosureOfOtherReceivablesExplanatory>
    <ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; width: 55%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 7%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 18%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 18%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Current:&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Sales of electricity - Billed&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,622,701&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,359,990&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Sales of electricity &amp;#8211; Unbilled&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,735,956&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,404,135&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Framework Agreement&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;10,377&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;230,953&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Fee payable for the expansion of the transportation and others&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;22,969&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;33,952&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Receivables in litigation&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;97,158&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;33,736&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Allowance for the impairment of trade receivables&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(901,255)&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(677,529)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Total Current&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,587,906&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,385,237&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 14.15pt 0 0; text-align: justify; text-indent: 35.45pt"&gt;The carrying&#13;amount of the Company&amp;#8217;s trade receivables approximates their fair value.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The roll forward&#13;of the allowance for the impairment of trade receivables is as follows:&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; width: 46%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; width: 6%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; width: 1%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"&gt;&amp;#160;12.31.16&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Balance at beginning of year&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;677,529&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;383,439&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;146,238&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: middle"&gt;Change of accounting standard (Note 6) - Adjustment by model of expected losses IFRS 9&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;82,041&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Balance at beginning of year restated&lt;/td&gt;&#13;    &lt;td style="vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;759,570&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;383,439&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;146,238&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Increase&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;916,036&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;391,615&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;388,339&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Decrease&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(307,137)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(64,348)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(56,062)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Result from exposure to inflation&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(467,214)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(33,177)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(95,076)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Balance at end of the period&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;901,255&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;677,529&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;383,439&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 71.45pt; text-align: justify; text-indent: -36.45pt"&gt;The&#13;aging analysis of these trade receivables is as follows:&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 71.45pt; text-align: justify; text-indent: -36.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; width: 55%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; width: 7%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 18%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 18%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Not due&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;10,377&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;230,953&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Past due&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,149,406&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;897,752&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Up to 3 months&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,428,123&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,256,532&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Total other receivables&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,587,906&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,385,237&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 71.45pt; text-align: justify; text-indent: -36.45pt"&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;At the Statement&#13;of Financial Position date, the maximum exposure to credit risk is the carrying amount of each class of trade receivables.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The carrying amount&#13;of the Company&amp;#8217;s trade receivables is denominated in Argentine pesos.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Sensitivity analysis&#13;of the allowance for impairment of trade receivables:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt"&gt;&lt;font style="font: 8pt Georgia, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;5% increase in the uncollectibility rate estimate&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; width: 67%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 9%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 23%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Contingencies&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;946,318&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;change&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;45,063&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt"&gt;&lt;font style="font: 8pt Georgia, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;5% decrease in the uncollectibility rate estimate&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; width: 67%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 9%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 23%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Contingencies&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;856,192&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;change&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(45,063)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 35.45pt"&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;/p&gt;</ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory>
    <EDN:DisclosureOfFinancialAssetsFairValueExplanatory contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify; width: 53%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; width: 7%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 19%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 19%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Current&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Government bonds&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,285,799&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,829,888&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Money market funds&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;95,751&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,448,120&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Total current&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,381,550&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,278,008&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:DisclosureOfFinancialAssetsFairValueExplanatory>
    <EDN:DisclosureOfFinancialAssetsAmortizedCostExplanatory contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify; width: 53%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; width: 7%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 19%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 19%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Non-current&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Current&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Government bonds&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;16,978&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&lt;br /&gt;&#13;Time deposits&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,208,770&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Total Current&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,208,770&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;16,978&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:DisclosureOfFinancialAssetsAmortizedCostExplanatory>
    <ifrs-full:DisclosureOfInventoriesExplanatory contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="font-weight: bold; width: 58%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;12.31.18&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;12.31.17&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;Current&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Supplies and spare-parts&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,252,292&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;589,339&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Advance to suppliers&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,507&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;60,241&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Total inventories&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,259,799&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;649,580&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</ifrs-full:DisclosureOfInventoriesExplanatory>
    <ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="font-weight: bold; width: 58%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Cash and banks&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;27,608&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;122,349&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Total cash and cash equivalents&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;27,608&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;122,349&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory>
    <ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; width: 52%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"&gt;&amp;#160;Share capital&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"&gt;&amp;#160;Additional paid-in capital&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"&gt;&amp;#160;Total&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Balance at December 31, 2016&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;18,197,583&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;183,604&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;18,381,187&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Payment of Other reserve constitution - Share-bases compensation plan (Note 25)&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;46,317&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;46,317&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Balance at December 31, 2017&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;18,197,583&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;229,921&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;18,427,504&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Payment of Other reserve constitution - Share-bases compensation plan (Note 25)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;10,700&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;10,700&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Balance at December 31, 2018&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;18,197,583&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;240,621&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;18,438,204&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;As of December&#13;31, 2018, the Company&amp;#8217;s share capital amounts to 906,455,100 shares, divided into 462,292,111 common, book-entry Class A&#13;shares with a par value of one peso each and the right to one vote per share; 442,210,385 common, book-entry Class B shares with&#13;a par value of one peso each and the right to one vote per share; and 1,952,604 common, book-entry Class C shares with a par value&#13;of one peso each and the right to one vote per share.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;No changes have&#13;occurred in the Company&amp;#8217;s Share Capital structure in the last three fiscal years.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;b&gt;Listing of the Company&amp;#8217;s&#13;shares&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company&amp;#8217;s&#13;shares are listed on the Buenos Aires Stock Exchange and are part of the Merval Index.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Furthermore, with&#13;the SEC&amp;#8217;s prior approval, the Company&amp;#8217;s ADSs, each representing 20 common shares of the Company, began to be traded&#13;on the NYSE as from April 24, 2007.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The listing of&#13;ADSs on the NYSE is part of the Company&amp;#8217;s strategic plan to increase both its liquidity and the volume of its shares.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;b&gt;Acquisition of the Company&amp;#8217;s&#13;own shares&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company&amp;#8217;s&#13;Board of Directors, at its meeting of December 4, 2018, approved the acquisition of the Company&amp;#8217;s own shares in accordance&#13;with both section 64 of Law 26,831 and the regulations of the National Securities Commission (CNV), under the following main terms&#13;and conditions:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 92.25pt; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Wingdings"&gt;&amp;#167;&lt;/font&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;u&gt;Maximum amount to be invested&lt;/u&gt;: up to $ 800,000,000;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 92.25pt; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Wingdings"&gt;&amp;#167;&lt;/font&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The treasury stock may not exceed, as a whole,&#13;the limit of 10% of share capital;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 92.25pt; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Wingdings"&gt;&amp;#167;&lt;/font&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;u&gt;Price to be paid for the shares&lt;/u&gt;: up to a&#13;maximum of USD 30 per ADR in the New York Stock Exchange, or the equivalent amount in pesos at USD 1.5 per share in Bolsas y Mercados&#13;Argentinos S.A.;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 92.25pt; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Wingdings"&gt;&amp;#167;&lt;/font&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The acquisitions will be made with realized and&#13;liquid profits;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 92.25pt; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Wingdings"&gt;&amp;#167;&lt;/font&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The shares may be acquired for a term of 120 calendar&#13;days to commence on December 5, 2018.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 92.25pt; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;In this framework,&#13;on December 31, 2018, the Company acquired 15,590,860 Class B own shares of 1 peso nominal value, for $858.7 million in cash ($1.1&#13;billion in constant currency), with the actual distribution of $ 858.7 million.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.35pt; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;As of December&#13;31, 2018, the Company&amp;#8217;s treasury shares amount to 23,385,028, and are disclosed as &amp;#8220;treasury stock&amp;#8221;.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Moreover, a total&#13;of 1,618,332,269 shares were awarded to executive directors and managers as additional remuneration for special processes developed&#13;during fiscal year 2016. (Note 25).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Furthermore, and&#13;subsequent to the closing date of these financial statements, the Company has acquired, in successive market transactions, 5,570,480&#13;Class B own shares of 1 peso nominal value for a total of $ 289.6 million.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;/p&gt;</ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory>
    <EDN:DisclosureOfAllocationOfProfitsExplanatory contextRef="From2018-01-01to2018-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Clause 7.4 of the&#13;Adjustment Agreement provided that during the Transition period the Company could not distribute dividends without the Regulatory&#13;Entity&amp;#8217;s prior authorization. This transition period ended on January 31, 2017 with the implementation of the RTI, ENRE Resolution&#13;No. 63/17. Therefore, in the Company&amp;#8217;s opinion there exists no regulatory restriction on the distribution of dividends.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;If the Company&amp;#8217;s&#13;Level of Indebtedness were higher than 3, the negative covenants included in the Corporate Notes program, which establish, among&#13;other issues, the Company&amp;#8217;s impossibility to make certain payments, such as dividends, would apply.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;</EDN:DisclosureOfAllocationOfProfitsExplanatory>
    <ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left; width: 55%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; width: 7%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 18%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 18%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Non-current&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Customer guarantees&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;140,968&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;148,349&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Customer contributions&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;112,324&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;118,095&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Funding contributions - substations&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;32,925&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;89,262&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Total Non-current&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;286,217&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;355,706&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Current&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Payables for purchase of electricity - CAMMESA&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,080,310&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,499,302&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Provision for unbilled electricity purchases - CAMMESA&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,828,458&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,715,431&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Suppliers&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,426,016&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,995,697&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Advance to customer&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;196,485&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;220,111&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Customer contributions&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;15,288&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;27,706&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Discounts to customers&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;37,372&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;55,182&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Funding contributions - substations&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;17,215&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;12,380&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Related parties&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;35.d&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,833&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;51,711&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Total Current&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;14,608,977&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;13,577,520&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The fair values&#13;of non-current customer contributions as of December 31, 2018 and 2017 amount to $ 107.7 million and $ 141.3 million, respectively.&#13;The fair values are determined based on estimated cash flows discounted at a representative market rate for this type of transactions.&#13;The applicable fair value category is Level 3 category.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The carrying amount&#13;of the rest of the financial liabilities included in the Company&amp;#8217;s trade payables approximates their fair value.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;/p&gt;</ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory>
    <EDN:DisclosureOfOtherPayablesExplanatory contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; width: 55%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: justify; width: 7%"&gt;Note&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 18%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 18%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;Non-current&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top"&gt;Loans (mutuum) with CAMMESA&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,282,176&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,783,474&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;ENRE penalties and discounts&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,097,402&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,737,612&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Liability with FOTAE&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;207,371&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;280,813&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Payment agreements with ENRE&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;37,196&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;108,069&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Total Non-current&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,624,145&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,909,968&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Current&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;ENRE penalties and discounts&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,835,590&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;425,563&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Related parties&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;35.d&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,571&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,756&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;Advances for works to be performed&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;13,577&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;20,046&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;Payment agreements with ENRE&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;65,301&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;93,550&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Total Current&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,922,039&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;546,915&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40pt; text-align: justify"&gt;The carrying amount of the Company&amp;#8217;s&#13;other financial payables approximates their fair value.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;/p&gt;</EDN:DisclosureOfOtherPayablesExplanatory>
    <ifrs-full:DisclosureOfDeferredIncomeExplanatory contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; width: 56%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;Non-current&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Nonrefundable customer contributions&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;275,437&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;287,384&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;Total Non-current&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;275,437&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;287,384&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; width: 56%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Current&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Nonrefundable customer contributions&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,346&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,961&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;Total Current&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,346&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,961&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;/p&gt;</ifrs-full:DisclosureOfDeferredIncomeExplanatory>
    <ifrs-full:DisclosureOfBorrowingsExplanatory contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="font-weight: bold; text-align: justify; width: 59%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: justify; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 19%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 19%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;Non-current&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;Corporate notes (1)&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,249,967&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,812,465&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;Borrowing&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;942,500&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,376,829&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;Total non-current&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,192,467&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,189,294&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;Current&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;Interest from corporate notes&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;110,019&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;91,896&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;Borrowing&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;967,434&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;13,243&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;Total current&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,077,453&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;105,139&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 38.7pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 8pt"&gt;(1)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Net of debt issuance, repurchase and redemption expenses.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;On October 11,&#13;2017, the Company was granted a 36-month term loan by the Industrial and Commercial Bank of China Dubai (ICBC) Branch, for an&#13;amount of U.S.$ 50 million. The proceeds of the loan will be used to finance the Company&amp;#8217;s investment plan and working capital.&#13;Furthermore, it must be pointed out that such loan constitutes an &amp;#8220;Allowed Indebtedness&amp;#8221; within the limits stipulated&#13;in the Corporate Notes due 2022.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The fair values&#13;of the Company&amp;#8217;s non-current borrowings (Corporate Notes) as of December 31, 2018 and 2017 amount approximately to $ 6.5&#13;billion and $ 5.3 billion, respectively. Such values were determined on the basis of the estimated market price of the Company&amp;#8217;s&#13;Corporate Notes at the end of each year. The applicable fair value category is Level 1 category.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company&amp;#8217;s&#13;borrowings are denominated in the following currencies:&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; width: 59%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 19%"&gt;12.31.18&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center; width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 19%"&gt;12.31.17&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;US dollars&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,269,920&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,294,433&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,269,920&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,294,433&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The maturities&#13;of the Company&amp;#8217;s borrowings and its exposure to interest rate are as follow:&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="font-weight: bold; text-align: justify; width: 59%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: justify; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 19%"&gt;12.31.18&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 19%"&gt;12.31.17&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;Fixed rate&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Less than 1 year&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;110,019&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;91,896&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;From 2 to 5 years&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,249,967&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,812,465&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;Total Fixed rate&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,359,986&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,904,361&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Variable rate&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Less than 1 year&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;967,434&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;13,244&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;From 1 to 2 years&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;942,500&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;688,414&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;From 2 to 5 years&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;688,414&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;Total Variable rate&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,909,934&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,390,072&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,269,920&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,294,433&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The roll forward&#13;of the Company&amp;#8217;s borrowings during the year was as follows:&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; width: 50%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"&gt;12.31.18&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center; width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"&gt;12.31.17&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"&gt;12.31.16&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;Balance at beginning of the year&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,294,433&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,202,452&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,224,330&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Proceeds from borrowings&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,285,946&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Payment of borrowings' interests&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(652,667)&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(418,494)&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(529,227)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Repurchase of Corporate Notes by the trust&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(9,683)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Paid from repurchase of Corporate Notes&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(375,520)&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(441,462)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Gain from repurchase of Corporate Notes&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(4,539)&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(84)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Exchange difference and interest accrued&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,134,425&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,252,327&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,604,325&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Result from exposure to inflation&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(3,126,212)&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(1,027,798)&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(1,645,747)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: middle; text-align: left"&gt;&amp;#160;Balance at the end of period&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,269,920&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,294,433&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,202,452&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: left"&gt;&lt;b&gt;Corporate Notes programs&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company is included&#13;in a Corporate Notes program, the relevant information of which is detailed below:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;i&gt;&lt;u&gt;Debt issued&#13;in United States dollars&amp;#160;&lt;/u&gt;&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center"&gt;Million of USD&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center"&gt;Million of $&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 12%"&gt;Corporate Notes&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"&gt;Class&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 10%"&gt;Rate&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 10%"&gt;Year of Maturity&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 11%"&gt;Debt structure at 12.31.17&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 13%"&gt;Debt repurchase&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 21%"&gt;Debt structure at 12.31.18&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 11%"&gt;At 12.31.18&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center"&gt;Fixed Rate Par Note&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;9&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;9.75&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;2022&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;171.87&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(10.22)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;161.65&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,249.78&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; border-top-color: Black; border-top-width: 0.5pt"&gt;Total&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;171.87&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(10.22)&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;161.65&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,249.78&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;i&gt;&lt;u&gt;&lt;/u&gt;&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center"&gt;Million of USD&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center"&gt;Million of $&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 12%"&gt;Corporate Notes&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"&gt;Class&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 10%"&gt;Rate&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 10%"&gt;Year of Maturity&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 11%"&gt;Debt structure at 12.31.16&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 13%"&gt;Debt repurchase&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 21%"&gt;Debt structure at 12.31.17&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 11%"&gt;At 12.31.17&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center"&gt;Fixed Rate Par Note&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;9&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;9.75&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;2022&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;171.87&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;171.87&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,259.22&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; border-top-color: Black; border-top-width: 0.5pt"&gt;Total&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;171.87&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;171.87&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,259.22&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;The main covenants&#13;are the following:&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 42.55pt"&gt;&lt;/td&gt;&lt;td style="width: 7.1pt"&gt;&lt;font style="font-size: 8pt"&gt;i.&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Negative Covenants&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The terms and conditions&#13;of the Corporate Notes include a number of negative covenants that limit the Company&amp;#8217;s actions with regard to, among others,&#13;the following:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: -7.1pt"&gt;- encumbrance&#13;or authorization to encumber its property or assets;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: -7.1pt"&gt;- incurrence&#13;of indebtedness, in certain specified cases;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: -7.1pt"&gt;- sale&#13;of the Company&amp;#8217;s assets related to its main business;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: -7.1pt"&gt;- carrying&#13;out of transactions with shareholders or related companies;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: -7.1pt"&gt;- making&#13;certain payments (including, among others, dividends, purchases of &lt;b&gt;edenor&lt;/b&gt;&amp;#8217;s common shares or payments on subordinated&#13;debt).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 42.55pt"&gt;&lt;/td&gt;&lt;td style="width: 7.1pt"&gt;&lt;font style="font-size: 8pt"&gt;ii.&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Suspension of Covenants:&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Certain negative&#13;covenants stipulated in the terms and conditions of the Corporate Notes will be suspended or adapted if:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: -7.1pt"&gt;- the&#13;Company&amp;#8217;s long-term debt rating is raised to Investment Grade, or the Company&amp;#8217;s Level of Indebtedness is equal to or&#13;lower than 3.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: -7.1pt"&gt;- If&#13;the Company subsequently losses its Investment Grade rating or its Level of Indebtedness is higher than 3, as applicable, the suspended&#13;negative covenants will be once again in effect.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;At the date of issuance&#13;of these financial statements, the previously mentioned ratios have been complied with.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;In fiscal year&#13;2018, the Company repurchased at market prices, in successive transactions, &amp;#8220;Fixed Rate Class 9 Par Corporate Notes&amp;#8221;&#13;due 2022, for an amount of U.S.$. 10.2 million nominal value.&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;/p&gt;</ifrs-full:DisclosureOfBorrowingsExplanatory>
    <ifrs-full:DisclosureOfContingentLiabilitiesExplanatory contextRef="From2018-01-01to2018-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company has&#13;contingent liabilities and is a party to lawsuits that arise from the ordinary course of business. Based on the opinion of its&#13;in-house and external legal advisors, the Company&amp;#8217;s Management estimates that the outcome of the current contingencies and&#13;lawsuits will not result in amounts that either exceed those of the recorded provisions or could be significant with respect to&#13;the Company&amp;#8217;s financial position or the results of its operations.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Furthermore, it&#13;is worth mentioning that there exist contingent obligations and labor, civil and commercial complaints filed against the Company&#13;related to legal actions for individual non-significant amounts, which as of December 31, 2018 total $ 1.3 billion, for which a&#13;provision has been recorded.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;We detail below&#13;the nature of the significant judicial proceedings in relation to which, as of December 31, 2018, the Company believes, based on&#13;the opinion of its in-house and external legal advisors, there exist grounds for them not to be deemed probable:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 20.15pt"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;8.1 |&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Civil and commercial proceedings &amp;#8211;&#13;Consumer claims&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt 21.3pt; text-align: justify; text-indent: -14.2pt"&gt;- By&#13;means of the action filed by Consumidores Financieros Asociaci&amp;#243;n Civil para su Defensa, the following is claimed from the&#13;Company:&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Wingdings"&gt;&amp;#216;&lt;/font&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif"&gt;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Reimbursement of the Value Added Tax (VAT) percentage&#13;paid on the illegally &amp;#8220;widened&amp;#8221; taxable basis due to the incorporation of the FNEE. Distribution companies, the defendants,&#13;had not paid this tax when CAMMESA invoiced them the electricity purchased for distribution purposes.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Wingdings"&gt;&amp;#216;&lt;/font&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif"&gt;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Reimbursement of part of the administrative surcharge&#13;on &amp;#8220;second due date&amp;#8221;, in those cases in which payment was made within the time period authorized for such second deadline&#13;(14 days) but without distinguishing the effective day of payment. &lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Wingdings"&gt;&amp;#216;&lt;/font&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif"&gt;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Application of the &amp;#8220;borrowing rate&amp;#8221;&#13;in case of customer delay in complying with payment obligation, in accordance with the provisions of Law No. 26,361.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;On April 22, 2010,&#13;the Company answered the complaint and filed a motion to dismiss for lack of standing (&amp;#8220;&lt;i&gt;excepci&amp;#243;n de falta de legitimaci&amp;#243;n&lt;/i&gt;&amp;#8221;),&#13;requesting, at such opportunity, that a summons be served upon the Federal Government, the AFIP and the ENRE as third-party defendants.&#13;Notice of this was served upon the plaintiff. Although the plaintiff&amp;#8217;s opposition to the requested summons had not yet been&#13;resolved, the proceedings were brought to trial, in response to which &lt;b&gt;edenor&lt;/b&gt; filed a motion for reversal with a supplementary&#13;appeal. The Court hearing the case granted the motion filed by &lt;b&gt;edenor&lt;/b&gt; and ordered that the Federal Government, the AFIP&#13;and the ENRE be summoned as third-party defendants, which has already taken place. These proceedings have been joined to those&#13;mentioned below. Without prejudice thereto, in the framework of the record of the proceedings, the case has been brought to trial.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;By means of the&#13;action filed by Asociaci&amp;#243;n de Defensa de derechos de clientes y consumidores (ADDUC) it is requested that the Company be ordered&#13;by the Court to reduce or mitigate the default or late payment interest rates charged to customers who pay their bills after the&#13;first due date, inasmuch as they violate section 31 of Law 24,240, ordering both the non application of pacts or accords that stipulate&#13;the interest rates that are being applied to the users of electricity &amp;#8211;their unconstitutional nature&amp;#8211; as well as the&#13;reimbursement of interest amounts illegally collected from the customers of the service from August 15, 2008 through the date on&#13;which the defendant complies with the order to reduce interest. It is also requested that the VAT and any other taxes charged on&#13;the portion of the surcharge illegally collected be reimbursed.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;On November 11,&#13;2011, the Company answered the complaint and filed a motion to dismiss for both lack of standing to sue (&amp;#8220;&lt;i&gt;excepci&amp;#243;n&#13;de falta de legitimaci&amp;#243;n activa&lt;/i&gt;&amp;#8221;) and the fact that the claims at issue were being litigated in another lawsuit&#13;(&amp;#8220;&lt;i&gt;excepci&amp;#243;n de litispendencia&lt;/i&gt;&amp;#8221;), currently in process, requesting as well that a summons be served upon&#13;the ENRE as a third-party defendant. Notice of these pleadings was served upon the plaintiff. Prior to rendering a decision on&#13;the motion to dismiss, the Court ordered that the Court in Contentious and Administrative Federal Matters No. 2 &amp;#8211; Clerk&amp;#8217;s&#13;Office No. 3 provide it with the proceedings &amp;#8220;Consumidores Financieros Asociaci&amp;#243;n Civil vs Edesur S.A. and Other defendants,&#13;for breach of contract&amp;#8221;. On April 8, 2014, the Court in Civil and Commercial Federal Matters No. 9 &amp;#8211; Clerk&amp;#8217;s&#13;Office No. 17 admitted the motion to dismiss due to the fact that the claims at issue were being litigated in another lawsuit&#13;(&amp;#8220;&lt;i&gt;excepci&amp;#243;n de litispendencia&lt;/i&gt;&amp;#8221;), and ordered that the proceedings be sent to Federal Court No. 2 &amp;#8211;&#13;Clerk&amp;#8217;s Office No. 3 to be dealt with thereat, thus joining them to the case entitled &amp;#8220;consumidores financieros vs&#13;Edesur S.A. and other defendants, for breach of contract&amp;#8221;. Apart from the fact that the proceedings have been received in&#13;the Court that currently hears the case, which continues in process, no significant events have occurred. As indicated in caption&#13;a) above, due to the joining of those proceedings to those herein described, these proceedings have been brought to trial.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 20.15pt"&gt;We detail&#13;below the nature of the significant judicial proceedings instituted by the Company as of December 31, 2018, in relation to which&#13;an inflow of economic benefits into the Company is deemed probable.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 49.65pt"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;8.2&#13;|&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0"&gt;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Civil&#13;and Commercial Proceedings for the Determination of a Claim &amp;#8211; Judicial Annulment ENRE Resolution 32/11 &lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt 21.3pt; text-align: justify; text-indent: -14.2pt"&gt;- The&#13;Company seeks to obtain the judicial annulment of the ENRE&amp;#8217;s Resolution that provided the following:&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 57.3pt; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Wingdings"&gt;&amp;#216;&lt;/font&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif"&gt;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;That the Company be fined in the amount of $ 750&#13;thousand due to its failure to comply with the obligations arising from Section 25, sub-sections a, f and g, of the Concession&#13;Agreement and Section 27 of Law No. 24,065.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 57.3pt; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Wingdings"&gt;&amp;#216;&lt;/font&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif"&gt;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;That the Company be fined in the amount of $ 375&#13;thousand due to its failure to comply with the obligations arising from Section 25 of the Concession Agreement and ENRE Resolution&#13;No. 905/99.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt 57.3pt; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Wingdings"&gt;&amp;#216;&lt;/font&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif"&gt;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;That the Company be ordered to pay customers as&#13;compensation for the power cuts suffered the following amounts: $ 180 to each small-demand residential customer (T1R) who suffered&#13;power cuts that lasted more than 12 continuous hours, $ 350 to those who suffered power cuts that lasted more than 24 continuous&#13;hours, and $ 450 to those who suffered power cuts that lasted more than 48 continuous hours. The resolution stated that such compensation&#13;did not include damages to customer facilities and/or appliances, which were to be dealt with in accordance with a specific procedure.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;On July 8, 2011,&#13;the Company requested that notice of the action be served upon the ENRE, which has effectively taken place. The proceedings are&#13;&amp;#8220;awaiting resolution&amp;#8221; since the date on which the ENRE answered the notice served. Furthermore, on October 28, 2011,&#13;the Company filed an appeal (&amp;#8220;&lt;i&gt;Recurso de Queja por apelaci&amp;#243;n denegada&lt;/i&gt;&amp;#8221;) to the CSJN requesting that the&#13;appeal dismissed concerning the provisional relief sought and not granted be sustained. On April 24, 2013, the Company was notified&#13;of Division I&amp;#8217;s decision dated March 21, 2013, pursuant to which the appeal filed by &lt;b&gt;edenor&lt;/b&gt; was declared formally&#13;inadmissible. On May 3, 2013, the Company filed an ordinary appeal (&amp;#8220;&lt;i&gt;Recurso Ordinario de Apelaci&amp;#243;n&lt;/i&gt;&amp;#8221;) to&#13;the CSJN. Additionally, on May 13, 2013, an extraordinary appeal (&amp;#8220;&lt;i&gt;Recurso Extraordinario Federal&lt;/i&gt;&amp;#8221;) was also&#13;filed to the same Court. On November 7, 2014, it was notified to the Company that Division I had rejected the ordinary appeal but&#13;partially granted the extraordinary appeal, considering for the granting thereof the federal nature of the regulations being challenged&#13;and rejecting it in relation to the arbitrariness raised by &lt;b&gt;edenor&lt;/b&gt;. Therefore, and within the procedural term granted for&#13;such purpose, the Company filed an appeal requesting that the extraordinary appeal dismissed be sustained (&amp;#8220;&lt;i&gt;Recurso de&#13;Queja por Rec. Extraordinario Denegado&lt;/i&gt;&amp;#8221;). As of the date of this report, no decision has yet been issued on this regard.&#13;However, the course of these proceedings is currently suspended due to the fact that an &amp;#8220;Agreement of parties&amp;#8221; has&#13;been entered into with the ENRE.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;At the closing&#13;date of the year ended December 31, 2018, the Company made a provision for principal and interest accrued for an amount of $ 57.3&#13;million within the Other non-current liabilities account.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 49.65pt"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;8.3&#13;|&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0"&gt;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Civil&#13;and Commercial Proceedings for the Determination of a Claim &amp;#8211; Regulatory Liability Claim against the Federal Government&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;On June 28, 2013,&#13;the Company instituted these proceedings for the recognizance of a claim and the related leave to proceed in forma pauperis, both&#13;pending in the Federal Court of Original Jurisdiction in Contentious and Administrative Federal Matters No. 11 &amp;#8211; Clerk&amp;#8217;s&#13;Office No. 22, whose purpose is to sue for breach of contract due to the Federal Government&amp;#8217;s failure to perform in accordance&#13;with the terms of the &amp;#8220;Agreement on the Renegotiation of the Concession Agreement&amp;#8221; (&amp;#8220;&lt;i&gt;Acta Acuerdo de Renegociaci&amp;#243;n&#13;del Contrato de Concesion&lt;/i&gt;&amp;#8221; &amp;#8211; the &amp;#8220;Adjustment Agreement&amp;#8221;) entered into with the Company in 2006, and&#13;for damages caused as a result of such breach.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;On November 22,&#13;2013, the Company amended the complaint so as to extend it and claim more damages as a consequence of the Federal Government&amp;#8217;s&#13;omission to perform the obligations under the aforementioned &amp;#8220;Adjustment Agreement&amp;#8221;. On February 3, 2015, the Court&#13;hearing the case ordered that notice of the complaint be served to be answered within the time limit prescribed by law, which was&#13;answered by the Federal Government in due time and in proper manner. Subsequently, &lt;b&gt;edenor&lt;/b&gt; reported as new event, under the&#13;terms of Section 365 of the CPCCN, the issuance by the SEE of Resolution No. 32/15. After notice was served, the Court rejected&#13;the treatment thereof as an &amp;#8220;event&amp;#8221;, holding the Company liable for costs. The Company filed an appeal, which was admitted&#13;&amp;#8220;with a postponed effect&amp;#8221; (i.e. the Appellate Court will grant or reject the appeal when deciding on the granting or&#13;rejection of the appeal against final judgment). On October 16, 2015, the Attorney General&amp;#8217;s Office requested to borrow the&#13;records for a term of 20 days, which were returned on December 1, 2015, in order to control the work done by the state&amp;#8217;s&#13;attorneys. On December 4, 2015, the Company requested the suspension of the procedural time-limits under the terms of section 157&#13;of the CPCCN, in accordance with the provisions of SEE Resolution No. 32/15, notice of which has been served upon the defendant.&#13;On February 16, 2016, the Company reiterated the request due to the revocation of SEE Resolution No. 32/15. At the date of issuance&#13;of this report, and by &amp;#8220;agreement of the parties&amp;#8221;, the procedural time-limits continue to be suspended.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Regarding the motion&#13;to litigate in forma pauperis that was filed on July 2, 2013, the discovery period has ended and the period for the parties to&#13;put forward their arguments on the merits of the evidence produced has begun. At the date of issuance of these financial statements,&#13;the procedural time-limits in this incidental motion, as those in the main proceedings, continue to be suspended.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DisclosureOfContingentLiabilitiesExplanatory>
    <EDN:DisclosureOfSalariesAndSocialSecurityTaxesPayableExplanatory contextRef="From2018-01-01to2018-12-31">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;&lt;i&gt;a.&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-right: 7.1pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;Salaries and social security taxes payable&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 7.1pt 0 53.45pt"&gt;&lt;i&gt;&amp;#160;&amp;#160;&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="font-weight: bold; width: 58%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;Non-current&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Early retirements payable&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;14,884&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,960&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Seniority-based bonus&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;147,853&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;171,719&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;Total non-current&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;162,737&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;176,679&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;Current&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Salaries payable and provisions&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,581,241&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,571,228&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Social security payable&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;151,137&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;223,165&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Early retirements payable&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;10,248&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,099&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;Total current&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,742,626&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,801,492&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 7.1pt 0 53.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The carrying amount&#13;of the Company&amp;#8217;s salaries and social security taxes payable approximates their fair value.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;&lt;i&gt;b.&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-right: 7.1pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;Salaries and social security taxes charged to profit or loss&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 7.1pt 0 53.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 7.1pt 0 53.45pt"&gt;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify; width: 46%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 17%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 17%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 17%"&gt;&amp;#160;12.31.16&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Salaries&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,336,533&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,897,440&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,006,596&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: middle"&gt;Social security taxes&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,686,430&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,904,559&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,947,009&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Total salaries and social security taxes&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,022,963&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,801,999&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,953,605&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 7.1pt 0 53.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Early retirements&#13;payable correspond to individual optional agreements. After employees reach a specific age, the Company may offer them this option.&#13;The related accrued liability represents future payment obligations which as of December 31, 2018 and 2017 amount to $ 10.2 million&#13;and $ 7.1 million (current) and $ 14.9 million and $ 5 million (non-current), respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The seniority-based&#13;bonus included in collective bargaining agreements in effect consists of a bonus to be granted to personnel with a certain amount&#13;of years of service. As of December 31, 2018 and 2017, the related liabilities amount to $ 147.8 million and $ 171.7 million, respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;As of December&#13;31, 2018 and 2017, the number of employees amounts to 4,878 and 4,789, respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 7.1pt 0 53.45pt"&gt;&lt;/p&gt;</EDN:DisclosureOfSalariesAndSocialSecurityTaxesPayableExplanatory>
    <ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory contextRef="From2018-01-01to2018-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The defined benefit&#13;plans granted to Company employees consist of a bonus for all the employees who have the necessary years of service and have made&#13;the required contributions to retire under ordinary retirement plans.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The amounts and&#13;conditions vary in accordance with the collective bargaining agreement and for non-unionized personnel.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="font-weight: bold; text-align: justify; width: 59%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;12.31.18&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;12.31.17&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Non-current&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;385,098&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;477,765&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Current&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;32,365&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;46,375&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Total Benefit plans&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;417,463&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;524,140&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The detail of&#13;the benefit plan obligations as of December 31, 2018 and 2017 is as follows:&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 59%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;12.31.18&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;12.31.17&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;Benefit payment obligations at beginning&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;524,140&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;442,170&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;Current service cost&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;32,904&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;42,500&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;Interest cost&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;79,304&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;126,954&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;Actuarial losses&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,638&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(22,219)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Result from exposure to inflation for the year&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(169,169)&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(8,692)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;Benefits paid to participating employees&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(55,354)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(56,573)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;Benefit payment obligations at period end&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;417,463&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;524,140&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;As of December&#13;31, 2018 and 2017, the Company does not have any assets related to post-retirement benefit plans.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The detail of&#13;the charge recognized in the Statement of Comprehensive Income is as follows:&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; width: 48%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 16%"&gt;12.31.18&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 16%"&gt;12.31.17&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 18%"&gt;12.31.16&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top"&gt;Cost&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;32,904&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;42,500&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;46,320&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top"&gt;Interest&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;79,304&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;126,954&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;163,431&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top"&gt;Actuarial results - Other comprehensive loss&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,638&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(22,219)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(15,555)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;117,846&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;147,235&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;194,196&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The actuarial&#13;assumptions used are based on market interest rates for Argentine government bonds, past experience, and the Company Management&amp;#8217;s&#13;best estimate of future economic conditions. Changes in these assumptions may affect the future cost of benefits and obligations.&#13;The main assumptions used are as follow:&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="font-weight: bold; text-align: justify; width: 59%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;12.31.18&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;12.31.17&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Discount rate&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;5%&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;5%&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Salary increase&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;1%&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;1%&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Inflation&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;31%&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;18%&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Sensitivity analysis:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; width: 59%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; width: 20%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;12.31.2018&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Discount Rate: 4%&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Obligation&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;459,651&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Variation&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;42,188&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;10%&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;Discount Rate: 6%&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Obligation&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;381,587&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Variation&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;(35,876)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;(9%)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;Salary Increase : 0%&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Obligation&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;379,992&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Variation&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;(37,471)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;(9%)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;Salary Increase: 2%&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Obligation&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;460,939&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Variation&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;43,476&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;10%&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The expected payments&#13;of benefits are as follow:&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify; width: 33%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 10%"&gt;&amp;#160;In 2019&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 10%"&gt;&amp;#160;In 2020&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 11%"&gt;&amp;#160;In 2021&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 10%"&gt;&amp;#160;In 2022&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 11%"&gt;&amp;#160;In 2023&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 10%"&gt;&amp;#160;Between 2022 to 2028&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;At December 31, 2018&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Benefit payment obligations&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;32,365&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,221&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,207&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,450&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,059&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;11,128&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Estimates based&#13;on actuarial techniques imply the use of statistical tools, such as the so-called demographic tables used in the actuarial valuation&#13;of the Company&amp;#8217;s active personnel.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;In order to determine&#13;the mortality of the Company&amp;#8217;s active personnel, the &amp;#8220;1971 Group Annuity Mortality&amp;#8221; table has been used. In general,&#13;a mortality table shows for each age group the probability that a person in any such age group will die before reaching a predetermined&#13;age. Male and female mortality tables are elaborated separately inasmuch as men and women&amp;#8217;s mortality rates are substantially&#13;different.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;In order to estimate&#13;total and permanent disability due to any cause, 80% of the &amp;#8220;1985 Pension Disability Study&amp;#8221; table has been used.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;In order to estimate&#13;the probability that the Company&amp;#8217;s active personnel will leave the Company or stay therein, the &amp;#8220;ESA 77&amp;#8221; table&#13;has been used.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Liabilities related&#13;to the above-mentioned benefits have been determined considering all the rights accrued by the beneficiaries of the plans through&#13;the closing date of the year ended December 31, 2018.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;These benefits&#13;do not apply to key management personnel.&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;</ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory>
    <ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory contextRef="From2018-01-01to2018-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;In 2016, the Company&amp;#8217;s&#13;Board of Directors proposed that the treasury shares be used for the implementation of a long-term incentive plan in favor of executive&#13;directors, managers or other personnel holding key executive positions in the Company in an employment relationship with the latter&#13;and those who in the future are invited to participate, in accordance with the provisions of section 67 of Law No. 26,831 on Capital&#13;Markets. The plan was ratified and approved by the ordinary and extraordinary shareholders&amp;#8217; meeting held on April 18, 2017.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;At the date of&#13;issuance of these financial statements, the Company awarded a total of 1,618,332 shares to executive directors and managers as&#13;additional remuneration for their performance in special processes developed during fiscal years 2016 and 2017.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The fair value&#13;of the previously referred to shares at the award date, amounted to $ 49.4 million and has been recorded in the Salaries and social&#13;security taxes line item, with a contra account in Equity. The amount recorded in Equity is net of the tax effect.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory>
    <ifrs-full:DisclosureOfIncomeTaxExplanatory contextRef="From2018-01-01to2018-12-31">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The analysis of&#13;deferred tax assets and liabilities is as follows:&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 36%; background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 13%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12.31.17&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Result from exposure to inflation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Charged to profit and loss&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 14%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Charged to other comprehensive income&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12.31.18&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;Deferred tax assets&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Inventories&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;13,454&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(9,064)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(4,390)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Trade receivables and other receivables&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;481,066&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(371,025)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;335,061&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;445,102&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Trade payables and other payables&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;424,670&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;757,645&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;772,447&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,954,762&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Salaries and social security taxes payable&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(95,813)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;130,428&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;14,824&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;49,439&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Benefit plans&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;219,113&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(128,800)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;13,980&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,691&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;105,984&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Tax liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;55,897&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(43,540)&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="vertical-align: bottom; background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;Deferred tax liabilities:&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="vertical-align: top; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Property, plant and equipment&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(7,466,457)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;903,151&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(4,184,856)&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Net deferred tax (liabilities) assets&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(7,290,150)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2,352,933&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(3,112,782)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,691&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(8,048,308)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; 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line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Charged to profit and loss&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 14%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Charged to other comprehensive income&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12.31.17&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13; 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text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Tax loss carryforward&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;6,160&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,988)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;49,620&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;53,792&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Inventories&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7,520&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(2,427)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;8,361&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;13,454&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Trade receivables and other receivables&lt;/font&gt;&lt;/td&gt;&#13; 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text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(7,290,150)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 55%; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 23%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12.31.18&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 21%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12.31.17&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;Deferred tax assets:&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;To be recover in less than 12 moths&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,310,153&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13; 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border-bottom: black 1pt solid; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2,916,777&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2,425,764&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;Deferred tax liabilities:&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;To be recover in less than 12 moths&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,966,173)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(2,740,288)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;To be recover in more than 12 moths&lt;/font&gt;&lt;/td&gt;&#13; 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text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(9,715,914)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Net deferred tax assets (liabilities)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(8,048,308)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(7,290,150)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The detail of the&#13;income tax expense for the year includes two effects: (i) the current tax for the year payable in accordance with the tax legislation&#13;applicable to the Company; (ii) the effect of applying the deferred tax method which recognizes the effect of the temporary differences&#13;arising from the valuation of assets and liabilities for accounting and tax purposes.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="width: 47%; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 16%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12.31.18&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 18%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12.31.17&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 16%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12.31.16&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Deferred tax&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(759,849)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;255,285&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;342,403&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Current tax&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,114,384)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(760,641)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(484,887)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Difference between provision and tax return&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(3,163)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(4,700)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(4,786)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Income tax expense&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(1,877,396)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(510,056)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(147,270)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;&lt;u&gt;Tax Reform&#13;in Argentina&lt;/u&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;On December 29,&#13;2017, the PEN enacted Law No. 27,430 &amp;#8211; Income Tax. This Law has introduced several amendments to the treatment of income&#13;tax, whose key components are the following:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;u&gt;Income tax rate:&lt;/u&gt;&#13;The Income tax rate for Argentine companies will be gradually reduced from 35% to 30% for fiscal years beginning as from January&#13;1, 2018 until December 31, 2019 and to 25% for fiscal years beginning on or after January 1, 2020.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;u&gt;Dividend withholding&#13;tax:&lt;/u&gt; A tax is introduced on dividends or profits distributed, among others, by Argentine companies or permanent establishments&#13;to: individuals, undivided estates or foreign beneficiaries, with the following considerations: (i) dividends deriving from profits&#13;generated during fiscal years beginning as from January 1, 2018 until December 31, 2019 will be subject to a withholding of 7%;&#13;and (ii) dividends arising from profits obtained in fiscal years beginning on or after January 1, 2020 will be subject to a 13%&#13;withholding.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The dividends arising&#13;from benefits obtained until the fiscal year prior to that beginning as from January 1, 2018 will continue to be subject, for all&#13;the beneficiaries thereof, to the 35% withholding on the amount exceeding the non-taxable distributable cumulative income (transition&#13;period of the equalization tax).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;u&gt;Optional tax&#13;revaluation:&lt;/u&gt; The law establishes that the Companies will have the option of carrying out a revaluation for tax purposes of&#13;the assets located in the country that generate taxable income. The special tax on the amount of the revaluation depends on the&#13;asset, amounting to 8% for real property not regarded as inventories, to 15% for real property regarded as inventories, and to&#13;10 % for personal property and all other assets. If the option is exercised for a certain asset, all the other assets of the same&#13;category must be revalued. The tax result arising from the revaluation is not subject to income tax, and the special tax on the&#13;amount of the revaluation will not be deductible from such tax. The Company is currently analyzing the impacts of the aforementioned&#13;option.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;u&gt;Adjustment&#13;of deductions:&lt;/u&gt; Acquisitions or investments made in fiscal years beginning on or after January 1, 2018 will be adjusted on&#13;the basis of the IPIM&amp;#8217;s percentage variations published by the INDEC. This situation will increase the deductible amortization&#13;and its tax deductible cost in case of sale.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 47%; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 16%; border-bottom: black 1pt solid; background-color: white; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12.31.18&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; background-color: white; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 18%; border-bottom: black 1pt solid; background-color: white; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12.31.17&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; background-color: white; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 16%; border-bottom: black 1pt solid; background-color: white; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12.31.16&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Profit for the year before taxes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;6,174,862&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;5,590,691&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;388,041&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Applicable tax rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;30%&lt;/font&gt;&lt;/td&gt;&#13; 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text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;560&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(6)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(3)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Non-taxable income&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;220,769&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;115,661&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;138,040&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Gain on net monetary position and others&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13; 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line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(3,163)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(4,700)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(4,786)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Change in the income tax rate (1)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;763,907&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;433,100&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Income tax expense&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13; 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margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 23px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 24px; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Refers to the effect of applying to deferred tax assets and liabilities the changes in income tax rates in accordance with the previously detailed tax reform on the basis of the year in which they are expected to be realized/settled.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; 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   &lt;td style="vertical-align: top; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;689,091&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</ifrs-full:DisclosureOfIncomeTaxExplanatory>
    <EDN:DisclosureOfTaxLiabilitiesExplanatory contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="color: #333399; width: 62%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 18%"&gt;12.31.18&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 18%"&gt;12.31.17&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Non-current&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Current&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Provincial, municipal and federal contributions and taxes&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;130,445&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;587,723&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;VAT payable&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;412,547&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;728,173&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: middle"&gt;Tax withholdings&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;127,121&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;131,091&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td colspan="2" style="vertical-align: middle; text-align: left"&gt;SUSS withholdings&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,435&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,190&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Municipal taxes&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;106,117&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;101,082&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Tax regularization plan&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;380&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,242&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Total Current&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;784,045&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,555,501&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:DisclosureOfTaxLiabilitiesExplanatory>
    <ifrs-full:DisclosureOfLeasesExplanatory contextRef="From2018-01-01to2018-12-31">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 53.45pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 8pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Lessee&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The features that&#13;these leases have in common are that payments (installments) are established as fixed amounts; there are neither purchase option&#13;clauses nor renewal term clauses (except for the lease contract of the Energy Handling and Transformer Center that has an automatic&#13;renewal clause for the term thereof); and there are prohibitions such as: transferring or sub-leasing the building, changing its&#13;use and/or making any kind of modifications thereto. All operating leases contracts have cancelable terms and assignment periods&#13;of 2 to 13 years.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Among them the&#13;following can be mentioned: commercial offices, two warehouses, the headquarters building (comprised of administration, commercial&#13;and technical offices), the Energy Handling and Transformer Center (two buildings and a plot of land located within the perimeter&#13;of Central Nuevo Puerto and Puerto Nuevo) and Las Heras substation.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;As of December&#13;31, 2018 and 2017, future minimum payments with respect to operating assignments of use are as follow:&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: center; width: 55%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 21%"&gt;12.31.18&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 21%"&gt;12.31.17&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="text-align: center"&gt;2017&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="text-align: center"&gt;2018&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;124,503&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="text-align: center"&gt;2019&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;155,454&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;124,626&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="text-align: center"&gt;2020&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;138,048&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;52,194&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="text-align: center"&gt;2021&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;102,515&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,597&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: center"&gt;Total future minimum lease payments&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;396,017&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;305,920&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Total expenses&#13;for operating assignments of use for the years ended December 31, 2018, 2017 nad 2016 are as follow:&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="text-align: center; width: 45%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 18%"&gt;12.31.18&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 18%"&gt;12.31.17&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 16%"&gt;12.31.16&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td rowspan="2" style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 2pt double; text-align: center"&gt;Total lease expenses&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td rowspan="2" style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 2pt double; text-align: right"&gt;125,157&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td rowspan="2" style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 2pt double; text-align: right"&gt;126,098&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td rowspan="2" style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 2pt double; text-align: right"&gt;126,193&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 53.45pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 8pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Lessor&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company has&#13;entered into operating leases contracts with certain cable television companies granting them the right to use the poles of the&#13;Company&amp;#8217;s network. Most of these contracts include automatic renewal clauses.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;As of December&#13;31, 2018 and 2017, future minimum collections with respect to operating leases are as follow:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: center; width: 54%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 22%"&gt;12.31.18&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 22%"&gt;12.31.17&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="text-align: center"&gt;2017&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="text-align: center"&gt;2018&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;202,143&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="text-align: center"&gt;2019&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;173,619&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;193,812&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: center"&gt;Total future minimum lease collections&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;173,619&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;395,955&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Total income from&#13;operating leases for the years ended December 31, 2018, 2017 and 2016 is as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="text-align: center; width: 45%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 18%"&gt;12.31.18&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 18%"&gt;12.31.17&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 16%"&gt;12.31.16&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: center"&gt;Total lease income&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;190,370&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;212,265&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;199,431&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;</ifrs-full:DisclosureOfLeasesExplanatory>
    <ifrs-full:DisclosureOfProvisionsExplanatory contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; width: 58%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;&amp;#160;Non-current liabilities&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: middle; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;&amp;#160;Current liabilities&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="vertical-align: middle; text-align: center"&gt;&amp;#160;Contingencies&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;&amp;#160;At 12.31.16&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;504,038&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;129,808&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Increases&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;411,975&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;130,389&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Decreases&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(4)&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(58,930)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Result from exposure to inflation for the year&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(32,890)&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(10,409)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;&amp;#160;At 12.31.17&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;883,119&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;190,858&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Increases&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;472,067&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;252,030&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Decreases&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(85,662)&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(239,585)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Result from exposure to inflation for the year&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(199,374)&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(15,868)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;&amp;#160;At 12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,070,150&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;187,435&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</ifrs-full:DisclosureOfProvisionsExplanatory>
    <ifrs-full:DisclosureOfRevenueExplanatory contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="font-weight: bold; text-align: justify; width: 50%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: justify; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 15%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; background-color: white; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 15%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 17%"&gt;&amp;#160;12.31.16&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="text-align: left; background-color: white"&gt;Sales of electricity&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;55,689,651&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;39,329,729&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;25,576,978&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="text-align: left; background-color: white"&gt;Right of use on poles&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;190,370&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;212,265&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;213,449&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="text-align: left; background-color: white"&gt;Connection charges&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;51,105&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;49,369&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;30,893&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="text-align: left; background-color: white"&gt;Reconnection charges&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;22,523&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;11,505&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,439&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Total Revenue from sales&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;55,953,649&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;39,602,868&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;25,826,759&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</ifrs-full:DisclosureOfRevenueExplanatory>
    <ifrs-full:DisclosureOfExpensesByNatureExplanatory contextRef="From2018-01-01to2018-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The detail of&#13;expenses by nature is as follows:&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 39%"&gt;&amp;#160;Description&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%"&gt;&amp;#160;Transmission and distribution expenses&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%"&gt;&amp;#160;Selling&#13;    expenses&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"&gt;&amp;#160;Administrative expenses&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%"&gt;&amp;#160;Total&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Salaries and social security taxes&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,331,442&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;777,014&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;914,507&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,022,963&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Pension plans&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;80,695&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;14,476&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;17,037&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;112,208&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Communications expenses&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;81,110&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;269,674&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;16,017&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;366,801&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Allowance for the impairment of trade and other receivables&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;977,503&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;977,503&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Supplies consumption&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;790,392&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;122,623&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;913,015&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Leases and insurance&amp;#160;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;530&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;180,218&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;180,748&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Security service&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;136,656&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,027&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;128,699&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;267,382&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Fees and remuneration for services&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,411,812&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,040,164&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,007,152&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,459,128&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Public relations and marketing&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;32,246&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;32,246&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Advertising and sponsorship&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;16,612&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;16,612&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Reimbursements to personnel&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;60&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;68&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;498&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;626&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2" style="text-align: left"&gt;Depreciation of property, plants and&lt;br /&gt;&#13;equipments&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,014,887&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;300,255&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;246,357&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,561,499&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2" style="text-align: left"&gt;Directors and Supervisory Committee &lt;br /&gt;&#13;members&amp;#8217; fees&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;21,893&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;21,893&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;ENRE penalties (1)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,064,330&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,052,135&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,116,465&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Taxes and charges&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;598,908&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;162,549&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;761,457&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Other&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;808&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;457&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,719&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,984&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: center"&gt;At 12.31.18&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;10,912,722&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,032,681&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,872,127&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;18,817,530&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The expenses included&#13;in the chart above are net of the Company&amp;#8217;s own expenses capitalized in Property, plant and equipment as of December 31,&#13;2018 for $ 1 billion.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 39%"&gt;&amp;#160;Description&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%"&gt;&amp;#160;Transmission and distribution expenses&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%"&gt;&amp;#160;Selling&amp;#160;expenses&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"&gt;&amp;#160;Administrative expenses&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%"&gt;&amp;#160;Total&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Salaries and social security taxes&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,997,823&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;886,976&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;917,200&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,801,999&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Pension plans&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;124,507&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;22,097&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;22,850&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;169,454&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Communications expenses&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;55,281&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;289,371&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;22,804&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;367,456&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Allowance for the impairment of trade and other receivables&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;391,615&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;391,615&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Supplies consumption&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;687,199&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;109,780&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;796,979&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Leases and insurance&amp;#160;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;653&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;182,024&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;182,677&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Security service&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;130,263&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,797&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;141,231&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;273,291&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Fees and remuneration for services&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,081,974&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;876,612&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;820,225&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,778,811&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Public relations and marketing&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;56,659&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;56,659&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Advertising and sponsorship&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;29,187&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;29,187&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Reimbursements to personnel&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;89&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;55&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;827&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;971&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2" style="text-align: left"&gt;Depreciation of property, plants and&lt;br /&gt;&#13;equipments&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,740,231&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;275,125&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;132,733&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,148,089&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2" style="text-align: left"&gt;Directors and Supervisory Committee&lt;br /&gt;&#13;members&amp;#8217; fees&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;21,429&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;21,429&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;ENRE penalties&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;428,049&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;428,663&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;856,712&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Taxes and charges&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;395,263&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;32,011&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;427,274&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Other&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;996&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;264&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;15,546&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;16,806&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: center"&gt;At 12.31.17&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;9,247,065&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,567,838&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,504,506&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;15,319,409&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 21.25pt"&gt;&lt;font style="font-size: 8pt"&gt;(1)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Transmission and distribution expenses include recovery for $ 719.8&#13;million net of the charge for the year for $ 1.6 billion.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The expenses included&#13;in the chart above are net of the Company&amp;#8217;s own expenses capitalized in Property, plant and equipment as of December 31,&#13;2017 for $ 869.7 million.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 39%"&gt;&amp;#160;Description&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%"&gt;&amp;#160;Transmission and distribution expenses&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%"&gt;&amp;#160;Selling&amp;#160;expenses&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"&gt;&amp;#160;Administrative expenses&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%"&gt;&amp;#160;Total&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Salaries and social security taxes&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,104,795&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;861,097&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;987,713&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,953,605&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Pension plans&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;142,590&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;24,053&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;27,589&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;194,232&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Communications expenses&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;49,817&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;251,381&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;20,318&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;321,516&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Allowance for the impairment of trade and other receivables&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;433,371&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;433,371&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Supplies consumption&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;513,318&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;64,249&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;577,567&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Leases and insurance&amp;#160;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;870&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;173,973&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;174,843&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Security service&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;134,404&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;22,855&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;85,461&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;242,720&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Fees and remuneration for services&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;897,754&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;923,607&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;771,520&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,592,881&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Public relations and marketing&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Advertising and sponsorship&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Reimbursements to personnel&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,821&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;343&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,520&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,684&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2" style="text-align: left"&gt;Depreciation of property, plants and&lt;br /&gt;&#13;equipments&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,739,293&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;301,301&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;106,647&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,147,241&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2" style="text-align: left"&gt;Directors and Supervisory Committee&lt;br /&gt;&#13;members&amp;#8217; fees&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;11,937&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;11,937&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;ENRE penalties&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,677,844&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;367,907&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,045,751&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Taxes and charges&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;193,081&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;27,088&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;220,169&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Other&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,351&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;265&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;10,022&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;11,638&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: center"&gt;At 12.31.16&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;13,263,857&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,379,261&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,288,037&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;18,931,155&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The expenses included&#13;in the chart above are net of the Company&amp;#8217;s own expenses capitalized in Property, plant and equipment as of December 31,&#13;2017 for $ 602 million.&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;</ifrs-full:DisclosureOfExpensesByNatureExplanatory>
    <ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify; width: 45%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify; width: 5%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 16%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 16%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 1%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 16%"&gt;&amp;#160;12.31.16&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Other operating income&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Services provided to third parties&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;74,522&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;89,303&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;120,580&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Commissions on municipal taxes collection&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;77,088&lt;/td&gt;&#13;    &lt;td style="vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;51,358&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;42,131&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Related parties&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;35&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;44,303&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,263&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;921&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top"&gt;Income from non-reimbursable customer &lt;br /&gt;&#13;contributions&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,574&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,372&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,520&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top"&gt;Fines to suppliers&amp;#160;&amp;#160;&amp;#160;(1)&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;76,914&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,811&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;Others&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;43,355&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;705&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,995&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Total other operating income&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;321,756&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;157,812&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;172,147&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Other operating expense&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Gratifications for services&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(74,266)&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(80,802)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(69,678)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Cost for services provided to third parties&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(52,429)&lt;/td&gt;&#13;    &lt;td style="vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(65,238)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(98,328)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Severance paid&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(16,645)&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(28,353)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(31,243)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Donations and contributions&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(6)&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;Debit and Credit Tax&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(594,750)&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(479,525)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(306,892)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Other expenses - FOCEDE&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(31,223)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Provision for contingencies&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(724,097)&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(542,364)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(301,808)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2" style="text-align: left"&gt;Disposals of property, plant and equipment&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(134,455)&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(49,824)&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(244,456)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;Other&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(45,918)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(14,398)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(1,534)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Total other operating expense&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(1,642,566)&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(1,260,504)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(1,085,162)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: justify"&gt;Other operating expense, net&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(1,320,810)&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(1,102,692)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(913,015)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;font style="font-size: 8pt"&gt;(1)&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;Relates to fines applied to Suppliers for failing to comply with agreed-upon contractual conditions.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;/p&gt;</ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory>
    <EDN:DisclosureOfFinancialExpenseExplanatory contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; width: 50%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 15%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center; background-color: white; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 15%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 17%"&gt;&amp;#160;12.31.16&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-decoration: underline; background-color: white"&gt;Financial income&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-decoration: underline; background-color: white"&gt;&lt;u&gt;&lt;/u&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Commercial interest&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;273,457&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;177,655&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;262,536&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Financial interest&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;398,326&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;276,149&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;122,057&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; background-color: white"&gt;Total financial income&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"&gt;671,783&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"&gt;453,804&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"&gt;384,593&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-decoration: underline; background-color: white"&gt;Financial expenses&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-decoration: underline; background-color: white"&gt;&lt;u&gt;&lt;/u&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Interest and other&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(1,987,092)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(819,377)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(535,721)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white"&gt;Fiscal interest&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(22,752)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(31,153)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(18,762)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Commercial interest&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(2,958,366)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(1,716,843)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(2,028,136)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Bank fees and expenses&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(8,509)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(2,883)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(6,608)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; background-color: white"&gt;Total financial expenses&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"&gt;(4,976,719)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"&gt;(2,570,256)&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"&gt;(2,589,227)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-decoration: underline; background-color: white"&gt;Other financial results&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-decoration: underline; background-color: white"&gt;&lt;u&gt;&lt;/u&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Exchange differences&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(2,629,966)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(564,056)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(911,819)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Adjustment to present value of receivables&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(327)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(431)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,749&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Changes in fair value of financial assets (1)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;746,532&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;474,896&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;891,773&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="background-color: white"&gt;Net gain from the repurchase of &lt;br /&gt;&#13;Corporate Notes&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,539&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;90&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Other financial expense&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(86,098)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(78,877)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(73,096)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; background-color: white"&gt;Total other financial expense&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"&gt;(1,965,320)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"&gt;(168,468)&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"&gt;(87,303)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; background-color: white"&gt;Total net financial expense&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;(6,270,256)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;(2,284,920)&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;(2,291,937)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 21.3pt"&gt;&lt;/td&gt;&lt;td style="width: 21.25pt"&gt;&lt;font style="font-size: 8pt"&gt;(1)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Includes changes in the fair value of financial assets on cash equivalents&#13;as of December 31, 2018, 2017 and 2016 for $ 43.4 million, $ 37.3 million and $ 39.6 million, respectively.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;/p&gt;</EDN:DisclosureOfFinancialExpenseExplanatory>
    <ifrs-full:DisclosureOfEarningsPerShareExplanatory contextRef="From2018-01-01to2018-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40pt"&gt;&lt;b&gt;&lt;i&gt;Basic&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The basic earnings&#13;per share are calculated by dividing the profit attributable to the holders of the Company&amp;#8217;s equity instruments by the weighted&#13;average number of common shares outstanding as of December 31, 2018 and 2017, excluding common shares purchased by the Company&#13;and held as treasury shares.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The basic earnings&#13;per share coincide with the diluted earnings per share, inasmuch as the Company has issued neither preferred shares nor Corporate&#13;Notes convertible into common shares.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; width: 46%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 17%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 17%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 16%"&gt;&amp;#160;12.31.16&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Profit (Loss) for the year attributable to the owners of the Company&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,297,466&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,080,635&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;240,771&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Weighted average number of common shares outstanding&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;890,492&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;898,280&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;897,043&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Basic and diluted&amp;#160;&amp;#160;profit (loss) earnings per share &amp;#8211; in pesos&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4.83&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5.66&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;0.27&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;</ifrs-full:DisclosureOfEarningsPerShareExplanatory>
    <ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory contextRef="From2018-01-01to2018-12-31">&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 106.9pt; text-align: justify; text-indent: -57.25pt"&gt;&lt;font style="font: 8pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The following transactions were carried out with&#13;related parties:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 106.9pt; text-align: justify; text-indent: -57.25pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 106.9pt; text-align: justify; 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text-align: center; width: 26%"&gt;Company&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; font-style: italic; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 33%"&gt;Concept&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 13%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 12%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; 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   &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;11,161&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,263&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td&gt;SACDE&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;Reimbursement expenses&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;32,993&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td&gt;Transener&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;Reimbursement expenses&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;369&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td&gt;Transba&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;Reimbursement expenses&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;553&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;44,303&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,263&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;18,608&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; 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   &lt;td style="font-weight: bold; font-style: italic; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 26%"&gt;Company&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; font-style: italic; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 33%"&gt;Concept&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 13%"&gt;12.31.18&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 12%"&gt;12.31.17&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 12%"&gt;&amp;#160;12.31.16&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td&gt;PESA&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;Technical advisory services on financial matters&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(86,098)&lt;/td&gt;&#13; 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   &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(65,298)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td&gt;Salaverri, Dellatorre, Burgio y Wetzler Malbran&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;Legal fees&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(876)&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(6,365)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td&gt;PYSSA&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;Financial and granting of loan services to customers&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(39)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td&gt;OSV&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;Hiring life insurance for staff&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(19,521)&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(18,965)&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(11,474)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td&gt;ABELOVICH, POLANO&amp;#160;&amp;#160;&amp;#38; ASOC.&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;Legal fees&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(1,310)&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(712)&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(188,627)&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(150,457)&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(149,891)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 106.9pt; text-align: justify; text-indent: -57.25pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 106.9pt; text-align: justify; text-indent: -57.25pt"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 70.9pt"&gt;&lt;/td&gt;&lt;td style="width: 28.35pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;c.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;Key Management personnel&amp;#8217;s remuneration&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 106.9pt; text-align: justify; text-indent: -57.25pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 44%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 17%"&gt;12.31.18&lt;/td&gt;&#13;    &lt;td style="text-align: center; width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 17%"&gt;12.31.17&lt;/td&gt;&#13;    &lt;td style="width: 2%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 16%"&gt;12.31.16&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white"&gt;Salaries&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;194,040&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;250,646&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;229,206&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;194,040&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;250,646&lt;/td&gt;&#13;    &lt;td style="background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;229,206&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 106.9pt; text-align: justify; text-indent: -57.25pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 106.9pt; text-align: justify; text-indent: -57.25pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 106.9pt; text-align: justify; text-indent: -57.25pt"&gt;&lt;font style="font: 8pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The balances with related parties are as follow:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 70.9pt"&gt;&lt;/td&gt;&lt;td style="width: 28.35pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;d.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;Receivables and payables&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 106.9pt; text-align: justify; text-indent: -57.25pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="background-color: white; width: 53%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 22%"&gt;12.31.18&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 21%"&gt;12.31.17&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-style: italic; text-decoration: underline"&gt;Other receivables - Non current&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td&gt;SACME&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,662&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,015&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="font-weight: bold; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,662&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,015&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: middle; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: middle; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-style: italic; text-decoration: underline; vertical-align: bottom"&gt;Other receivables - Current&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: middle; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: middle; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: middle"&gt;SACME&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;766&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; text-align: right"&gt;1131&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;PESA&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,180&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;483&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,946&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,614&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 106.9pt; text-align: justify; text-indent: -57.25pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The other receivables&#13;with related parties are not secured and do not accrue interest. No allowances have been recorded for these concepts in any of&#13;the periods covered by these financial statements.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;According to IAS&#13;24, paragraphs 25 and 26, the Company applies the exemption from the disclosure requirement of transactions with related parties&#13;when the counterpart is a governmental agency that has control, joint control or significant influence. As of December 31, 2018,&#13;the ANSES holds Corporate Notes of the Company due in 2022 for $ 752 million (U.S.$. 20 million nominal value).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The agreements&#13;with related parties that were in effect throughout fiscal year 2018 are detailed below:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;i&gt;(a) Agreement with SACME&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;In the framework&#13;of the regulation of the Argentine electric power sector established by Law No. 24,065 and SEE Resolution No. 61/92, and after&#13;the awarding of the distribution areas of the city and metropolitan area of Buenos Aires to &lt;b&gt;edenor&lt;/b&gt; and Edesur S.A., the&#13;bidding terms and conditions of the privatization provided that both companies were required to organize SACME to operate the electric&#13;power supervision and control center of the transmission and sub-transmission system that feeds the market areas transferred to&#13;those companies. For such purpose, on September 18, 1992 SACME was organized by &lt;b&gt;edenor&lt;/b&gt; and Edesur S.A.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The purpose of&#13;this company is to manage, supervise and control the operation of both the electric power generation, transmission and sub-transmission&#13;system in the City of Buenos Aires and the Buenos Aires metropolitan area and the interconnections with the Argentine Interconnection&#13;System, to represent Distribution Companies in the operational management before CAMMESA, and, in general, to carry out the necessary&#13;actions for the proper development of its activities.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The share capital&#13;of SACME is divided into 12,000 common, registered non-endorsable shares, of which 6,000 Class I shares are owned by &lt;b&gt;edenor&lt;/b&gt;&#13;and 6,000 Class II shares are owned by Edesur S.A.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The operating costs&#13;borne by the Company during fiscal year 2018 amounted to $ 81.6 million.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;i&gt;(b) Agreement with EASA&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The agreement stipulates&#13;the provision to the Company of technical advisory services on financial matters for a term of five years to commence as from September&#13;19, 2015. The term of the agreement will be extended if so agreed by the parties. In consideration of these services, the Company&#13;pays PESA an annual amount of U.S.$. 2.5 million. Any of the parties may terminate the agreement at any time by giving 60 days&amp;#8217;&#13;notice, without having to comply with any further obligations or paying any indemnification to the other party.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Due to the merger&#13;process of EASA and its parent IEASA with and into CTLL, and, in turn, of CTLL with and into PESA, the amount stipulated in the&#13;agreement in consideration of the services will be paid to the acquiring and surviving company/companies of EASA.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;i&gt;(c) Or&amp;#237;genes Seguros&#13;de Vida&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;In the framework&#13;of the process for the taking out of the mandatory life insurance for its personnel, the Company invited different insurance companies&#13;to submit their proposals. After having been analyzed, the one submitted by OSV was selected as the best proposal. This transaction&#13;was approved by the Company&amp;#8217;s Board of Directors at the Board meeting held on March 7, 2018, with the Auditing Committee&amp;#8217;s&#13;prior favorable opinion.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The operating&#13;costs borne by the Company in fiscal year 2018 amounted to $ 19.5 million.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;i&gt;(d) Fidus Sociedad de&#13;Garant&amp;#237;a Rec&amp;#237;proca&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company&amp;#8217;s&#13;Board of Directors, at its meeting of December 4, 2018, approved the making of a contribution of funds to Fidus SGR for a sum of&#13;$ 25.0 million, in the capacity as protector partner and with the scope set forth in Law No. 24,467. In this manner, the Company&#13;expects to strengthen the relationship with its suppliers by giving them the possibility of facilitating an improvement in financing&#13;conditions.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;i&gt;(e) SACDE&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Throughout 2018,&#13;due to the agreement entered into by and between the Federal Government and SACDE for the construction of the Presidente Per&amp;#243;n&#13;highway&amp;#8217;s extension, the Company received from SACDE requests for moving certain facilities owned by the Company located&#13;in some specific places of the referred to highway&amp;#8217;s path. As stipulated in edenor&amp;#8217;s Concession Agreement, the entire&#13;cost of the removals in question is to be borne by the requesting party; therefore, the Projects and Permits Area of the Company&amp;#8217;s&#13;Operations Department prepared the respective works budgets in accordance with the Price List in effect, with the related percentages&#13;for contingencies and edenor&amp;#8217;s fee for the Project, works oversight and associated electric operations, in addition to the&#13;estimated time period for the completion of the works. Given that SACDE is a related party under the terms of the Law on Capital&#13;Markets, the aforementioned works contracts were approved by the Board of Directors at the Board meetings held on April 25, 2018&#13;and January 30, 2019.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The ultimate controlling&#13;company of &lt;b&gt;edenor&lt;/b&gt; is PESA.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 106.9pt; text-align: justify; text-indent: -57.25pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 106.9pt; text-align: justify; text-indent: -57.25pt"&gt;&lt;/p&gt;</ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory>
    <EDN:DisclosureOfSafekeepingOfDocumentationExplanatory contextRef="From2018-01-01to2018-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;On August 14, 2014,&#13;the CNV issued General Resolution No. 629 which introduced changes to its regulations concerning the safekeeping and preservation&#13;of corporate books, accounting books and commercial documentation. In this regard, it is informed that for safekeeping purposes&#13;the Company has sent its workpapers and non-sensitive information, whose periods for retention have not expired, to the warehouses&#13;of the firm Iron Mountain Argentina S.A., located at:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 37.7pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 8pt Georgia, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1245 Azara St. &amp;#8211; City of Buenos Aires&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 37.7pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 8pt Georgia, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2163 Don Pedro de Mendoza Av. &amp;#8211; City of Buenos&#13;Aires&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 37.7pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 8pt Georgia, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2482 Amancio Alcorta Av. &amp;#8211; City of Buenos Aires&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 37.7pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 8pt Georgia, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Tucum&amp;#225;n St. on the corner of El Zonda, Carlos&#13;Spegazzini City, Ezeiza, Province of Buenos Aires&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The detail of the&#13;documentation stored outside the Company&amp;#8217;s offices for safekeeping purposes, as well as the documentation referred to in&#13;Section 5 sub-section a.3) of Caption I of Chapter V of Title II of the Regulations (Technical Rule No. 2,013, as amended) is available&#13;at the Company&amp;#8217;s registered office.&lt;/p&gt;</EDN:DisclosureOfSafekeepingOfDocumentationExplanatory>
    <EDN:DisclosureOfTerminationOfAgreementOnRealEstateAssetExplanatory contextRef="From2018-01-01to2018-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;With the aim of&#13;concentrating in one single building the Company&amp;#8217;s centralized functions, and reducing rental costs and the risk of future&#13;increases, in November 2015, the Company acquired from RDSA (the &amp;#8220;seller&amp;#8221;) a real estate asset to be constructed, for&#13;a total amount of U.S.$. 46 million -equivalent to $ 439.3 million at the exchange rate in effect at the time of entering into the&#13;purchase and sale agreement. To guarantee payment of liquidated damages in case of termination on account of the seller&amp;#8217;s&#13;default, the Company received a surety bond issued by Aseguradores de Cauciones S.A. Compa&amp;#241;&amp;#237;a de Seguros for up to the&#13;maximum amount of U.S.$. 46 million, plus the private banks&amp;#8217; Badlar rate in dollars + 2%.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The real property&#13;had to be delivered by the seller to the Company on June 1, 2018, which the seller failed to comply. Therefore, the Company declared&#13;the seller in default, notifying the insurance company that issued the surety bond of such situation, and collected U.S.$. 502.8 thousand&#13;in fines accrued during the term of the purchase and sale agreement and duly deposited as bond by the seller for failing to meet&#13;the construction project milestones agreed upon in the agreement, amount which was recorded in the Other operating expense, net&#13;line item of the Statement of Comprehensive Income.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;On August 27, 2018,&#13;upon expiration of the legal time periods set forth in the agreement, the Company notified RDSA of the termination of the agreement&#13;on account of its default, demanding payment of the liquidated damages: refunding of the purchase price, plus 15% interest in dollars&#13;from the purchase price payment date until the day of default, less the delay penalty amounts indicated in the preceding paragraph.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Furthermore, on&#13;September 3, 2018, the Company filed a claim against the bond with the insurance company, and subsequently provided the additional&#13;documentation and information that had been required.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Due to RDSA&amp;#8217;s&#13;failure to reimburse the purchase price plus interest, in November 2018, the Company initiated an arbitration process against RDSA&#13;before the Arbitral Tribunal of the Buenos Aires Stock Exchange in order for RDSA to be ordered to pay the liquidated damages stipulated&#13;in the purchase and sale agreement, which, as of December 31, 2018 amounts to $ 3 billion. As of to date, said process is in process&lt;font style="color: #323E4F"&gt;.&#13;&lt;/font&gt;Additionally, the Company initiated the process aimed at collecting the surety bond that guaranteed RDSA&amp;#8217; obligation,&#13;which under the terms of the insurance policy results in a claim for U.S.$. 50.3 million, covering more than 60% of the amount claimed&#13;to RDSA.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt; color: #323E4F"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;In the opinion&#13;of our legal advisors, the Company&amp;#8217;s right to collect the credit is based on extremely solid arguments; therefore, the award&#13;in the aforementioned arbitration process against RDSA as well as the outcome of the lawsuit that could eventually be filed against&#13;Aseguradora de Cauciones if it fails to comply with the payment of the above-mentioned surety bond, should be favorable to the&#13;Company.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;However,&#13;taking into consideration that on February 1, 2019 RDSA filed a voluntary petition for reorganization proceedings, and that&#13;on February 28, 2019 the &lt;i&gt;Official Gazette&lt;/i&gt; published Resolution No. 207/19 of the National Insurance Superintendency&#13;forbidding Aseguradora de Cauciones from entering into new contracts and maintaining the prohibition to dispose of property&#13;until the latter&amp;#8217;s deficitary situation is rectified, the Company has recorded an allowance to partially cover the&#13;amount of the receivable, considering the possibility of its recovery, not because of the quality of its right, about which&#13;there is no doubt, but rather because of the financial position of its debtors, RDSA and Aseguradora de Cauciones.&#13;Accordingly, the balance of the recorded receivable as of December 31, 2018, net of allowances, amounts to $ 765.6 million&#13;(Note 11) which is disclosed in the &amp;#8220;Exchange differences&amp;#8221; line item.&lt;/p&gt;</EDN:DisclosureOfTerminationOfAgreementOnRealEstateAssetExplanatory>
    <EDN:DisclosureOfOrdinaryAndExtraordinaryShareholdersMeetingExplanatory contextRef="From2018-01-01to2018-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company Ordinary&#13;and Extraordinary Shareholders&amp;#8217; Meeting held on April 26, 2018 resolved, among other issues, the following:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 49.6pt"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt"&gt;&lt;font style="font: 8pt Georgia, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;To approve &lt;b&gt;edenor&amp;#8217;s&lt;/b&gt;&#13;Annual Report and Financial Statements as of December 31, 2017;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 49.6pt"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt"&gt;&lt;font style="font: 8pt Georgia, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;To allocate the profit&#13;for the year ended December 31, 2017 to the absorption of accumulated losses;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 49.6pt"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt"&gt;&lt;font style="font: 8pt Georgia, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;To approve the actions&#13;taken by the Directors and Supervisory Committee members, together with their respective remunerations;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 49.6pt"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt"&gt;&lt;font style="font: 8pt Georgia, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;To appoint the authorities&#13;and the external auditors for the current fiscal year;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</EDN:DisclosureOfOrdinaryAndExtraordinaryShareholdersMeetingExplanatory>
    <ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory contextRef="From2018-01-01to2018-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company has&#13;applied the following standards and/or amendments for the first time as from January 1, 2018:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;- IFRS 15 &amp;#34;Revenue&#13;from contracts with customers&amp;#34; (issued in May 2014 and amended in September 2015)&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;- IFRS 9 &amp;#8220;Financial&#13;instruments&amp;#8221; (amended in July 2014)&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;- IFRS 2 &amp;#8220;Share-based&#13;payments&amp;#8221; (amended in June 2016)&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;- IFRIC 22 &amp;#8220;Foreign&#13;currency transactions and Advanced consideration&amp;#8221; (issued in December 2016)&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;- Annual improvements&#13;to IFRSs &amp;#8211; 2014-2016 Cycle (issued in December 2016)&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;In the respective&#13;accounting policies detail the main issues related to the initial application of IFRS 9 and IFRS 15. The application of the other&#13;standards, amendments and interpretations generated no impact on either the Company&amp;#8217;s results of operations and financial&#13;position, or the accounting policies applicable as from January 1, 2018.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 0px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 27px; padding-bottom: 10pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 10pt/115% Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 10pt/115% Arial, Helvetica, Sans-Serif; color: #0070C0"&gt;&lt;b&gt;4.1.1 |&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt/115% Times New Roman, Times, Serif; color: #0070C0"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt/115% Times New Roman, Times, Serif"&gt;Impacts of adoption of rules not yet effectives&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;- IFRS 16 &amp;#8220;Leases&amp;#8221;:&#13;On January 13, 2016, the IASB published IFRS 16, which replaces the current guidance in IAS 17. The standard defines a lease as&#13;a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange&#13;for consideration. The standard requires the recognition of a lease liability that reflects future lease payments and a &amp;#8216;right-of-use&#13;asset&amp;#8217; for almost all lease contracts. This is a significant change compared to IAS 17 under which lessees were required&#13;to make a distinction between a finance lease (reported on the balance sheet) and an operating lease (off balance sheet). IFRS&#13;16 contains an optional exemption for certain short-term leases and leases of low-value assets; however, this exemption can only&#13;be applied by lessees. IFRS 16 is effective for annual reporting periods beginning on or after January 1, 2019. The impact of the&#13;application of the aforementioned standard estimated by the Company is not significant.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;- IFRS 17 &amp;#8220;Insurance&#13;Contracts&amp;#8221;, issued in May 2017. It replaces IFRS 4 - an interim standard issued in 2004 that allowed entities to account&#13;for insurance contracts using their local accounting requirements, resulting in multiple application approaches. IFRS 17 establishes&#13;the principles for the recognition, measurement, presentation, and disclosure of insurance contracts, and applies to annual periods&#13;beginning on or after January 1, 2021, with early adoption permitted if entities also apply IFRS 9 and IFRS 15. The Company is&#13;currently analyzing the impact of the application of IFRS 17; nevertheless, it estimates that the application thereof will have&#13;no impact on the Company&amp;#8217;s results of operations or its financial position.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;- IFRIC 23 &amp;#8220;Uncertainty&#13;over income tax treatments&amp;#8221;, issued in June 2017. It clarifies the application of IAS 12 where there is uncertainty over&#13;income tax treatments. In accordance with the interpretation, an entity is required to reflect the impact of the uncertain tax&#13;treatment using the method that best predicts the resolution of the uncertainty, using either the most likely amount method or&#13;the expected value method. Additionally, the entity is required to assume that the tax authority will examine the uncertain treatments&#13;and have full knowledge of all the related relevant information when assessing the tax treatment over income tax. The interpretation&#13;is effective for annual periods beginning on or after January 1, 2019, although early adoption is permitted. The Company estimates&#13;that the application of IFRIC 23 will have no impact on the Company&amp;#8217;s results of operations or its financial position.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;- IAS 28 &amp;#8220;Investments&#13;in associates and joint ventures&amp;#8221;, amended in October 2017. It clarifies that IFRS 9 applies to other financial instruments&#13;in an associate or joint venture to which the equity method is not applied. The standard is effective for annual periods beginning&#13;on or after January 1, 2019, although early adoption is permitted. The Company estimates that its application will have no impact&#13;on the Company&amp;#8217;s results of operations or its financial position.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;- IAS 19 &amp;#8220;Employee&#13;benefits&amp;#8221;, amended in February 2018. It introduces changes to the measurement of past service cost and net interest in the&#13;case of post-employment defined benefit plans that have suffered amendments, curtailments or settlements. It applies to amendments,&#13;curtailments or settlements as from January 1, 2019.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company is&#13;currently assessing the impact of these new standards and amendments.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory contextRef="From2018-01-01to2018-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Additions have&#13;been valued at acquisition cost restated to reflect the effects of inflation, net of the related accumulated depreciation. Depreciation&#13;has been calculated by applying the straight-line method over the remaining useful life of the assets, which was determined on&#13;the basis of engineering studies.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Subsequent costs&#13;(major maintenance and reconstruction costs) are either included in the value of the assets or recognized as a separate asset,&#13;only if it is probable that the future benefits associated with the assets will flow to the Company, being it possible as well&#13;that the costs of the assets may be measured reliably and the investment will improve the condition of the asset beyond its original&#13;state. The other maintenance and repair expenses are recognized in profit or loss in the year in which they are incurred.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;In accordance with&#13;the Concession Agreement, the Company may not pledge the assets used in the provision of the public service nor grant any other&#13;security interest thereon in favor of third parties, without prejudice to the Company&amp;#8217;s right to freely dispose of those&#13;assets which in the future may become inadequate or unnecessary for such purpose. This prohibition does not apply in the case of&#13;security interests granted over an asset at the time of its acquisition and/or construction as collateral for payment of the purchase&#13;and/or installation price.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The residual value&#13;and the remaining useful lives of the assets are reviewed and adjusted, if appropriate, at the end of each fiscal year (reporting&#13;period).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#9;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Land is not depreciated.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Facilities in service:&#13;between 30 and 50 years&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Furniture, tools&#13;and equipment: between 5 and 20 years&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Construction in&#13;process is valued based on the degree of completion and is recorded at cost restated to reflect the effects of inflation less any&#13;impairment loss, if applicable. Cost includes expenses attributable to the construction, when they are part of the cost incurred&#13;for the purposes of acquisition, construction or production of property, plant and equipment that require considerable time until&#13;they are in condition to be used. These assets begin to be depreciated when they are in economic condition to be used.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Gains and losses&#13;on the sale of Property, plant and equipment are calculated by comparing the price collected with the carrying amount of the asset,&#13;and are recognized within Other operating expense or Other operating income in the Statement of Comprehensive Income.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The valuation of&#13;property, plant and equipment, taken as a whole, does not exceed its recoverable value, which is measured as the higher of value&#13;in use and fair value less costs to sell at the end of the year.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;At the date of&#13;issuance of these financial statements there are no indicators of a potential impairment (Note 6.c).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures contextRef="From2018-01-01to2018-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The main conceptual&#13;definitions are as follow:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 57px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;i.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;A joint arrangement takes place among two or more parties when they have joint control: joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: -7.1pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 57px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;ii.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Such parties are called joint venturers.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 57px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;iii.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. These parties are called joint operators.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company accounts&#13;for its investment in joint ventures in accordance with the equity method. Under this method, the interest is initially recognized&#13;at cost and subsequently adjusted by recognizing the Company&amp;#8217;s share in the profit or loss obtained by the joint venture,&#13;after acquisition date. The Company recognizes in profit or loss its share of the joint venture&amp;#8217;s profit or loss and in other&#13;comprehensive income its share of the joint venture&amp;#8217;s other comprehensive income.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;When the Company&#13;carries out transactions in the joint ventures, the unrealized gains and losses are eliminated in accordance with the percentage&#13;interest held by the Company in the jointly controlled entity.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The joint ventures&amp;#8217;&#13;accounting policies have been modified and adapted, if applicable, to ensure consistency with the policies adopted by the Company.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Furthermore, taking&#13;into account that the interests in joint ventures are not regarded as significant balances, the disclosures required under IFRS&#13;12 have not been made.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures>
    <EDN:DescriptionOfAccountingPolicyForEffectsOfChangesInForeignCurrencyExchangeRates contextRef="From2018-01-01to2018-12-31">&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 47px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 28px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;a.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Functional and presentation currency&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The information&#13;included in the financial statements is measured using the Company&amp;#8217;s functional currency, which is the currency of the main&#13;economic environment in which the entity operates. The financial statements are measured in pesos (legal currency in Argentina),&#13;restated to reflect the effects of inflation (Note 3), which is also the presentation currency.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 47px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 28px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;b.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Transactions and balances&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Foreign currency&#13;denominated transactions and balances are translated into the functional and presentation currency using the rates of exchange&#13;prevailing at the date of the transactions or revaluation, respectively. The gains and losses generated by foreign currency exchange&#13;differences resulting from each transaction and from the translation of monetary items valued in foreign currency at the end of&#13;the year are recognized in the Statement of Income.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The foreign currency&#13;exchange rates used are the bid price for monetary assets, the offer price for monetary liabilities, and the specific exchange&#13;rate for foreign currency denominated transactions.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;</EDN:DescriptionOfAccountingPolicyForEffectsOfChangesInForeignCurrencyExchangeRates>
    <ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory contextRef="From2018-01-01to2018-12-31">&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 47px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 30px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;a.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Trade receivables&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The receivables&#13;arising from services billed to customers but not collected as well as those arising from services rendered but unbilled at the&#13;closing date of each year are recognized at fair value and subsequently measured at amortized cost using the effective interest&#13;rate method.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The receivables&#13;from electricity supplied to low-income areas and shantytowns are recognized, also in line with revenue, when the Framework Agreement&#13;has been renewed for the period in which the service was provided.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 47px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 30px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;b.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Other receivables&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The financial assets&#13;included in other receivables are initially recognized at fair value (generally the original billing/settlement amount) and subsequently&#13;measured at amortized cost, using the effective interest rate method, and when significant, adjusted by the time value of money.&#13;The Company records impairment allowances when there is objective evidence that the Company will not be able to collect all the&#13;amounts owed to it in accordance with the original terms of the receivables.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The rest of other&#13;receivables are initially recognized at the amount paid.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories contextRef="From2018-01-01to2018-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Inventories are&#13;valued at the lower of acquisition cost restated to reflect the effects of inflation and net realizable value.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;They are valued&#13;based on the purchase price, import duties (if applicable), and other taxes (that are not subsequently recovered by tax authorities),&#13;and other costs directly attributable to the acquisition of those assets.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Cost is determined&#13;by applying the weighted average price (WAP) method.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company has&#13;classified inventories into current and non-current depending on whether they will be used for maintenance or capital expenditures&#13;and on the period in which they are expected to be used. The non-current portion of inventories is disclosed in the &amp;#8220;Property,&#13;plant and equipment&amp;#8221; account.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The valuation of&#13;inventories, taken as a whole, does not exceed their recoverable value at the end of each year.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories>
    <ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory contextRef="From2018-01-01to2018-12-31">&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 0px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 48px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0; letter-spacing: -0.15pt"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0; letter-spacing: -0.15pt"&gt;&lt;b&gt;4.8.1 |&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0; letter-spacing: -0.15pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.15pt"&gt;Classification&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company classifies&#13;financial assets into the following categories: those measured at amortized cost and those subsequently measured at fair value.&#13;This classification depends on whether the financial asset is an investment in a debt or an equity instrument. In order for a financial&#13;asset to be measured at amortized cost, the two conditions described below must be met. All other financial assets are measured&#13;at fair value. IFRS 9 requires that all investments in equity instruments be measured at fair value.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 47px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 28px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;a.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Financial assets at amortized cost&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Financial assets&#13;are measured at amortized cost if the following conditions are met:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 85px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 19px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;i.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;the objective of the Company&amp;#8217;s business model is to hold the assets to collect the contractual cash flows; and &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 85px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 19px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;ii.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;the contractual terms give rise, on specified dates, to cash flows that are solely payments of principal and interest on principal. &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 47px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 28px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;b.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Financial assets at fair value&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;If any of the above-detailed&#13;conditions is not met, financial assets are measured at fair value through profit or loss.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;All investments&#13;in equity instruments are measured at fair value. For those investments that are not held for trading, the Company may irrevocably&#13;elect at the time of their initial recognition to present the changes in the fair value in other comprehensive income. The Company&amp;#8217;s&#13;decision was to recognize the changes in fair value in profit or loss.&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 0px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 48px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0; letter-spacing: -0.15pt"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0; letter-spacing: -0.15pt"&gt;&lt;b&gt;4.8.2 |&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0; letter-spacing: -0.15pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Recognition and measurement&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The regular way&#13;purchase or sale of financial assets is recognized on the trade date, i.e. the date on which the Company agrees to acquire or sell&#13;the asset. Financial assets are derecognized when the rights to receive the cash flows from the investments have expired or been&#13;transferred and the Company has transferred substantially all the risks and rewards of the ownership of the assets.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Financial assets&#13;are initially recognized at fair value plus, in the case of financial assets not measured at fair value through profit or loss,&#13;transaction costs that are directly attributable to the acquisition thereof.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The gains or losses&#13;generated by investments in debt instruments that are subsequently measured at fair value and are not part of a hedging transaction&#13;are recognized in profit or loss. Those generated by investments in debt instruments that are subsequently measured at amortized&#13;cost and are not part of a hedging transaction are recognized in profit or loss when the financial asset is derecognized or impaired&#13;and by means of the amortization process using the effective interest rate method.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company subsequently&#13;measures all the investments in equity instruments at fair value. When it elects to present the changes in fair value in other&#13;comprehensive income, such changes cannot be reclassified to profit or loss. Dividends arising from these investments are recognized&#13;in profit or loss to the extent that they represent a return on the investment.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company reclassifies&#13;financial assets if and only if its business model to manage financial assets is changed.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The expected losses,&#13;according to the calculated coefficients, are detailed in Note 6.a.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;font style="letter-spacing: -0.15pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 0px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 48px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0; letter-spacing: -0.15pt"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0; letter-spacing: -0.15pt"&gt;&lt;b&gt;4.8.3 |&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0; letter-spacing: -0.15pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.15pt"&gt;Impairment of financial assets&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;At the end of each&#13;annual reporting period, the Company assesses whether there is objective evidence that the value of a financial asset or group&#13;of financial assets measured at amortized cost is impaired. The value of a financial asset or group of financial assets is impaired,&#13;and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred&#13;after the initial recognition of the asset (a &amp;#8220;loss event&amp;#8221;), and that loss event (or events) has an impact on the estimated&#13;future cash flows of the financial asset or group of financial assets that can be reliably measured.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Impairment tests&#13;may include evidence that the debtors or group of debtors are undergoing significant financial difficulties, have defaulted on&#13;interest or principal payments or made them after they had come due, the probability that they will enter bankruptcy or other financial&#13;reorganization, and when observable data indicate that there is a measurable decrease in the estimated future cash flows, such&#13;as changes in payment terms or in the economic conditions that correlate with defaults.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;In the case of&#13;financial assets measured at amortized cost, the amount of the impairment loss is measured as the difference between the asset&amp;#8217;s&#13;carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred)&#13;discounted at the financial asset&amp;#8217;s original effective interest rate. The asset&amp;#8217;s carrying amount is reduced and the&#13;amount of the impairment loss is recognized in the Statement of Income.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Although cash,&#13;cash equivalents and financial assets measured at amortized cost are also subject to the impairment requirements of IFRS 9, the&#13;identified impairment loss is not material.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 0px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 48px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0; letter-spacing: -0.15pt"&gt;&lt;b&gt;Note&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0; letter-spacing: -0.15pt"&gt;&lt;b&gt;4.8.4 |&lt;/b&gt;&lt;/font&gt;&lt;b&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0; letter-spacing: -0.15pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.15pt"&gt;Offsetting of financial instruments&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Financial assets&#13;and liabilities are offset, and the net amount reported in the Statement of Financial Position, when there is a legally enforceable&#13;right to offset the recognized amounts, and there is an intention to settle on a net basis, or realize the asset and settle the&#13;liability simultaneously.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory contextRef="From2018-01-01to2018-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Derivative financial&#13;instruments are initially recognized at fair value on the date on which the respective contract is signed. Subsequently to the&#13;initial recognition, they are remeasured at their fair value. The method for recognizing the resulting loss or gain depends on&#13;whether the derivative has been designated as a hedging instrument and, if that is the case, on the nature of the item being hedged.&#13;As of December 31, 2018 and 2017, the economic impact of these transactions is recorded in the Other financial expense account&#13;of the Statement of Comprehensive Income.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;During fiscal year&#13;2018, the Company has not entered into futures contracts to buy US dollars.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;As of December&#13;31, 2017, the economic impact of the transactions carried out in that fiscal year resulted in a loss of $ 21.1 million, which is&#13;recorded in the Other financial expense account of the Statement of Comprehensive Income.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents contextRef="From2018-01-01to2018-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Cash and cash equivalents&#13;include cash on hand, deposits held at call with banks and other short-term highly liquid investments with original maturities&#13;of three months or less from their acquisition date, with significant low risk of change in value.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 62px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;i.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Cash and banks in local currency: at nominal value.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 64.35pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 62px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;ii.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Cash and banks in foreign currency: at the exchange rates in effect at the end of the year.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 62px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;iii.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Money market funds, which have been valued at the prevailing market price at the end of the year. Those that do not qualify as cash equivalents are disclosed in the Financial assets at fair value through profit or loss account.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents>
    <EDN:DescriptionOfAccountingPolicyForEquity contextRef="From2018-01-01to2018-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Changes in this&#13;account have been accounted for in accordance with the corresponding legal or statutory regulations and the decisions adopted by&#13;the shareholders&amp;#8217; meetings.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 47px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 28px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;a.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Share capital&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Share capital represents&#13;issued capital, which is comprised of the contributions committed and/or made by the shareholders, represented by shares, including&#13;outstanding shares at nominal value, restated to reflect the effects of inflation as indicated in Note 3.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 47px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 28px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;b.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Treasury stock&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Treasury stock&#13;account represents the nominal value of the Company&amp;#8217;s own shares acquired by the Company, restated to reflect the effects&#13;of inflation as indicated in Note 3.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 47px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 28px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;c.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Other comprehensive income &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Represents recognition,&#13;at the end of the year, of the actuarial losses associated with the Company&amp;#8217;s employee benefit plans, restated to reflect&#13;the effects of inflation as indicated in Note 3.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 47px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 28px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;d.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Retained earnings&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Retained earnings&#13;are comprised of profits or accumulated losses with no specific appropriation. When positive, they may be distributed, if so decided&#13;by the Shareholders&amp;#8217; Meeting, to the extent that they are not subject to legal restrictions. Retained earnings are comprised&#13;of previous year results that have not been distributed, amounts transferred from other comprehensive income and prior year adjustments&#13;due to the application of accounting standards, restated to reflect the effects of inflation as indicated in Note 3.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;</EDN:DescriptionOfAccountingPolicyForEquity>
    <ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory contextRef="From2018-01-01to2018-12-31">&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 53px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;a.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Trade payables&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Trade payables&#13;are payment obligations with suppliers for the purchase of goods and services in the ordinary course of business. Trade payables&#13;are classified as current liabilities if payments fall due within one year or in a shorter period of time. Otherwise, they are&#13;classified as non-current liabilities.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Trade payables&#13;are initially recognized at fair value and subsequently measured at amortized cost using the effective interest rate method.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 53px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;b.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Customer deposits&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Customer deposits&#13;are initially recognized at the amount received and subsequently measured at amortized cost using the effective interest rate method.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;In accordance with&#13;the Concession Agreement, the Company is allowed to receive customer deposits in the following cases:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 80px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;i.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;When the power supply is requested and the customer is unable to provide evidence of his legal ownership of the premises; &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 78pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 80px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;ii.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;When service has been suspended more than once in one-year period;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 78pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 80px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;iii.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;When the power supply is reconnected and the Company is able to verify the illegal use of the service (fraud).&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 78pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 80px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;iv.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;When the customer is undergoing liquidated bankruptcy or reorganization proceedings.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company has decided&#13;not to request customer deposits from residential tariff customers.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Customer deposits&#13;may be either paid in cash or through the customer&amp;#8217;s bill and accrue monthly interest at a specific rate of BNA for each&#13;customer category.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;When the conditions&#13;for which the Company is allowed to receive customer deposits no longer exist, the customer&amp;#8217;s account is credited for the&#13;principal amount plus any interest accrued thereon, after deducting, if appropriate, any amounts receivable which the Company has&#13;with the customer.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 53px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;c.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Customer contributions&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;i&gt;Refundable&lt;/i&gt;:&#13;The Company receives assets or facilities (or the cash necessary to acquire or build them) from certain customers for services&#13;to be provided, based on individual agreements and the provisions of ENRE Resolution No. 215/12. These contributions are initially&#13;recognized as trade payables at fair value with a contra-account in Property, plant and equipment, and subsequently measured at&#13;amortized cost using the effective interest rate method.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 53px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;d.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Other payables&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The rest of the&#13;financial liabilities recorded in Other Payables, including the loans for consumption (mutuums) with CAMMESA, the Payment agreement&#13;with the ENRE and the advances for the execution of works, are initially recognized at fair value and subsequently measured at&#13;amortized cost.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The recorded liabilities&#13;for the debts with the FOTAE, the penalties accrued, whether imposed or not yet issued by the ENRE (Note 2.e)), and other provisions&#13;are the best estimate of the settlement value of the present obligation in the framework of IAS 37 provisions at the date of these&#13;financial statements.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The balances of&#13;ENRE Penalties and Discounts are adjusted in accordance with the regulatory framework applicable thereto and are based on the Company&amp;#8217;s&#13;estimate of the outcome of the renegotiation process described in Note 2, whereas the balances of the loans for consumption (mutuums)&#13;are adjusted by a rate equivalent to the monthly average yield obtained by CAMMESA from its short-term investments.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory contextRef="From2018-01-01to2018-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Borrowings are&#13;initially recognized at fair value, net of direct costs incurred in the transaction. Subsequently, they are measured at amortized&#13;cost; any difference between the funds obtained (net of direct costs incurred in the transaction) and the amount to be paid at&#13;maturity is recognized in profit or loss during the term of the borrowings using the effective interest rate method.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory>
    <EDN:DescriptionOfAccountingPolicyForDeferredIncome contextRef="From2018-01-01to2018-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;Non-refundable&#13;customer contributions&lt;font style="line-height: 115%"&gt;: &lt;/font&gt;&lt;/i&gt;&lt;font style="line-height: 115%"&gt;The Company receives assets&#13;or facilities (or the cash necessary to acquire or built them) from certain customers for services to be provided, based on individual&#13;agreements. In accordance with IFRS 15 &amp;#8220;Transfers of Assets from Customers&amp;#8221;, the assets received are recognized by&#13;the Company as Property, plant and equipment with a contra-account in deferred revenue, the accrual of which depends on the nature&#13;of the identifiable services, in accordance with the following:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: -21.3pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;customer connection to the network: revenue is accrued until such connection is completed;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: -21.3pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;continuous provision of the electric power supply service: throughout the shorter of the useful life of the asset and the term&#13;for the provision of the service.&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;</EDN:DescriptionOfAccountingPolicyForDeferredIncome>
    <ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory contextRef="From2018-01-01to2018-12-31">&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 71.45pt; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;font style="font: 7pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Benefit plans&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company operates&#13;various benefit plans. Usually, benefit plans establish the amount of the benefit the employee will receive at the time of retirement,&#13;generally based on one or more factors such as age, years of service and salary.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The liability recognized&#13;in the Statement of Financial Position in respect of benefit plans is the present value of the benefit plan obligation at the closing&#13;date of the year, together with the adjustments for past service costs and actuarial gains or losses. The benefit plan obligation&#13;is calculated annually by independent actuaries in accordance with the projected unit credit method. The present value of the benefit&#13;plan obligation is determined by discounting the estimated future cash outflows using actuarial assumptions about demographic and&#13;financial variables that affect the determination of the amount of such benefits. The benefit plans are not funded.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The group&amp;#8217;s&#13;accounting policy for benefit plans is as follow:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 71px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;a.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Past service costs are recognized immediately in profit or loss, unless the changes to the benefit plan are conditional on the employees&amp;#8217; remaining in service for a specified period of time (the vesting period). In this case, past service costs are amortized on a straight-line basis over the vesting period.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 71px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;b.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are recognized in other comprehensive income in the period in which they arise.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 71px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 8pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;The Company&amp;#8217;s Share-based Compensation Plan&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 71.45pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company has&#13;share-based compensation plans under which it receives services from some employees in exchange for the Company&amp;#8217;s shares.&#13;The fair value of the employee services received is recognized as an operating expense in the &amp;#8220;Salaries and social security&#13;taxes&amp;#8221; line item. The total amount of the referred to expense is determined by reference to the fair value of the shares&#13;granted.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;When the employees&#13;provide the services before the shares are granted, the fair value at the grant date is estimated in order to recognize the respective&#13;result.&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory contextRef="From2018-01-01to2018-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The income tax&#13;is recognized in profit or loss, other comprehensive income or in equity depending on the items from which it originates.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The deferred tax&#13;is recognized, in accordance with the liability method, on the temporary differences arising between the tax base of assets and&#13;liabilities and their carrying amounts in the statement of financial position. However, no deferred tax liability is recognized&#13;if such difference arises from the initial recognition of goodwill, or from the initial recognition of an asset or liability other&#13;than in a business combination, which at the time of the transaction affected neither the accounting nor the taxable profit.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The deferred tax&#13;is determined using the tax rate that is in effect at the date of the financial statements and is expected to apply when the deferred&#13;tax assets are realized or the deferred tax liabilities are settled.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Deferred tax assets&#13;and liabilities are offset if the Company has a legally enforceable right to offset recognized amounts and when deferred tax assets&#13;and liabilities relate to income tax levied by the same tax authority on the same taxable entity. Deferred tax assets and liabilities&#13;are stated at their undiscounted value.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Deferred tax assets&#13;are recognized only to the extent that it is probable that future taxable profits will be available against which the temporary&#13;differences can be utilized.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory>
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   &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;37.500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;149,588&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Financial assets at fair value through profit or loss&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;USD&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;87,621&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;37.500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,285,788&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,829,881&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Cash and cash equivalents&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;USD&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;250&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;37.500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;9,375&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,519&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;EUR&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;42.840&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;394&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;TOTAL CURRENT ASSETS&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;91,860&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,444,751&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,836,794&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;TOTAL ASSETS&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: black 2.25pt double; background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;112,276&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: black 2.25pt double; background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,210,351&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: black 2.25pt double; background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,836,794&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;LIABILITIES&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;NON-CURRENT LIABILITIES&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Borrowings&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;USD&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;190,782&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;37.700&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,192,467&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,189,294&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;TOTAL NON-CURRENT LIABILITIES&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;190,782&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,192,467&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,189,294&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;CURRENT LIABILITIES&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Trade payables&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;USD&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;17,519&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;37.700&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;660,459&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;386,504&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;EUR&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;93&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;43.163&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;9,248&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;CHF&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;38.312&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;15,454&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;NOK&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;68&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4.346&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;296&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;230&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Borrowings&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;USD&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;28,580&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;37.700&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,077,453&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;105,139&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;TOTAL CURRENT LIABILITIES&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;46,265&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,742,222&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;516,575&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;TOTAL LIABILITIES&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: black 2.25pt double; background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;237,047&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: black 2.25pt double; background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,934,689&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: black 2.25pt double; background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,705,869&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 47px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 28px; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The exchange rates used are the BNA exchange rates in effect as of December 31, 2018 for US Dollars (USD), Euros (EUR), Swiss Francs (CHF) and Norwegian Krones (NOK). &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&amp;#160;&lt;/p&gt;</EDN:SummaryOfBalancesInForeignCurrencyTableTextBlock>
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    <EDN:SummaryOfLoansRateAndCurrencyTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The table below&#13;shows the breakdown of the Company&amp;#8217;s loans according to interest rate and the currency in which they are denominated:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; width: 56%; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 1%; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 21%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;12.31.18&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 1%; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 21%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;12.31.17&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Fixed rate:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;US dollar&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,359,986&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,904,361&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Subtotal loans at fixed rates&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,359,986&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13; 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line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;US dollar&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,909,934&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,390,072&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Subtotal loans at floating rates&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,909,934&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13; 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margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; width: 56%; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; width: 1%; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 21%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;12.31.18&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 1%; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 21%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;12.31.17&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13; 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margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Based on the simulations&#13;performed, a 1% decrease in floating interest rates, with all the other variables remaining constant, would give rise to the following&#13;increase in the profit for the year:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; width: 56%; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; width: 1%; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; 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line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;US dollar&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-bottom: black 1pt solid; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,241&lt;/font&gt;&lt;/td&gt;&#13; 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line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Trade and other payables&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;12,407,373&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;9,082,933&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,760,794&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,195,465&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;135,840&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; 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   &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;499,945&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;499,945&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; 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   &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,950,249&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,877,338&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;30,445,378&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:SummaryOfAnalysisOfNonderivativeFinancialLiabilitiesTableTextBlock>
    <EDN:SummaryOfGearingRatiosTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 56%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 21%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;12.31.18&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 21%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;12.31.17&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;46,023,206&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;43,088,208&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13; 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   &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,035&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,035&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,035&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;At December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Assets&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;Financial assets at fair value through profit or loss:&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Government bonds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,829,888&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,829,888&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Money market funds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,448,120&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,278,008&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Derivative financial instruments&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;291&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;291&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;291&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;291&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:SummaryOfFinancialAssetsMeasuredAtFairValueTableTextBlock>
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    <EDN:SummaryOfPropertyPlantAndEquipmentTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; width: 19%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%"&gt;&amp;#160;Lands and buildings&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%"&gt;&amp;#160;Substations&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%"&gt;&amp;#160;High, medium and low voltage lines&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%"&gt;&amp;#160;Meters and Transformer chambers and platforms&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 10%"&gt;&amp;#160;Tools, Furniture, vehicles, equipment, communications and advances to suppliers&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%"&gt;&amp;#160;Construction in process&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%"&gt;&amp;#160;&amp;#160;Supplies and spare parts&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%"&gt;&amp;#160;Total&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;&amp;#160;At 12.31.17&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Cost&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,376,244&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;13,471,386&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;36,429,475&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;15,047,060&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,506,343&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,717,184&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;90,712&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;77,638,404&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Accumulated depreciation&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(205,458)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(3,571,659)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(11,249,849)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(4,638,799)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(912,452)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13; 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   &lt;td&gt;Depreciation for the year&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(73,129)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(403,667)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(1,171,411)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(546,048)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(367,244)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(2,561,499)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid"&gt;&amp;#160;Net amount 12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,205,617&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;9,795,209&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;25,889,015&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;10,588,196&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,391,522&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;13,409,979&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;195,305&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;62,474,843&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;&amp;#160;At 12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Cost&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,449,399&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;13,769,111&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;38,060,451&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;15,749,070&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,656,570&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;13,409,979&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;195,305&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;85,289,885&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Accumulated depreciation&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(243,782)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(3,973,902)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(12,171,436)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(5,160,874)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(1,265,048)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(22,815,042)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double"&gt;&amp;#160;Net amount&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,205,617&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;9,795,209&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;25,889,015&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;10,588,196&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,391,522&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;13,409,979&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;195,305&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;62,474,843&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; width: 19%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%"&gt;&amp;#160;Lands and buildings&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%"&gt;&amp;#160;Substations&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%"&gt;&amp;#160;High, medium and low voltage lines&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%"&gt;&amp;#160;Meters and Transformer chambers and platforms&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 10%"&gt;&amp;#160;Tools, Furniture, vehicles, equipment, communications and advances to suppliers&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%"&gt;&amp;#160;Construction in process&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%"&gt;&amp;#160;&amp;#160;Supplies and spare parts&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%"&gt;&amp;#160;Total&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; 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   &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;&amp;#160;At 12.31.16&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13; 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   &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,482,798&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Disposals&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(765)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(7)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(35,030)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(9,618)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(4,404)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(49,824)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Transfers&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;50,983&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;323,723&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,357,461&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;664,134&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(240,153)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(2,225,256)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(50,358)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(119,466)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Depreciation for the year&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(100,104)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(356,793)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(926,024)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(480,575)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(284,593)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(2,148,089)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid"&gt;&amp;#160;Net amount 12.31.17&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,170,786&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;9,899,727&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;25,179,626&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;10,408,261&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,593,891&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,717,184&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;90,712&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;57,060,187&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;&amp;#160;At 12.31.17&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Cost&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,376,244&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;13,471,386&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;36,429,475&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;15,047,060&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,506,343&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,717,184&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;90,712&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;77,638,404&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Accumulated depreciation&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(205,458)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(3,571,659)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(11,249,849)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(4,638,799)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(912,452)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(20,578,217)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double"&gt;&amp;#160;Net amount&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,170,786&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;9,899,727&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;25,179,626&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;10,408,261&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,593,891&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,717,184&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;90,712&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;57,060,187&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 70.9pt; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 70.9pt; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;/p&gt;</EDN:SummaryOfPropertyPlantAndEquipmentTableTextBlock>
    <EDN:SummaryOfCreditQualityOfFinancialAssetsTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; width: 58%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%; vertical-align: bottom"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; width: 1%; vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%; vertical-align: bottom"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;Customers with no external credit rating:&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;Group 1&amp;#160;&amp;#160;(i)&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,438,500&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,487,484&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;Group 2 (ii)&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;480,237&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;339,740&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;Group 3 (iii)&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;669,169&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;558,013&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;Total trade receivables&amp;#160;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,587,906&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,385,237&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-style: italic; text-align: left"&gt;&amp;#160;(i)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Relates to customers with debt to become due&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="3" style="font-style: italic; text-align: left"&gt;&amp;#160;(ii)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Relates to customers with past due debt from 0 to 3 months.&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="3" style="font-style: italic; text-align: left"&gt;&amp;#160;(iii)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Relates to customers with past due debt from 3 to 12 months.&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:SummaryOfCreditQualityOfFinancialAssetsTableTextBlock>
    <EDN:SummaryOfOtherReceivablesTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; width: 55%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 7%"&gt;Note&lt;/td&gt;&#13;    &lt;td style="text-align: left; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 18%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 18%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Non-current:&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Financial credit&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;30,484&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;54,661&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Related parties&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: middle; text-align: right"&gt;&amp;#160;35.d&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,662&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,015&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Advances to suppliers&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;37&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;765,595&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Total Non-current&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;800,741&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;62,676&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Current:&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Prepaid expenses&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,312&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,362&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Advances to suppliers&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;81,440&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;9,791&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Advances to personnel&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,700&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,293&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Security deposits&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;16,695&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;15,249&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Financial credit&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;58,425&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;17,159&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Receivables from electric activities&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;98,390&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;169,157&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Related parties&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: middle; text-align: right"&gt;&amp;#160;35.d&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,946&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,614&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="3" style="text-align: left"&gt;Guarantee deposits on derivative financial&lt;br /&gt;&#13;instruments&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;88,667&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Judicial deposits&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;30,482&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;23,795&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Credit with SBS Bank Company&amp;#160;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;25,000&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Other&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;24&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Allowance for the impairment of other receivables&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(77,297)&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(39,870)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Total Current&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;242,117&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;296,219&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:SummaryOfOtherReceivablesTableTextBlock>
    <EDN:SummaryOfAgingAnalysisOfOtherReceivablesTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; width: 55%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; width: 7%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 18%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 18%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Without expiry date&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;48,358&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;39,526&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Past due&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;34,854&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;129,288&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Up to 3 months&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;130,564&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;110,759&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;From 3 to 6 months&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;20,415&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,418&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;From 6 to 9 months&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,881&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,198&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;From 9 to 12 months&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,045&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,030&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;More than 12 months&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;800,741&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;62,676&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Total other receivables&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,042,858&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;358,895&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:SummaryOfAgingAnalysisOfOtherReceivablesTableTextBlock>
    <EDN:SummaryOfTradeReceivablesTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; width: 55%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 7%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 18%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 18%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Current:&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Sales of electricity - Billed&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,622,701&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,359,990&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Sales of electricity &amp;#8211; Unbilled&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,735,956&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,404,135&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Framework Agreement&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;10,377&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;230,953&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Fee payable for the expansion of the transportation and others&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;22,969&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;33,952&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Receivables in litigation&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;97,158&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;33,736&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Allowance for the impairment of trade receivables&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(901,255)&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(677,529)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Total Current&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,587,906&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,385,237&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:SummaryOfTradeReceivablesTableTextBlock>
    <EDN:SummaryOfAllowanceForImpairmentOfTradeReceivablesTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; width: 46%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; width: 6%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; width: 1%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"&gt;&amp;#160;12.31.16&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Balance at beginning of year&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;677,529&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;383,439&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;146,238&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: middle"&gt;Change of accounting standard (Note 6) - Adjustment by model of expected losses IFRS 9&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;82,041&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Balance at beginning of year restated&lt;/td&gt;&#13;    &lt;td style="vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;759,570&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;383,439&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;146,238&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Increase&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;916,036&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;391,615&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;388,339&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Decrease&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(307,137)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(64,348)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(56,062)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Result from exposure to inflation&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(467,214)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(33,177)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(95,076)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Balance at end of the period&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;901,255&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;677,529&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;383,439&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:SummaryOfAllowanceForImpairmentOfTradeReceivablesTableTextBlock>
    <EDN:SummaryOfAgingAnalysisOfTradeReceivablesTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; width: 55%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; width: 7%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 18%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 18%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Not due&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;10,377&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;230,953&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Past due&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,149,406&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;897,752&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Up to 3 months&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,428,123&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,256,532&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Total other receivables&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,587,906&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,385,237&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:SummaryOfAgingAnalysisOfTradeReceivablesTableTextBlock>
    <EDN:SummaryOfSensitivityAnalysisTradeReceivablesTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt"&gt;&lt;font style="font: 8pt Georgia, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;5% increase in the uncollectibility rate estimate&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; width: 67%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 9%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 23%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Contingencies&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;946,318&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;change&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;45,063&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt"&gt;&lt;font style="font: 8pt Georgia, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;5% decrease in the uncollectibility rate estimate&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; width: 67%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 9%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 23%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Contingencies&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;856,192&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;change&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 9px; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(45,063)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 35.45pt"&gt;&lt;/p&gt;</EDN:SummaryOfSensitivityAnalysisTradeReceivablesTableTextBlock>
    <EDN:SummaryOfFinancialAssetsAtFairValueThroughProfitOrLossTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify; width: 53%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; width: 7%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 19%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 19%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Current&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Government bonds&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,285,799&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,829,888&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Money market funds&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;95,751&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,448,120&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Total current&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,381,550&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,278,008&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:SummaryOfFinancialAssetsAtFairValueThroughProfitOrLossTableTextBlock>
    <EDN:SummaryOfFinancialAssetsAtAmortizedCostTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify; width: 53%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; width: 7%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 19%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 19%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Non-current&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Current&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Government bonds&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;16,978&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&lt;br /&gt;&#13;Time deposits&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,208,770&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Total Current&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,208,770&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;16,978&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:SummaryOfFinancialAssetsAtAmortizedCostTableTextBlock>
    <EDN:SummaryOfInventoriesTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="font-weight: bold; width: 58%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;12.31.18&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;12.31.17&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;Current&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Supplies and spare-parts&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,252,292&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;589,339&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Advance to suppliers&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,507&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;60,241&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Total inventories&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,259,799&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;649,580&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:SummaryOfInventoriesTableTextBlock>
    <EDN:SummaryOfCashAndCashEquivalentsTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="font-weight: bold; width: 58%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Cash and banks&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;27,608&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;122,349&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Total cash and cash equivalents&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;27,608&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;122,349&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:SummaryOfCashAndCashEquivalentsTableTextBlock>
    <EDN:SummaryOfShareCapitalAndAdditionalPaidInCapitalTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; width: 52%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"&gt;&amp;#160;Share capital&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"&gt;&amp;#160;Additional paid-in capital&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"&gt;&amp;#160;Total&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Balance at December 31, 2016&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;18,197,583&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;183,604&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;18,381,187&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Payment of Other reserve constitution - Share-bases compensation plan (Note 25)&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;46,317&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;46,317&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Balance at December 31, 2017&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;18,197,583&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;229,921&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;18,427,504&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Payment of Other reserve constitution - Share-bases compensation plan (Note 25)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;10,700&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;10,700&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Balance at December 31, 2018&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;18,197,583&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;240,621&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;18,438,204&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:SummaryOfShareCapitalAndAdditionalPaidInCapitalTableTextBlock>
    <EDN:SummaryOfTradePayablesTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left; width: 55%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; width: 7%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 18%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 18%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Non-current&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Customer guarantees&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;140,968&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;148,349&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Customer contributions&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;112,324&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;118,095&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Funding contributions - substations&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;32,925&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;89,262&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Total Non-current&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;286,217&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;355,706&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Current&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Payables for purchase of electricity - CAMMESA&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,080,310&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,499,302&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Provision for unbilled electricity purchases - CAMMESA&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,828,458&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,715,431&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Suppliers&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,426,016&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,995,697&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Advance to customer&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;196,485&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;220,111&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Customer contributions&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;15,288&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;27,706&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Discounts to customers&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;37,372&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;55,182&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Funding contributions - substations&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;17,215&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;12,380&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Related parties&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;35.d&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,833&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;51,711&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Total Current&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;14,608,977&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;13,577,520&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:SummaryOfTradePayablesTableTextBlock>
    <EDN:SummaryOfOtherPayablesTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; width: 55%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: justify; width: 7%"&gt;Note&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 18%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 18%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;Non-current&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top"&gt;Loans (mutuum) with CAMMESA&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,282,176&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,783,474&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;ENRE penalties and discounts&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,097,402&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,737,612&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Liability with FOTAE&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;207,371&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;280,813&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Payment agreements with ENRE&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;37,196&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;108,069&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Total Non-current&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,624,145&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,909,968&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Current&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;ENRE penalties and discounts&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,835,590&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;425,563&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Related parties&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;35.d&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,571&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,756&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;Advances for works to be performed&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;13,577&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;20,046&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;Payment agreements with ENRE&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;65,301&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;93,550&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Total Current&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,922,039&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;546,915&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:SummaryOfOtherPayablesTableTextBlock>
    <EDN:SummaryOfDeferredIncomeTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; width: 56%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;Non-current&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Nonrefundable customer contributions&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;275,437&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;287,384&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;Total Non-current&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;275,437&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;287,384&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; width: 56%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Current&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Nonrefundable customer contributions&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,346&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,961&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;Total Current&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,346&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,961&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;/p&gt;</EDN:SummaryOfDeferredIncomeTableTextBlock>
    <EDN:SummaryOfBorrowingsCurrenciesTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; width: 59%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 19%"&gt;12.31.18&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center; width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 19%"&gt;12.31.17&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;US dollars&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,269,920&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,294,433&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,269,920&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,294,433&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:SummaryOfBorrowingsCurrenciesTableTextBlock>
    <EDN:SummaryOfBorrowingsMaturitiesAndInterestExposureTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="font-weight: bold; text-align: justify; width: 59%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: justify; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 19%"&gt;12.31.18&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 19%"&gt;12.31.17&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;Fixed rate&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Less than 1 year&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;110,019&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;91,896&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;From 2 to 5 years&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,249,967&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,812,465&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;Total Fixed rate&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,359,986&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,904,361&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Variable rate&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Less than 1 year&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;967,434&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;13,244&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;From 1 to 2 years&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;942,500&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;688,414&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;From 2 to 5 years&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;688,414&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;Total Variable rate&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,909,934&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,390,072&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,269,920&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,294,433&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:SummaryOfBorrowingsMaturitiesAndInterestExposureTableTextBlock>
    <EDN:SummaryOfCompanysBorrowingsRollForwardTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; width: 50%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"&gt;12.31.18&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center; width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"&gt;12.31.17&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"&gt;12.31.16&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;Balance at beginning of the year&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,294,433&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,202,452&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,224,330&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Proceeds from borrowings&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,285,946&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Payment of borrowings' interests&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(652,667)&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(418,494)&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(529,227)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Repurchase of Corporate Notes by the trust&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(9,683)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Paid from repurchase of Corporate Notes&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(375,520)&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(441,462)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Gain from repurchase of Corporate Notes&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(4,539)&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(84)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Exchange difference and interest accrued&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,134,425&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,252,327&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,604,325&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Result from exposure to inflation&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(3,126,212)&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(1,027,798)&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(1,645,747)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: middle; text-align: left"&gt;&amp;#160;Balance at the end of period&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,269,920&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,294,433&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,202,452&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:SummaryOfCompanysBorrowingsRollForwardTableTextBlock>
    <EDN:SummaryOfDebtIssuedTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center"&gt;Million of USD&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center"&gt;Million of $&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 12%"&gt;Corporate Notes&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"&gt;Class&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 10%"&gt;Rate&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 10%"&gt;Year of Maturity&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 11%"&gt;Debt structure at 12.31.17&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 13%"&gt;Debt repurchase&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 21%"&gt;Debt structure at 12.31.18&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 11%"&gt;At 12.31.18&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center"&gt;Fixed Rate Par Note&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;9&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;9.75&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;2022&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;171.87&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(10.22)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;161.65&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,249.78&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; border-top-color: Black; border-top-width: 0.5pt"&gt;Total&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;171.87&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(10.22)&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;161.65&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,249.78&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;i&gt;&lt;u&gt;&lt;/u&gt;&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center"&gt;Million of USD&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center"&gt;Million of $&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 12%"&gt;Corporate Notes&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"&gt;Class&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 10%"&gt;Rate&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 10%"&gt;Year of Maturity&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 11%"&gt;Debt structure at 12.31.16&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 13%"&gt;Debt repurchase&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 21%"&gt;Debt structure at 12.31.17&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 11%"&gt;At 12.31.17&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center"&gt;Fixed Rate Par Note&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;9&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;9.75&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;2022&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;171.87&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;171.87&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,259.22&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; border-top-color: Black; border-top-width: 0.5pt"&gt;Total&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;171.87&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;171.87&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,259.22&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:SummaryOfDebtIssuedTableTextBlock>
    <EDN:SummaryOfSalariesAndSocialSecurityTaxesPayableTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="font-weight: bold; width: 58%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;Non-current&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Early retirements payable&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;14,884&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,960&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Seniority-based bonus&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;147,853&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;171,719&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;Total non-current&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;162,737&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;176,679&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;Current&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Salaries payable and provisions&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,581,241&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,571,228&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Social security payable&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;151,137&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;223,165&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Early retirements payable&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;10,248&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,099&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;Total current&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,742,626&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,801,492&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:SummaryOfSalariesAndSocialSecurityTaxesPayableTableTextBlock>
    <EDN:SummaryOfSalariesAndSocialSecurityTaxesChargedToProfitOrLossTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify; width: 46%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 17%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 17%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 17%"&gt;&amp;#160;12.31.16&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Salaries&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,336,533&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,897,440&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,006,596&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: middle"&gt;Social security taxes&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,686,430&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,904,559&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,947,009&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Total salaries and social security taxes&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,022,963&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,801,999&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,953,605&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:SummaryOfSalariesAndSocialSecurityTaxesChargedToProfitOrLossTableTextBlock>
    <EDN:SummaryOfBenefitPlansTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="font-weight: bold; text-align: justify; width: 59%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;12.31.18&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;12.31.17&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Non-current&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;385,098&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;477,765&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Current&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;32,365&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;46,375&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Total Benefit plans&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;417,463&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;524,140&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:SummaryOfBenefitPlansTableTextBlock>
    <EDN:SummaryOfBenefitPaymentObligationsTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 59%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;12.31.18&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;12.31.17&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;Benefit payment obligations at beginning&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;524,140&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;442,170&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;Current service cost&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;32,904&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;42,500&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;Interest cost&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;79,304&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;126,954&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;Actuarial losses&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,638&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(22,219)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Result from exposure to inflation for the year&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(169,169)&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(8,692)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;Benefits paid to participating employees&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(55,354)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(56,573)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;Benefit payment obligations at period end&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;417,463&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;524,140&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:SummaryOfBenefitPaymentObligationsTableTextBlock>
    <EDN:SummaryOfChargeRecognizedInStatementOfComprehensiveIncomeTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; width: 48%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 16%"&gt;12.31.18&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 16%"&gt;12.31.17&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 18%"&gt;12.31.16&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top"&gt;Cost&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;32,904&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;42,500&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;46,320&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top"&gt;Interest&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;79,304&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;126,954&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;163,431&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top"&gt;Actuarial results - Other comprehensive loss&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,638&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(22,219)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(15,555)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;117,846&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;147,235&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;194,196&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:SummaryOfChargeRecognizedInStatementOfComprehensiveIncomeTableTextBlock>
    <EDN:SummaryOfBenefitPlansActuarialAssumptionsTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="font-weight: bold; text-align: justify; width: 59%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;12.31.18&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;12.31.17&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Discount rate&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;5%&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;5%&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Salary increase&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;1%&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;1%&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Inflation&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;31%&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;18%&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:SummaryOfBenefitPlansActuarialAssumptionsTableTextBlock>
    <EDN:SummaryOfBenefitPlanSensitivityAnalysisTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; width: 59%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; width: 20%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;12.31.2018&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Discount Rate: 4%&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Obligation&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;459,651&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Variation&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;42,188&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;10%&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;Discount Rate: 6%&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Obligation&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;381,587&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Variation&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;(35,876)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;(9%)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;Salary Increase : 0%&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Obligation&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;379,992&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Variation&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;(37,471)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;(9%)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;Salary Increase: 2%&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Obligation&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;460,939&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Variation&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;43,476&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;10%&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:SummaryOfBenefitPlanSensitivityAnalysisTableTextBlock>
    <EDN:SummaryOfExpectedPaymentsOfBenefitsTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify; width: 33%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 10%"&gt;&amp;#160;In 2019&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 10%"&gt;&amp;#160;In 2020&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 11%"&gt;&amp;#160;In 2021&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 10%"&gt;&amp;#160;In 2022&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 11%"&gt;&amp;#160;In 2023&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 10%"&gt;&amp;#160;Between 2022 to 2028&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;At December 31, 2018&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Benefit payment obligations&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;32,365&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,221&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,207&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,450&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,059&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;11,128&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:SummaryOfExpectedPaymentsOfBenefitsTableTextBlock>
    <EDN:SummaryOfIncomeTaxProvisionsTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 62%; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 18%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;12.31.18&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 18%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;12.31.17&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Current&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Tax payable 2017&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,114,384&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;760,641&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total Tax payable&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,114,384&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;760,641&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Tax withholdings&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(497,058)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(71,550)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total current&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;617,326&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;689,091&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:SummaryOfIncomeTaxProvisionsTableTextBlock>
    <EDN:SummaryOfTaxLiabilitiesTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="color: #333399; width: 62%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 18%"&gt;12.31.18&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 18%"&gt;12.31.17&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Non-current&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Current&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Provincial, municipal and federal contributions and taxes&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;130,445&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;587,723&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13; 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   &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;131,091&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td colspan="2" style="vertical-align: middle; text-align: left"&gt;SUSS withholdings&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,435&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,190&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Municipal taxes&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;106,117&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;101,082&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Tax regularization plan&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;380&lt;/td&gt;&#13; 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   &lt;td style="text-align: center"&gt;2018&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;124,503&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="text-align: center"&gt;2019&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;155,454&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;124,626&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="text-align: center"&gt;2020&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;138,048&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;52,194&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="text-align: center"&gt;2021&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;102,515&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,597&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: center"&gt;Total future minimum lease payments&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;396,017&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;305,920&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;/tr&gt;&#13;&lt;/table&gt;</EDN:SummaryOfFutureMinimumLeasingPaymentsTableTextBlock>
    <EDN:SummaryOfExpensesForOperatingAssignmentsTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="text-align: center; width: 45%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 18%"&gt;12.31.18&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 18%"&gt;12.31.17&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 16%"&gt;12.31.16&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td rowspan="2" style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 2pt double; text-align: center"&gt;Total lease expenses&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td rowspan="2" style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 2pt double; text-align: right"&gt;125,157&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td rowspan="2" style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 2pt double; text-align: right"&gt;126,098&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td rowspan="2" style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 2pt double; text-align: right"&gt;126,193&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:SummaryOfExpensesForOperatingAssignmentsTableTextBlock>
    <EDN:SummaryOfFutureMinimumCollectionsTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: center; width: 54%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 22%"&gt;12.31.18&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 22%"&gt;12.31.17&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="text-align: center"&gt;2017&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="text-align: center"&gt;2018&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;202,143&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="text-align: center"&gt;2019&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;173,619&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;193,812&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: center"&gt;Total future minimum lease collections&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;173,619&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;395,955&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:SummaryOfFutureMinimumCollectionsTableTextBlock>
    <EDN:SummaryOfIncomeFromOperatingAssignmentsTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="text-align: center; width: 45%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 18%"&gt;12.31.18&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 18%"&gt;12.31.17&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 16%"&gt;12.31.16&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: center"&gt;Total lease income&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;190,370&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;212,265&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;199,431&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:SummaryOfIncomeFromOperatingAssignmentsTableTextBlock>
    <EDN:SummaryOfProvisionsTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; width: 58%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;&amp;#160;Non-current liabilities&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: middle; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"&gt;&amp;#160;Current liabilities&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="vertical-align: middle; text-align: center"&gt;&amp;#160;Contingencies&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;&amp;#160;At 12.31.16&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;504,038&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;129,808&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Increases&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;411,975&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;130,389&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Decreases&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(4)&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(58,930)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Result from exposure to inflation for the year&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(32,890)&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(10,409)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;&amp;#160;At 12.31.17&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;883,119&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;190,858&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Increases&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;472,067&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;252,030&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Decreases&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(85,662)&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(239,585)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Result from exposure to inflation for the year&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(199,374)&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(15,868)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;&amp;#160;At 12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,070,150&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;187,435&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:SummaryOfProvisionsTableTextBlock>
    <EDN:SummaryOfRevenueFromSalesTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="font-weight: bold; text-align: justify; width: 50%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: justify; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 15%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; background-color: white; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 15%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 17%"&gt;&amp;#160;12.31.16&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="text-align: left; background-color: white"&gt;Sales of electricity&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;55,689,651&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;39,329,729&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;25,576,978&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="text-align: left; background-color: white"&gt;Right of use on poles&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;190,370&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;212,265&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;213,449&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="text-align: left; background-color: white"&gt;Connection charges&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;51,105&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;49,369&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;30,893&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="text-align: left; background-color: white"&gt;Reconnection charges&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;22,523&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;11,505&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,439&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Total Revenue from sales&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;55,953,649&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;39,602,868&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;25,826,759&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:SummaryOfRevenueFromSalesTableTextBlock>
    <EDN:SummaryOfExpensesByNatureTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 39%"&gt;&amp;#160;Description&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%"&gt;&amp;#160;Transmission and distribution expenses&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%"&gt;&amp;#160;Selling&#13;    expenses&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"&gt;&amp;#160;Administrative expenses&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%"&gt;&amp;#160;Total&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Salaries and social security taxes&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,331,442&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;777,014&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;914,507&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,022,963&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Pension plans&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;80,695&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;14,476&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;17,037&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;112,208&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Communications expenses&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;81,110&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;269,674&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;16,017&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;366,801&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Allowance for the impairment of trade and other receivables&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;977,503&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;977,503&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Supplies consumption&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;790,392&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;122,623&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;913,015&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Leases and insurance&amp;#160;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;530&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;180,218&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;180,748&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Security service&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;136,656&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,027&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;128,699&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;267,382&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Fees and remuneration for services&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,411,812&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,040,164&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,007,152&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,459,128&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Public relations and marketing&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;32,246&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;32,246&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Advertising and sponsorship&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;16,612&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;16,612&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Reimbursements to personnel&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;60&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;68&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;498&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;626&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2" style="text-align: left"&gt;Depreciation of property, plants and&lt;br /&gt;&#13;equipments&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,014,887&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;300,255&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;246,357&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,561,499&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2" style="text-align: left"&gt;Directors and Supervisory Committee &lt;br /&gt;&#13;members&amp;#8217; fees&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;21,893&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;21,893&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;ENRE penalties (1)&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,064,330&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,052,135&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,116,465&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Taxes and charges&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;598,908&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;162,549&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;761,457&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Other&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;808&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;457&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,719&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,984&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: center"&gt;At 12.31.18&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;10,912,722&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,032,681&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,872,127&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;18,817,530&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 39%"&gt;&amp;#160;Description&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%"&gt;&amp;#160;Transmission and distribution expenses&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%"&gt;&amp;#160;Selling&amp;#160;expenses&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"&gt;&amp;#160;Administrative expenses&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%"&gt;&amp;#160;Total&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Salaries and social security taxes&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,997,823&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;886,976&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;917,200&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,801,999&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Pension plans&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;124,507&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;22,097&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;22,850&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;169,454&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Communications expenses&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;55,281&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;289,371&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;22,804&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;367,456&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Allowance for the impairment of trade and other receivables&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;391,615&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;391,615&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Supplies consumption&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;687,199&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;109,780&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;796,979&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Leases and insurance&amp;#160;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;653&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;182,024&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;182,677&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Security service&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;130,263&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,797&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;141,231&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;273,291&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Fees and remuneration for services&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,081,974&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;876,612&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;820,225&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,778,811&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Public relations and marketing&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;56,659&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;56,659&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Advertising and sponsorship&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;29,187&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;29,187&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Reimbursements to personnel&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;89&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;55&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;827&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;971&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2" style="text-align: left"&gt;Depreciation of property, plants and&lt;br /&gt;&#13;equipments&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,740,231&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;275,125&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;132,733&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,148,089&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2" style="text-align: left"&gt;Directors and Supervisory Committee&lt;br /&gt;&#13;members&amp;#8217; fees&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;21,429&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;21,429&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;ENRE penalties&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;428,049&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;428,663&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;856,712&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Taxes and charges&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;395,263&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;32,011&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;427,274&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Other&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;996&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;264&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;15,546&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;16,806&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: center"&gt;At 12.31.17&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;9,247,065&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,567,838&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,504,506&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;15,319,409&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 21.25pt"&gt;&lt;font style="font-size: 8pt"&gt;(1)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Transmission and distribution expenses include recovery for $ 719.8&#13;million net of the charge for the year for $ 1.6 billion.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 39%"&gt;&amp;#160;Description&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%"&gt;&amp;#160;Transmission and distribution expenses&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%"&gt;&amp;#160;Selling&amp;#160;expenses&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"&gt;&amp;#160;Administrative expenses&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%"&gt;&amp;#160;Total&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Salaries and social security taxes&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,104,795&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;861,097&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;987,713&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,953,605&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Pension plans&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;142,590&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;24,053&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;27,589&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;194,232&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Communications expenses&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;49,817&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;251,381&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;20,318&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;321,516&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Allowance for the impairment of trade and other receivables&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;433,371&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;433,371&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Supplies consumption&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;513,318&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;64,249&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;577,567&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Leases and insurance&amp;#160;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;870&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;173,973&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;174,843&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Security service&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;134,404&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;22,855&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;85,461&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;242,720&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Fees and remuneration for services&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;897,754&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;923,607&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;771,520&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,592,881&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Public relations and marketing&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Advertising and sponsorship&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Reimbursements to personnel&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,821&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;343&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,520&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,684&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2" style="text-align: left"&gt;Depreciation of property, plants and&lt;br /&gt;&#13;equipments&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,739,293&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;301,301&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;106,647&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,147,241&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2" style="text-align: left"&gt;Directors and Supervisory Committee&lt;br /&gt;&#13;members&amp;#8217; fees&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;11,937&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;11,937&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;ENRE penalties&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,677,844&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;367,907&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,045,751&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Taxes and charges&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;193,081&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;27,088&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;220,169&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;Other&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,351&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;265&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;10,022&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;11,638&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: center"&gt;At 12.31.16&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;13,263,857&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,379,261&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,288,037&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;18,931,155&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;</EDN:SummaryOfExpensesByNatureTableTextBlock>
    <EDN:SummaryOfOtherOperatingExpenseNetTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify; width: 45%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify; width: 5%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 16%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 16%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 1%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 16%"&gt;&amp;#160;12.31.16&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Other operating income&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Services provided to third parties&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;74,522&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;89,303&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;120,580&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Commissions on municipal taxes collection&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;77,088&lt;/td&gt;&#13;    &lt;td style="vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;51,358&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;42,131&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Related parties&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;35&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;44,303&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,263&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;921&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top"&gt;Income from non-reimbursable customer &lt;br /&gt;&#13;contributions&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,574&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,372&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,520&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top"&gt;Fines to suppliers&amp;#160;&amp;#160;&amp;#160;(1)&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;76,914&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,811&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;Others&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;43,355&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;705&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6,995&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Total other operating income&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;321,756&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;157,812&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;172,147&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Other operating expense&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Gratifications for services&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(74,266)&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(80,802)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(69,678)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Cost for services provided to third parties&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(52,429)&lt;/td&gt;&#13;    &lt;td style="vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(65,238)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(98,328)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Severance paid&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(16,645)&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(28,353)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(31,243)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Donations and contributions&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(6)&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;Debit and Credit Tax&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(594,750)&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(479,525)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(306,892)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Other expenses - FOCEDE&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(31,223)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Provision for contingencies&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(724,097)&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(542,364)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(301,808)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2" style="text-align: left"&gt;Disposals of property, plant and equipment&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(134,455)&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(49,824)&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(244,456)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;Other&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(45,918)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(14,398)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(1,534)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom"&gt;Total other operating expense&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(1,642,566)&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(1,260,504)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(1,085,162)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; text-align: justify"&gt;Other operating expense, net&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(1,320,810)&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(1,102,692)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(913,015)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;font style="font-size: 8pt"&gt;(1)&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;Relates to fines applied to Suppliers for failing to comply with agreed-upon contractual conditions.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;/p&gt;</EDN:SummaryOfOtherOperatingExpenseNetTableTextBlock>
    <EDN:SummaryOfBasicAndDilutedLossEarningsPerShareTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; width: 46%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 17%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 17%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 16%"&gt;&amp;#160;12.31.16&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Profit (Loss) for the year attributable to the owners of the Company&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,297,466&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,080,635&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;240,771&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left"&gt;Weighted average number of common shares outstanding&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;890,492&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;898,280&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;897,043&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left"&gt;Basic and diluted&amp;#160;&amp;#160;profit (loss) earnings per share &amp;#8211; in pesos&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4.83&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5.66&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;0.27&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:SummaryOfBasicAndDilutedLossEarningsPerShareTableTextBlock>
    <EDN:SummaryOfRelatedPartyIncomeTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; font-style: italic; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 26%"&gt;Company&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; font-style: italic; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 33%"&gt;Concept&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 13%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 12%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 12%"&gt;&amp;#160;12.31.16&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: middle"&gt;CYCSA&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;Other income&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;17,686&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td&gt;PESA&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;Impact study&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;149&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: middle"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;Electrical assembly service&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;11,161&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,263&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td&gt;SACDE&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;Reimbursement expenses&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;32,993&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td&gt;Transener&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;Reimbursement expenses&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;369&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td&gt;Transba&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;Reimbursement expenses&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;553&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;44,303&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,263&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;18,608&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:SummaryOfRelatedPartyIncomeTableTextBlock>
    <EDN:SummaryOfRelatedPartyExpensesTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; font-style: italic; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 26%"&gt;Company&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; font-style: italic; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 33%"&gt;Concept&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 13%"&gt;12.31.18&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 12%"&gt;12.31.17&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 12%"&gt;&amp;#160;12.31.16&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td&gt;PESA&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;Technical advisory services on financial matters&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(86,098)&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(60,944)&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(67,642)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td&gt;SACME&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;Operation and oversight of the electric power transmission system&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(81,698)&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(68,960)&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(65,298)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td&gt;Salaverri, Dellatorre, Burgio y Wetzler Malbran&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;Legal fees&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(876)&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(6,365)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td&gt;PYSSA&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;Financial and granting of loan services to customers&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(39)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td&gt;OSV&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;Hiring life insurance for staff&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(19,521)&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(18,965)&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(11,474)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td&gt;ABELOVICH, POLANO&amp;#160;&amp;#160;&amp;#38; ASOC.&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;Legal fees&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(1,310)&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(712)&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(188,627)&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(150,457)&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(149,891)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</EDN:SummaryOfRelatedPartyExpensesTableTextBlock>
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   &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td&gt;SACME&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,662&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,015&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="font-weight: bold; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,662&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,015&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: middle; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: middle"&gt;&amp;#160;&lt;/td&gt;&#13; 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margin: 0 0 8pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;</EDN:SummaryOfFinancialInstrumentsByCategoryTableTextBlock>
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   &lt;td style="width: 1%; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 16%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;Total&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;As of December 31, 2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Interest income&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;671,783&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;671,783&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Exchange differences&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,866,396&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,866,396&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Bank fees and expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(8,509)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(8,509)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Changes in fair value of financial assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(327)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,529,343&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;746,532&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,275,875&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;As of December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13; 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text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;&lt;b&gt;Charged to profit and loss&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 13%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;&lt;b&gt;Charged to other comprehensive income&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;&lt;b&gt;12.31.18&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13; 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   &lt;td style="background-color: white; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;Inventories&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;13,454&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;(9,064)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;(4,390)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;Trade receivables and other receivables&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;481,066&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; 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background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;445,102&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;Trade payables and other payables&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;424,670&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;757,645&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;772,447&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;1,954,762&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;Salaries and social security taxes payable&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;(95,813)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;130,428&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;14,824&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;49,439&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13; 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   &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;105,984&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;Tax liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;55,897&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;(43,540)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; 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line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13; 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   &lt;td style="background-color: white; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;Property, plant and equipment&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;(7,466,457)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;903,151&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; 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   &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;(212,477)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;Borrowings&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;(43,454)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;37,986&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13; 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line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;&lt;b&gt;Net deferred tax (liabilities) assets&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;&lt;b&gt;(7,290,150)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; 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text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;&lt;b&gt;Result from exposure to inflation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; background-color: white; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;&lt;b&gt;Charged to profit and loss&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 13%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;&lt;b&gt;Charged to other comprehensive income&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="background-color: white; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;Tax loss carryforward&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;6,160&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; 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   &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;(95,813)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;Benefit plans&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;154,759&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;(49,949)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;121,519&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;(7,216)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;219,113&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;Tax liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; 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   &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;(546,274)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;&lt;b&gt;Deferred tax asset&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;&lt;b&gt;2,313,676&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;&lt;b&gt;(746,751)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13; 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background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;(43,454)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;&lt;b&gt;Deferred tax liability&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;&lt;b&gt;(9,851,895)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13; 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line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;&lt;b&gt;(7,896,056)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;&lt;b&gt;Net deferred tax (liabilities) assets&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;&lt;b&gt;(7,538,219)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;&lt;b&gt;2,304,443&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;&lt;b&gt;(2,049,158)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;&lt;b&gt;(7,216)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;&lt;b&gt;(7,290,150)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 56%; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 23%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;&lt;b&gt;12.31.18&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 20%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;&lt;b&gt;12.31.17&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;&lt;i&gt;Deferred tax assets:&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;To be recover in less than 12 moths&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;2,310,153&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;669,450&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;To be recover in more than 12 moths&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;606,624&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;1,756,314&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;&lt;b&gt;Deferred tax asset&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;&lt;b&gt;2,916,777&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;&lt;b&gt;2,425,764&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt/106% Times New Roman, Times, Serif"&gt;&lt;i&gt;Deferred tax liabilities:&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13; 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margin: 0 0 8pt"&gt;&amp;#160;&lt;/p&gt;</EDN:SummaryOfAnalysisOfDeferredTaxAssetsAndLiabilitiesTableTextBlock>
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    <ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue contextRef="From2018-01-01to2018-12-31">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&lt;td style="width: 21.25pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;a.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Revenue from sales&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 7.65pt"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;i&gt;Revenues from&#13;contracts with customers (ENRE Resolutions No. 63/17, 603/17, 33/18, 208/18 and SE Resolution No. 366/18):&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company recognizes,&#13;on a monthly basis, revenues from electricity distribution and commercialization as energy is distributed to each client based&#13;on the applicable tariff and procedures established by the ENRE. Such revenue includes energy delivered, whether billed or unbilled,&#13;at the end of each period. Revenues are not adjusted for the effect of financing components as sales&amp;#8217; payments are not deferred&#13;over time, which is consistent with market practice.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The current&#13;remuneration scheme establishes certain limits to the increase in the VAD resulting from the tariff structure review process,&#13;as well as a mechanism for monitoring the variation of CPD, which implies an increase in the compensation scheme for certain&#13;cases; the Company recognizes related revenues only to the extent that it is highly probable that a significant reversal will&#13;not occur and it is probable that the consideration will be collected regardless the period in which the energy is&#13;distributed.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company&#13;recognizes revenues related to energy supply to low-income areas and shantytowns, only to the extent that the Framework Agreement&#13;with Argentine Nation and Province of Buenos Aires has been renewed for the period in which the service was rendered.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;i&gt;Other&#13;revenues from &lt;font style="font-family: Times New Roman, Times, Serif"&gt;contracts with customers:&lt;/font&gt;&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;The Company recognizes&#13;other revenues from contracts with customers in relation to connection and reconnection services, rights of use on poles and transport&#13;of energy to other distribution companies on a monthly basis as services are rendered based on the price established in each contract.&#13;Revenues are not adjusted for the effect of financing components as sales&amp;#8217; payments are not deferred over time, which is&#13;consistent with market practice.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 7.65pt"&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 21.25pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;b.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Interest income&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Interest income&#13;is recognized by applying the effective interest rate method. Interest income is recorded in the accounting on a time basis by&#13;reference to the principal amount outstanding and the applicable effective rate.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;Interest income&#13;is recognized when it is probable that the economic benefits associated with the transaction will flow to the Company and the&#13;amount of the transaction can be measured reliably.&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue>
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    <EDN:ProvisionsForImpairmentOfTradeReceivablesByNewAccountingStandard contextRef="AsOf2016-12-31" unitRef="ARS" decimals="-3">-458853000</EDN:ProvisionsForImpairmentOfTradeReceivablesByNewAccountingStandard>
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text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;45,032&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Result from exposure to inflation&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; 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    <EDN:SummaryOfNetFinancialExpenseTableTextBlock contextRef="From2018-01-01to2018-12-31">&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; width: 50%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: justify; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 15%"&gt;&amp;#160;12.31.18&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; text-align: center; background-color: white; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 15%"&gt;&amp;#160;12.31.17&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 17%"&gt;&amp;#160;12.31.16&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-decoration: underline; background-color: white"&gt;Financial income&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-decoration: underline; background-color: white"&gt;&lt;u&gt;&lt;/u&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Commercial interest&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;273,457&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;177,655&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;262,536&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Financial interest&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;398,326&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;276,149&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;122,057&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; background-color: white"&gt;Total financial income&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"&gt;671,783&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"&gt;453,804&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"&gt;384,593&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-decoration: underline; background-color: white"&gt;Financial expenses&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-decoration: underline; background-color: white"&gt;&lt;u&gt;&lt;/u&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Interest and other&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(1,987,092)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(819,377)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(535,721)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white"&gt;Fiscal interest&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(22,752)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(31,153)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(18,762)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Commercial interest&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(2,958,366)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(1,716,843)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(2,028,136)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Bank fees and expenses&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(8,509)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(2,883)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(6,608)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; background-color: white"&gt;Total financial expenses&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"&gt;(4,976,719)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"&gt;(2,570,256)&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: bottom; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"&gt;(2,589,227)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="background-color: white"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-decoration: underline; background-color: white"&gt;Other financial results&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-decoration: underline; background-color: white"&gt;&lt;u&gt;&lt;/u&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Exchange differences&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(2,629,966)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(564,056)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(911,819)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Adjustment to present value of receivables&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(327)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(431)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;5,749&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Changes in fair value of financial assets (1)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;746,532&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;474,896&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;891,773&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="background-color: white"&gt;Net gain from the repurchase of &lt;br /&gt;&#13;Corporate Notes&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,539&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;90&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;Other financial expense&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(86,098)&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; 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	<link:roleType roleURI="http://edenor.com/role/FinancialAssetsAtFairValueThroughProfitOrLoss" id="FinancialAssetsAtFairValueThroughProfitOrLoss">
	  <link:definition>00000018 - Disclosure - 13. Financial assets at fair value through profit or loss</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://edenor.com/role/FinancialAssetsAtAmortizedCost" id="FinancialAssetsAtAmortizedCost">
	  <link:definition>00000019 - Disclosure - 14. Financial assets at amortized cost</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://edenor.com/role/Inventories" id="Inventories">
	  <link:definition>00000020 - Disclosure - 15. Inventories</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://edenor.com/role/CashAndCashEquivalents" id="CashAndCashEquivalents">
	  <link:definition>00000021 - Disclosure - 16. Cash and cash equivalents</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://edenor.com/role/ShareCapitalAndAdditionalPaid-inCapital" id="ShareCapitalAndAdditionalPaid-inCapital">
	  <link:definition>00000022 - Disclosure - 17. Share capital and additional paid-in capital</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://edenor.com/role/AllocationOfProfits" id="AllocationOfProfits">
	  <link:definition>00000023 - Disclosure - 18. Allocation of profits</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://edenor.com/role/TradePayables" id="TradePayables">
	  <link:definition>00000024 - Disclosure - 19. Trade payables</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://edenor.com/role/OtherPayables" id="OtherPayables">
	  <link:definition>00000025 - Disclosure - 20. Other payables</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://edenor.com/role/DeferredRevenue" id="DeferredRevenue">
	  <link:definition>00000026 - Disclosure - 21. Deferred revenue</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://edenor.com/role/Borrowings" id="Borrowings">
	  <link:definition>00000027 - Disclosure - 22. Borrowings</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://edenor.com/role/SalariesAndSocialSecurityTaxesPayable" id="SalariesAndSocialSecurityTaxesPayable">
	  <link:definition>00000028 - Disclosure - 23. Salaries and social security taxes payable</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://edenor.com/role/BenefitPlans" id="BenefitPlans">
	  <link:definition>00000029 - Disclosure - 24. Benefit plans</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://edenor.com/role/CompanysShare-basedCompensationPlan" id="CompanysShare-basedCompensationPlan">
	  <link:definition>00000030 - Disclosure - 25. The Company's Share-based Compensation Plan</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/IncomeTax" id="IncomeTax">
	  <link:definition>00000031 - Disclosure - 26. Income tax</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/TaxLiabilities" id="TaxLiabilities">
	  <link:definition>00000032 - Disclosure - 27. Tax liabilities</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/Leases" id="Leases">
	  <link:definition>00000033 - Disclosure - 28. Leases</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/Provisions" id="Provisions">
	  <link:definition>00000034 - Disclosure - 29. Provisions</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/RevenueFromSales" id="RevenueFromSales">
	  <link:definition>00000035 - Disclosure - 30. Revenue from sales</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/ExpensesByNature" id="ExpensesByNature">
	  <link:definition>00000036 - Disclosure - 31. Expenses by nature</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/OtherOperatingExpenseNet" id="OtherOperatingExpenseNet">
	  <link:definition>00000037 - Disclosure - 32. Other operating expense, net</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/NetFinancialExpense" id="NetFinancialExpense">
	  <link:definition>00000038 - Disclosure - 33. Net financial expense</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/BasicAndDilutedEarningsPerShare" id="BasicAndDilutedEarningsPerShare">
	  <link:definition>00000039 - Disclosure - 34. Basic and diluted earnings per share</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/Related-partyTransactions" id="Related-partyTransactions">
	  <link:definition>00000040 - Disclosure - 35. Related-party transactions</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/SafekeepingOfDocumentation" id="SafekeepingOfDocumentation">
	  <link:definition>00000041 - Disclosure - 36. Safekeeping of documentation</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/TerminationOfAgreementOnRealEstateAsset" id="TerminationOfAgreementOnRealEstateAsset">
	  <link:definition>00000042 - Disclosure - 37. Termination of agreement on real estate asset</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/OrdinaryAndExtraordinaryShareholdersMeeting" id="OrdinaryAndExtraordinaryShareholdersMeeting">
	  <link:definition>00000043 - Disclosure - 38. Ordinary and Extraordinary Shareholders' Meeting</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/AccountingPoliciesPolicies" id="AccountingPoliciesPolicies">
	  <link:definition>00000044 - Disclosure - 4. Accounting policies (Policies)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/FinancialRiskManagementTables" id="FinancialRiskManagementTables">
	  <link:definition>00000045 - Disclosure - 5. Financial risk management (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/CriticalAccountingEstimatesAndJudgmentsTables" id="CriticalAccountingEstimatesAndJudgmentsTables">
	  <link:definition>00000046 - Disclosure - 6. Critical accounting estimates and judgments (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/InterestInJointVentureTables" id="InterestInJointVentureTables">
	  <link:definition>00000047 - Disclosure - 7. Interest in joint venture (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/PropertyPlantAndEquipmentTables" id="PropertyPlantAndEquipmentTables">
	  <link:definition>00000048 - Disclosure - 9. Property, plant and equipment (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/FinancialInstrumentsTables" id="FinancialInstrumentsTables">
	  <link:definition>00000049 - Disclosure - 10. Financial instruments (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/OtherReceivablesTables" id="OtherReceivablesTables">
	  <link:definition>00000050 - Disclosure - 11. Other receivables (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/TradeReceivablesTables" id="TradeReceivablesTables">
	  <link:definition>00000051 - Disclosure - 12. Trade receivables (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/FinancialAssetsAtFairValueThroughProfitOrLossTables" id="FinancialAssetsAtFairValueThroughProfitOrLossTables">
	  <link:definition>00000052 - Disclosure - 13. Financial assets at fair value through profit or loss (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/FinancialAssetsAtAmortizedCostTables" id="FinancialAssetsAtAmortizedCostTables">
	  <link:definition>00000053 - Disclosure - 14. Financial assets at amortized cost (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/InventoriesTables" id="InventoriesTables">
	  <link:definition>00000054 - Disclosure - 15. Inventories (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/CashAndCashEquivalentsTables" id="CashAndCashEquivalentsTables">
	  <link:definition>00000055 - Disclosure - 16. Cash and cash equivalents (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/ShareCapitalAndAdditionalPaid-inCapitalTables" id="ShareCapitalAndAdditionalPaid-inCapitalTables">
	  <link:definition>00000056 - Disclosure - 17. Share capital and additional paid-in capital (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/TradePayablesTables" id="TradePayablesTables">
	  <link:definition>00000057 - Disclosure - 19. Trade payables (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/OtherPayablesTables" id="OtherPayablesTables">
	  <link:definition>00000058 - Disclosure - 20. Other payables (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/DeferredRevenueTables" id="DeferredRevenueTables">
	  <link:definition>00000059 - Disclosure - 21. Deferred revenue (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/BorrowingsTables" id="BorrowingsTables">
	  <link:definition>00000060 - Disclosure - 22. Borrowings (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://edenor.com/role/SalariesAndSocialSecurityTaxesPayableTables" id="SalariesAndSocialSecurityTaxesPayableTables">
	  <link:definition>00000061 - Disclosure - 23. Salaries and social security taxes payable (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/BenefitPlansTables" id="BenefitPlansTables">
	  <link:definition>00000062 - Disclosure - 24. Benefit plans (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/IncomeTaxTables" id="IncomeTaxTables">
	  <link:definition>00000063 - Disclosure - 26. Income tax (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/TaxLiabilitiesTables" id="TaxLiabilitiesTables">
	  <link:definition>00000064 - Disclosure - 27. Tax liabilities (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/LeasesTables" id="LeasesTables">
	  <link:definition>00000065 - Disclosure - 28. Leases (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://edenor.com/role/ProvisionsTables" id="ProvisionsTables">
	  <link:definition>00000066 - Disclosure - 29. Provisions (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/RevenueFromSalesTables" id="RevenueFromSalesTables">
	  <link:definition>00000067 - Disclosure - 30. Revenue from sales (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/ExpensesByNatureTables" id="ExpensesByNatureTables">
	  <link:definition>00000068 - Disclosure - 31. Expenses by nature (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/OtherOperatingExpenseNetTables" id="OtherOperatingExpenseNetTables">
	  <link:definition>00000069 - Disclosure - 32. Other operating expense, net (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/NetFinancialExpenseTables" id="NetFinancialExpenseTables">
	  <link:definition>00000070 - Disclosure - 33. Net financial expense (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/BasicAndDilutedEarningsPerShareTables" id="BasicAndDilutedEarningsPerShareTables">
	  <link:definition>00000071 - Disclosure - 34. Basic and diluted earnings per share (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/Related-partyTransactionsTables" id="Related-partyTransactionsTables">
	  <link:definition>00000072 - Disclosure - 35. Related-party transactions (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://edenor.com/role/GeneralInformationDetailsNarrative" id="GeneralInformationDetailsNarrative">
	  <link:definition>00000073 - Disclosure - 1. General information (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://edenor.com/role/RegulatoryFrameworkDetailsNarrative" id="RegulatoryFrameworkDetailsNarrative">
	  <link:definition>00000074 - Disclosure - 2. Regulatory framework (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://edenor.com/role/AccountingPoliciesDetailNarrative" id="AccountingPoliciesDetailNarrative">
	  <link:definition>00000075 - Disclosure - 4. Accounting policies (Detail Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/FinancialRiskManagementDetails" id="FinancialRiskManagementDetails">
	  <link:definition>00000076 - Disclosure - 5. Financial risk management (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/FinancialRiskManagementDetails1" id="FinancialRiskManagementDetails1">
	  <link:definition>00000077 - Disclosure - 5. Financial risk management (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/FinancialRiskManagementDetails2" id="FinancialRiskManagementDetails2">
	  <link:definition>00000078 - Disclosure - 5. Financial risk management (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://edenor.com/role/FinancialRiskManagementDetails3" id="FinancialRiskManagementDetails3">
	  <link:definition>00000079 - Disclosure - 5. Financial risk management (Details 3)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/FinancialRiskManagementDetails4" id="FinancialRiskManagementDetails4">
	  <link:definition>00000080 - Disclosure - 5. Financial risk management (Details 4)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/FinancialRiskManagementDetails5" id="FinancialRiskManagementDetails5">
	  <link:definition>00000081 - Disclosure - 5. Financial risk management (Details 5)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/FinancialRiskManagementDetails6" id="FinancialRiskManagementDetails6">
	  <link:definition>00000082 - Disclosure - 5. Financial risk management (Details 6)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/FinancialRiskManagementDetailsNarrative" id="FinancialRiskManagementDetailsNarrative">
	  <link:definition>00000083 - Disclosure - 5. Financial risk management (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/CriticalAccountingEstimatesAndJudgmentsDetails" id="CriticalAccountingEstimatesAndJudgmentsDetails">
	  <link:definition>00000084 - Disclosure - 6. Critical accounting estimates and judgments (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/CriticalAccountingEstimatesAndJudgmentsDetails1" id="CriticalAccountingEstimatesAndJudgmentsDetails1">
	  <link:definition>00000085 - Disclosure - 6. Critical accounting estimates and judgments (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/InterestInJointVentureDetails" id="InterestInJointVentureDetails">
	  <link:definition>00000086 - Disclosure - 7. Interest in joint venture (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/ContingentLiabilitiesDetailsNarrative" id="ContingentLiabilitiesDetailsNarrative">
	  <link:definition>00000087 - Disclosure - 8. Contingent liabilities (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/PropertyPlantAndEquipmentDetails" id="PropertyPlantAndEquipmentDetails">
	  <link:definition>00000088 - Disclosure - 9. Property, plant and equipment (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/PropertyPlantAndEquipmentDetailsNarrative" id="PropertyPlantAndEquipmentDetailsNarrative">
	  <link:definition>00000089 - Disclosure - 9. Property, plant and equipment (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/FinancialInstrumentsDetails" id="FinancialInstrumentsDetails">
	  <link:definition>00000090 - Disclosure - 10. Financial instruments (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/FinancialInstrumentsDetails1" id="FinancialInstrumentsDetails1">
	  <link:definition>00000091 - Disclosure - 10. Financial instruments (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/FinancialInstrumentsDetails2" id="FinancialInstrumentsDetails2">
	  <link:definition>00000092 - Disclosure - 10. Financial instruments (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/FinancialInstrumentsDetails3" id="FinancialInstrumentsDetails3">
	  <link:definition>00000093 - Disclosure - 10. Financial instruments (Details 3)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/FinancialInstrumentsDetails4" id="FinancialInstrumentsDetails4">
	  <link:definition>00000094 - Disclosure - 10. Financial instruments (Details 4)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/OtherReceivablesDetails" id="OtherReceivablesDetails">
	  <link:definition>00000095 - Disclosure - 11. Other receivables (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/OtherReceivablesDetails1" id="OtherReceivablesDetails1">
	  <link:definition>00000096 - Disclosure - 11. Other receivables (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/OtherReceivablesDetails2" id="OtherReceivablesDetails2">
	  <link:definition>00000097 - Disclosure - 11. Other receivables (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/TradeReceivablesDetails" id="TradeReceivablesDetails">
	  <link:definition>00000098 - Disclosure - 12. Trade receivables (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/TradeReceivablesDetails1" id="TradeReceivablesDetails1">
	  <link:definition>00000099 - Disclosure - 12. Trade receivables (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/TradeReceivablesDetails2" id="TradeReceivablesDetails2">
	  <link:definition>00000100 - Disclosure - 12. Trade receivables (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/TradeReceivablesDetails3" id="TradeReceivablesDetails3">
	  <link:definition>00000101 - Disclosure - 12. Trade receivables (Details 3)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/FinancialAssetsAtFairValueThroughProfitOrLossDetails" id="FinancialAssetsAtFairValueThroughProfitOrLossDetails">
	  <link:definition>00000102 - Disclosure - 13. Financial assets at fair value through profit or loss (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/FinancialAssetsAtAmortizedCostDetails" id="FinancialAssetsAtAmortizedCostDetails">
	  <link:definition>00000103 - Disclosure - 14. Financial assets at amortized cost (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/InventoriesDetails" id="InventoriesDetails">
	  <link:definition>00000104 - Disclosure - 15. Inventories (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/CashAndCashEquivalentsDetails" id="CashAndCashEquivalentsDetails">
	  <link:definition>00000105 - Disclosure - 16. Cash and cash equivalents (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/ShareCapitalAndAdditionalPaid-inCapitalDetails" id="ShareCapitalAndAdditionalPaid-inCapitalDetails">
	  <link:definition>00000106 - Disclosure - 17. Share capital and additional paid-in capital (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/ShareCapitalAndAdditionalPaid-inCapitalDetailsNarrative" id="ShareCapitalAndAdditionalPaid-inCapitalDetailsNarrative">
	  <link:definition>00000107 - Disclosure - 17. Share capital and additional paid-in capital (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/TradePayablesDetails" id="TradePayablesDetails">
	  <link:definition>00000108 - Disclosure - 19. Trade payables (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/OtherPayablesDetails" id="OtherPayablesDetails">
	  <link:definition>00000109 - Disclosure - 20. Other payables (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/DeferredRevenueDetails" id="DeferredRevenueDetails">
	  <link:definition>00000110 - Disclosure - 21. Deferred revenue (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/BorrowingsDetails" id="BorrowingsDetails">
	  <link:definition>00000111 - Disclosure - 22. Borrowings (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/BorrowingsDetails1" id="BorrowingsDetails1">
	  <link:definition>00000112 - Disclosure - 22. Borrowings (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/BorrowingsDetails2" id="BorrowingsDetails2">
	  <link:definition>00000113 - Disclosure - 22. Borrowings (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/BorrowingsDetails3" id="BorrowingsDetails3">
	  <link:definition>00000114 - Disclosure - 22. Borrowings (Details 3)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/BorrowingsDetails4" id="BorrowingsDetails4">
	  <link:definition>00000115 - Disclosure - 22. Borrowings (Details 4)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/BorrowingsDetailsNarrative" id="BorrowingsDetailsNarrative">
	  <link:definition>00000116 - Disclosure - 22. Borrowings (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/SalariesAndSocialSecurityTaxesPayableDetails" id="SalariesAndSocialSecurityTaxesPayableDetails">
	  <link:definition>00000117 - Disclosure - 23. Salaries and social security taxes payable (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/SalariesAndSocialSecurityTaxesPayableDetails1" id="SalariesAndSocialSecurityTaxesPayableDetails1">
	  <link:definition>00000118 - Disclosure - 23. Salaries and social security taxes payable (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/SalariesAndSocialSecurityTaxesPayableDetailsNarrative" id="SalariesAndSocialSecurityTaxesPayableDetailsNarrative">
	  <link:definition>00000119 - Disclosure - 23. Salaries and social security taxes payable (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/BenefitPlansDetails" id="BenefitPlansDetails">
	  <link:definition>00000120 - Disclosure - 24. Benefit plans (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/BenefitPlansDetails1" id="BenefitPlansDetails1">
	  <link:definition>00000121 - Disclosure - 24. Benefit plans (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/BenefitPlansDetails2" id="BenefitPlansDetails2">
	  <link:definition>00000122 - Disclosure - 24. Benefit plans (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/BenefitPlansDetails3" id="BenefitPlansDetails3">
	  <link:definition>00000123 - Disclosure - 24. Benefit plans (Details 3)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/BenefitPlansDetails4" id="BenefitPlansDetails4">
	  <link:definition>00000124 - Disclosure - 24. Benefit plans (Details 4)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/BenefitPlansDetails5" id="BenefitPlansDetails5">
	  <link:definition>00000125 - Disclosure - 24. Benefit plans (Details 5)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/IncomeTaxDetails" id="IncomeTaxDetails">
	  <link:definition>00000126 - Disclosure - 26. Income tax (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/IncomeTaxDetails1" id="IncomeTaxDetails1">
	  <link:definition>00000127 - Disclosure - 26. Income tax (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/IncomeTaxDetails2" id="IncomeTaxDetails2">
	  <link:definition>00000128 - Disclosure - 26. Income tax (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/IncomeTaxDetails3" id="IncomeTaxDetails3">
	  <link:definition>00000129 - Disclosure - 26. Income tax (Details 3)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/TaxLiabilitiesDetails" id="TaxLiabilitiesDetails">
	  <link:definition>00000130 - Disclosure - 27. Tax liabilities (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/LeasesDetails" id="LeasesDetails">
	  <link:definition>00000131 - Disclosure - 28. Leases (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/LeasesDetails1" id="LeasesDetails1">
	  <link:definition>00000132 - Disclosure - 28. Leases (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/LeasesDetails2" id="LeasesDetails2">
	  <link:definition>00000133 - Disclosure - 28. Leases (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/LeasesDetails3" id="LeasesDetails3">
	  <link:definition>00000134 - Disclosure - 28. Leases (Details 3)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/ProvisionsDetails" id="ProvisionsDetails">
	  <link:definition>00000135 - Disclosure - 29. Provisions (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/RevenueFromSalesDetails" id="RevenueFromSalesDetails">
	  <link:definition>00000136 - Disclosure - 30. Revenue from sales (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://edenor.com/role/ExpensesByNatureDetails" id="ExpensesByNatureDetails">
	  <link:definition>00000137 - Disclosure - 31. Expenses by nature (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
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<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>21
<FILENAME>edn-20181231_cal.xml
<DESCRIPTION>XBRL CALCULATION FILE
<TEXT>
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>23
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<DESCRIPTION>XBRL LABEL FILE
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SalariesAndSocialSecurityTaxesAxis" xlink:to="EDN_SalariesAndSocialSecurityTaxesAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SalariesAndSocialSecurityTaxesAxis_lbl" xml:lang="en-US">Salaries and social security taxes [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_EarlyRetirementsPayableMember" xlink:label="EDN_EarlyRetirementsPayableMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_EarlyRetirementsPayableMember" xlink:to="EDN_EarlyRetirementsPayableMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_EarlyRetirementsPayableMember_lbl" xml:lang="en-US">Early retirements payable</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SeniorityBaseBonusMember" xlink:label="EDN_SeniorityBaseBonusMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SeniorityBaseBonusMember" xlink:to="EDN_SeniorityBaseBonusMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SeniorityBaseBonusMember_lbl" xml:lang="en-US">Seniority-based bonus</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SalariesPayableAndProvisionsMember" xlink:label="EDN_SalariesPayableAndProvisionsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SalariesPayableAndProvisionsMember" xlink:to="EDN_SalariesPayableAndProvisionsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SalariesPayableAndProvisionsMember_lbl" xml:lang="en-US">Salaries payable and provisions</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SocialSecurityPayableMember" xlink:label="EDN_SocialSecurityPayableMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SocialSecurityPayableMember" xlink:to="EDN_SocialSecurityPayableMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SocialSecurityPayableMember_lbl" xml:lang="en-US">Social security payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_JointVenturesAxis" xlink:label="ifrs-full_JointVenturesAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_JointVenturesAxis" xlink:to="ifrs-full_JointVenturesAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_JointVenturesAxis_lbl" xml:lang="en-US">Joint ventures [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SACMEMember" xlink:label="EDN_SACMEMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SACMEMember" xlink:to="EDN_SACMEMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SACMEMember_lbl" xml:lang="en-US">SACME</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_GovernmentBondsMember" xlink:label="EDN_GovernmentBondsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_GovernmentBondsMember" xlink:to="EDN_GovernmentBondsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_GovernmentBondsMember_lbl" xml:lang="en-US">Government bonds</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_RevenueAxis" xlink:label="EDN_RevenueAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_RevenueAxis" xlink:to="EDN_RevenueAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_RevenueAxis_lbl" xml:lang="en-US">Revenue [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ElectricitySalesMember" xlink:label="EDN_ElectricitySalesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ElectricitySalesMember" xlink:to="EDN_ElectricitySalesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_ElectricitySalesMember_lbl" xml:lang="en-US">Sales of electricity</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_RightOfUsePolesMember" xlink:label="EDN_RightOfUsePolesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_RightOfUsePolesMember" xlink:to="EDN_RightOfUsePolesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_RightOfUsePolesMember_lbl" xml:lang="en-US">Right of use on poles</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ConnectionChargesMember" xlink:label="EDN_ConnectionChargesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ConnectionChargesMember" xlink:to="EDN_ConnectionChargesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_ConnectionChargesMember_lbl" xml:lang="en-US">Connection charges</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ReconnectionChargesMember" xlink:label="EDN_ReconnectionChargesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ReconnectionChargesMember" xlink:to="EDN_ReconnectionChargesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_ReconnectionChargesMember_lbl" xml:lang="en-US">Reconnection charges</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_FinancialIncomeExpenseAxis" xlink:label="EDN_FinancialIncomeExpenseAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_FinancialIncomeExpenseAxis" xlink:to="EDN_FinancialIncomeExpenseAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_FinancialIncomeExpenseAxis_lbl" xml:lang="en-US">Financial income (expense) [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_CommercialInterestMember" xlink:label="EDN_CommercialInterestMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_CommercialInterestMember" xlink:to="EDN_CommercialInterestMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_CommercialInterestMember_lbl" xml:lang="en-US">Commercial interest</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_FinancialInterestMember" xlink:label="EDN_FinancialInterestMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_FinancialInterestMember" xlink:to="EDN_FinancialInterestMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_FinancialInterestMember_lbl" xml:lang="en-US">Financial interest</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_InterestAndOtherExpensesMember" xlink:label="EDN_InterestAndOtherExpensesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_InterestAndOtherExpensesMember" xlink:to="EDN_InterestAndOtherExpensesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_InterestAndOtherExpensesMember_lbl" xml:lang="en-US">Interest and other</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_FiscalInterestMember" xlink:label="EDN_FiscalInterestMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_FiscalInterestMember" xlink:to="EDN_FiscalInterestMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_FiscalInterestMember_lbl" xml:lang="en-US">Fiscal interest</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_BankFeesAndExpensesMember" xlink:label="EDN_BankFeesAndExpensesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_BankFeesAndExpensesMember" xlink:to="EDN_BankFeesAndExpensesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_BankFeesAndExpensesMember_lbl" xml:lang="en-US">Bank fees and expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ExchangeDifferencesMember" xlink:label="EDN_ExchangeDifferencesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ExchangeDifferencesMember" xlink:to="EDN_ExchangeDifferencesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_ExchangeDifferencesMember_lbl" xml:lang="en-US">Exchange differences</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_AdjustmentPresentValueReceivablesMember" xlink:label="EDN_AdjustmentPresentValueReceivablesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_AdjustmentPresentValueReceivablesMember" xlink:to="EDN_AdjustmentPresentValueReceivablesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_AdjustmentPresentValueReceivablesMember_lbl" xml:lang="en-US">Adjustment to present value of receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ChangesFairValueFinancialAssetsMember" xlink:label="EDN_ChangesFairValueFinancialAssetsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ChangesFairValueFinancialAssetsMember" xlink:to="EDN_ChangesFairValueFinancialAssetsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_ChangesFairValueFinancialAssetsMember_lbl" xml:lang="en-US">Changes in fair value of financial assets</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_NetGainRepurchaseNotesMember" xlink:label="EDN_NetGainRepurchaseNotesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_NetGainRepurchaseNotesMember" xlink:to="EDN_NetGainRepurchaseNotesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_NetGainRepurchaseNotesMember_lbl" xml:lang="en-US">Net gain from the repurchase of Corporate Notes</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_OtherFinancialExpenseMember" xlink:label="EDN_OtherFinancialExpenseMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_OtherFinancialExpenseMember" xlink:to="EDN_OtherFinancialExpenseMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_OtherFinancialExpenseMember_lbl" xml:lang="en-US">Other financial expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:label="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:to="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_lbl" xml:lang="en-US">Classes of property, plant and equipment [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LandAndBuildingsMember" xlink:label="ifrs-full_LandAndBuildingsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LandAndBuildingsMember" xlink:to="ifrs-full_LandAndBuildingsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LandAndBuildingsMember_lbl" xml:lang="en-US">Lands and buildings</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SubstationsMember" xlink:label="EDN_SubstationsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SubstationsMember" xlink:to="EDN_SubstationsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SubstationsMember_lbl" xml:lang="en-US">Substations</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_VoltageLinesMember" xlink:label="EDN_VoltageLinesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_VoltageLinesMember" xlink:to="EDN_VoltageLinesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_VoltageLinesMember_lbl" xml:lang="en-US">Voltage lines</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_MetersChambersPlatformsMember" xlink:label="EDN_MetersChambersPlatformsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_MetersChambersPlatformsMember" xlink:to="EDN_MetersChambersPlatformsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_MetersChambersPlatformsMember_lbl" xml:lang="en-US">Meters and Transformer chambers and platforms</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherPropertyPlantAndEquipmentMember" xlink:label="ifrs-full_OtherPropertyPlantAndEquipmentMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherPropertyPlantAndEquipmentMember" xlink:to="ifrs-full_OtherPropertyPlantAndEquipmentMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherPropertyPlantAndEquipmentMember_lbl" xml:lang="en-US">Tools, Furniture, vehicles, equipment, communications and advances to suppliers</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ConstructionInProcessMember" xlink:label="EDN_ConstructionInProcessMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ConstructionInProcessMember" xlink:to="EDN_ConstructionInProcessMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_ConstructionInProcessMember_lbl" xml:lang="en-US">Construction in process</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_FinancialCreditMember" xlink:label="EDN_FinancialCreditMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_FinancialCreditMember" xlink:to="EDN_FinancialCreditMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_FinancialCreditMember_lbl" xml:lang="en-US">Financial credit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_RelatedPartiesMember" xlink:label="ifrs-full_RelatedPartiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RelatedPartiesMember" xlink:to="ifrs-full_RelatedPartiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RelatedPartiesMember_lbl" xml:lang="en-US">Related parties</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_PrepaidExpensesMember" xlink:label="EDN_PrepaidExpensesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_PrepaidExpensesMember" xlink:to="EDN_PrepaidExpensesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_PrepaidExpensesMember_lbl" xml:lang="en-US">Prepaid expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_AdvancesToSuppliersMember" xlink:label="EDN_AdvancesToSuppliersMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_AdvancesToSuppliersMember" xlink:to="EDN_AdvancesToSuppliersMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_AdvancesToSuppliersMember_lbl" xml:lang="en-US">Advances to suppliers</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_AdvancesToPersonnelMember" xlink:label="EDN_AdvancesToPersonnelMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_AdvancesToPersonnelMember" xlink:to="EDN_AdvancesToPersonnelMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_AdvancesToPersonnelMember_lbl" xml:lang="en-US">Advances to personnel</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SecurityDepositsMember" xlink:label="EDN_SecurityDepositsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SecurityDepositsMember" xlink:to="EDN_SecurityDepositsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SecurityDepositsMember_lbl" xml:lang="en-US">Security deposits</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ElectricActivitiesReceivableMember" xlink:label="EDN_ElectricActivitiesReceivableMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ElectricActivitiesReceivableMember" xlink:to="EDN_ElectricActivitiesReceivableMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_ElectricActivitiesReceivableMember_lbl" xml:lang="en-US">Receivables from electric activities</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_GuaranteeDepositsMember" xlink:label="EDN_GuaranteeDepositsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_GuaranteeDepositsMember" xlink:to="EDN_GuaranteeDepositsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_GuaranteeDepositsMember_lbl" xml:lang="en-US">Guarantee deposits on derivative financial</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_JudicialDepositsMember" xlink:label="EDN_JudicialDepositsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_JudicialDepositsMember" xlink:to="EDN_JudicialDepositsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_JudicialDepositsMember_lbl" xml:lang="en-US">Judicial deposits</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_OtherOtherReceivablesMember" xlink:label="EDN_OtherOtherReceivablesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_OtherOtherReceivablesMember" xlink:to="EDN_OtherOtherReceivablesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_OtherOtherReceivablesMember_lbl" xml:lang="en-US">Other</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_AllowanceForImpairmentMember" xlink:label="EDN_AllowanceForImpairmentMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_AllowanceForImpairmentMember" xlink:to="EDN_AllowanceForImpairmentMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_AllowanceForImpairmentMember_lbl" xml:lang="en-US">Allowance for the impairment of other receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ClassesOfLiabilitiesAxis" xlink:label="ifrs-full_ClassesOfLiabilitiesAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfLiabilitiesAxis" xlink:to="ifrs-full_ClassesOfLiabilitiesAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfLiabilitiesAxis_lbl" xml:lang="en-US">Classes of liabilities [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_CustomerGuaranteesMember" xlink:label="EDN_CustomerGuaranteesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_CustomerGuaranteesMember" xlink:to="EDN_CustomerGuaranteesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_CustomerGuaranteesMember_lbl" xml:lang="en-US">Customer guarantees</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_CustomerContributionsMember" xlink:label="EDN_CustomerContributionsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_CustomerContributionsMember" xlink:to="EDN_CustomerContributionsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_CustomerContributionsMember_lbl" xml:lang="en-US">Customer contributions</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_FundingContributionsSubstationsMember" xlink:label="EDN_FundingContributionsSubstationsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_FundingContributionsSubstationsMember" xlink:to="EDN_FundingContributionsSubstationsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_FundingContributionsSubstationsMember_lbl" xml:lang="en-US">Funding contributions - substations</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ProvisionForUnbilledElectricityPurchasesMember" xlink:label="EDN_ProvisionForUnbilledElectricityPurchasesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ProvisionForUnbilledElectricityPurchasesMember" xlink:to="EDN_ProvisionForUnbilledElectricityPurchasesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_ProvisionForUnbilledElectricityPurchasesMember_lbl" xml:lang="en-US">Provision for unbilled electricity purchases</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SuppliersMember" xlink:label="EDN_SuppliersMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SuppliersMember" xlink:to="EDN_SuppliersMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SuppliersMember_lbl" xml:lang="en-US">Suppliers</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_AdvanceToCustomerMember" xlink:label="EDN_AdvanceToCustomerMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_AdvanceToCustomerMember" xlink:to="EDN_AdvanceToCustomerMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_AdvanceToCustomerMember_lbl" xml:lang="en-US">Advance to customer</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_DiscountsToCustomersMember" xlink:label="EDN_DiscountsToCustomersMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_DiscountsToCustomersMember" xlink:to="EDN_DiscountsToCustomersMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_DiscountsToCustomersMember_lbl" xml:lang="en-US">Discounts to customers</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_NoncurrentLiabilitiesMember" xlink:label="EDN_NoncurrentLiabilitiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_NoncurrentLiabilitiesMember" xlink:to="EDN_NoncurrentLiabilitiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_NoncurrentLiabilitiesMember_lbl" xml:lang="en-US">Non-current liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_CurrentLiabilitiesMember" xlink:label="EDN_CurrentLiabilitiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_CurrentLiabilitiesMember" xlink:to="EDN_CurrentLiabilitiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_CurrentLiabilitiesMember_lbl" xml:lang="en-US">Current liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SalariesPayableMember" xlink:label="EDN_SalariesPayableMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SalariesPayableMember" xlink:to="EDN_SalariesPayableMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SalariesPayableMember_lbl" xml:lang="en-US">Salaries</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SocialSecurityTaxesMember" xlink:label="EDN_SocialSecurityTaxesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SocialSecurityTaxesMember" xlink:to="EDN_SocialSecurityTaxesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SocialSecurityTaxesMember_lbl" xml:lang="en-US">Social security taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_OperatingIncomeExpenseAxis" xlink:label="EDN_OperatingIncomeExpenseAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_OperatingIncomeExpenseAxis" xlink:to="EDN_OperatingIncomeExpenseAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_OperatingIncomeExpenseAxis_lbl" xml:lang="en-US">Operating Income/Expense [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ServicesProvidedThirdPartiesMember" xlink:label="EDN_ServicesProvidedThirdPartiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ServicesProvidedThirdPartiesMember" xlink:to="EDN_ServicesProvidedThirdPartiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_ServicesProvidedThirdPartiesMember_lbl" xml:lang="en-US">Services provided to third parties</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_CommissionsOnMunicipalTaxesCollectionMember" xlink:label="EDN_CommissionsOnMunicipalTaxesCollectionMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_CommissionsOnMunicipalTaxesCollectionMember" xlink:to="EDN_CommissionsOnMunicipalTaxesCollectionMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_CommissionsOnMunicipalTaxesCollectionMember_lbl" xml:lang="en-US">Commissions on municipal taxes collection</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_OthersMember" xlink:label="EDN_OthersMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_OthersMember" xlink:to="EDN_OthersMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_OthersMember_lbl" xml:lang="en-US">Others</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_GratificationForServicesMember" xlink:label="EDN_GratificationForServicesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_GratificationForServicesMember" xlink:to="EDN_GratificationForServicesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_GratificationForServicesMember_lbl" xml:lang="en-US">Gratifications for services</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_CostForServicesProvidedToThirdPartiesMember" xlink:label="EDN_CostForServicesProvidedToThirdPartiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_CostForServicesProvidedToThirdPartiesMember" xlink:to="EDN_CostForServicesProvidedToThirdPartiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_CostForServicesProvidedToThirdPartiesMember_lbl" xml:lang="en-US">Cost for services provided to third parties</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SeverancePaidMember" xlink:label="EDN_SeverancePaidMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SeverancePaidMember" xlink:to="EDN_SeverancePaidMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SeverancePaidMember_lbl" xml:lang="en-US">Severance paid</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_DebitAndCreditTaxMember" xlink:label="EDN_DebitAndCreditTaxMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_DebitAndCreditTaxMember" xlink:to="EDN_DebitAndCreditTaxMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_DebitAndCreditTaxMember_lbl" xml:lang="en-US">Debit and Credit Tax</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_OtherExpensesFOCEDEMember" xlink:label="EDN_OtherExpensesFOCEDEMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_OtherExpensesFOCEDEMember" xlink:to="EDN_OtherExpensesFOCEDEMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_OtherExpensesFOCEDEMember_lbl" xml:lang="en-US">Other expenses - FOCEDE</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ProvisionForContingenciesMember" xlink:label="EDN_ProvisionForContingenciesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ProvisionForContingenciesMember" xlink:to="EDN_ProvisionForContingenciesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_ProvisionForContingenciesMember_lbl" xml:lang="en-US">Provision for contingencies</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_DisposalsOfPropertyPlantAndEquipmentMember" xlink:label="EDN_DisposalsOfPropertyPlantAndEquipmentMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_DisposalsOfPropertyPlantAndEquipmentMember" xlink:to="EDN_DisposalsOfPropertyPlantAndEquipmentMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_DisposalsOfPropertyPlantAndEquipmentMember_lbl" xml:lang="en-US">Disposals of property, plant and equipment</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SuppliersAndSparePartsMember" xlink:label="EDN_SuppliersAndSparePartsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SuppliersAndSparePartsMember" xlink:to="EDN_SuppliersAndSparePartsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SuppliersAndSparePartsMember_lbl" xml:lang="en-US">Supplies and spare parts</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_RangeAxis" xlink:label="ifrs-full_RangeAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RangeAxis" xlink:to="ifrs-full_RangeAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RangeAxis_lbl" xml:lang="en-US">Range [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_TwentyEighteenMember" xlink:label="EDN_TwentyEighteenMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_TwentyEighteenMember" xlink:to="EDN_TwentyEighteenMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_TwentyEighteenMember_lbl" xml:lang="en-US">2018</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_TwentyNineteenMember" xlink:label="EDN_TwentyNineteenMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_TwentyNineteenMember" xlink:to="EDN_TwentyNineteenMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_TwentyNineteenMember_lbl" xml:lang="en-US">2019</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_TwentyTwentyMember" xlink:label="EDN_TwentyTwentyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_TwentyTwentyMember" xlink:to="EDN_TwentyTwentyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_TwentyTwentyMember_lbl" xml:lang="en-US">2020</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_TwentyTwentyOneMember" xlink:label="EDN_TwentyTwentyOneMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_TwentyTwentyOneMember" xlink:to="EDN_TwentyTwentyOneMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_TwentyTwentyOneMember_lbl" xml:lang="en-US">2021</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_TwentyTwentyTwoMember" xlink:label="EDN_TwentyTwentyTwoMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_TwentyTwentyTwoMember" xlink:to="EDN_TwentyTwentyTwoMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_TwentyTwentyTwoMember_lbl" xml:lang="en-US">2022</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_NotDueMember" xlink:label="EDN_NotDueMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_NotDueMember" xlink:to="EDN_NotDueMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_NotDueMember_lbl" xml:lang="en-US">Not due</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_PastDueMember" xlink:label="EDN_PastDueMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_PastDueMember" xlink:to="EDN_PastDueMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_PastDueMember_lbl" xml:lang="en-US">Past due</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_UpTo3MonthsMember" xlink:label="EDN_UpTo3MonthsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_UpTo3MonthsMember" xlink:to="EDN_UpTo3MonthsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_UpTo3MonthsMember_lbl" xml:lang="en-US">Up to 3 months</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_From1To2YearsMember" xlink:label="EDN_From1To2YearsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_From1To2YearsMember" xlink:to="EDN_From1To2YearsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_From1To2YearsMember_lbl" xml:lang="en-US">From 1 to 2 years</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_LessThan12MonthsMember" xlink:label="EDN_LessThan12MonthsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_LessThan12MonthsMember" xlink:to="EDN_LessThan12MonthsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_LessThan12MonthsMember_lbl" xml:lang="en-US">To be recovered in less than 12 months</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_MoreThan12MonthsMember" xlink:label="EDN_MoreThan12MonthsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_MoreThan12MonthsMember" xlink:to="EDN_MoreThan12MonthsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_MoreThan12MonthsMember_lbl" xml:lang="en-US">To be recovered in more than 12 months</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_TradeAndOtherPayablesMember" xlink:label="EDN_TradeAndOtherPayablesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_TradeAndOtherPayablesMember" xlink:to="EDN_TradeAndOtherPayablesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_TradeAndOtherPayablesMember_lbl" xml:lang="en-US">Trade and other payables</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_BorrowingMember" xlink:label="EDN_BorrowingMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_BorrowingMember" xlink:to="EDN_BorrowingMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_BorrowingMember_lbl" xml:lang="en-US">Borrowings</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_NoDeadlineMember" xlink:label="EDN_NoDeadlineMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_NoDeadlineMember" xlink:to="EDN_NoDeadlineMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_NoDeadlineMember_lbl" xml:lang="en-US">No deadline</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_LessThan3MonthsMember" xlink:label="EDN_LessThan3MonthsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_LessThan3MonthsMember" xlink:to="EDN_LessThan3MonthsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_LessThan3MonthsMember_lbl" xml:lang="en-US">Less than 3 months</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_From3MonthsTo1YearMember" xlink:label="EDN_From3MonthsTo1YearMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_From3MonthsTo1YearMember" xlink:to="EDN_From3MonthsTo1YearMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_From3MonthsTo1YearMember_lbl" xml:lang="en-US">From 3 months to 1 year</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_From2To5YearsMember" xlink:label="EDN_From2To5YearsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_From2To5YearsMember" xlink:to="EDN_From2To5YearsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_From2To5YearsMember_lbl" xml:lang="en-US">From 2 to 5 years</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_MoreThan5YearsMember" xlink:label="EDN_MoreThan5YearsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_MoreThan5YearsMember" xlink:to="EDN_MoreThan5YearsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_MoreThan5YearsMember_lbl" xml:lang="en-US">More than 5 years</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LevelsOfFairValueHierarchyAxis" xlink:label="ifrs-full_LevelsOfFairValueHierarchyAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LevelsOfFairValueHierarchyAxis" xlink:to="ifrs-full_LevelsOfFairValueHierarchyAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LevelsOfFairValueHierarchyAxis_lbl" xml:lang="en-US">Classes of assets [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_Level1OfFairValueHierarchyMember" xlink:label="ifrs-full_Level1OfFairValueHierarchyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Level1OfFairValueHierarchyMember" xlink:to="ifrs-full_Level1OfFairValueHierarchyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Level1OfFairValueHierarchyMember_lbl" xml:lang="en-US">Level 1</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_Level2OfFairValueHierarchyMember" xlink:label="ifrs-full_Level2OfFairValueHierarchyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Level2OfFairValueHierarchyMember" xlink:to="ifrs-full_Level2OfFairValueHierarchyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Level2OfFairValueHierarchyMember_lbl" xml:lang="en-US">Level 2</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_Level3OfFairValueHierarchyMember" xlink:label="ifrs-full_Level3OfFairValueHierarchyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Level3OfFairValueHierarchyMember" xlink:to="ifrs-full_Level3OfFairValueHierarchyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Level3OfFairValueHierarchyMember_lbl" xml:lang="en-US">Level 3</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_OtherReceivablesMember" xlink:label="EDN_OtherReceivablesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_OtherReceivablesMember" xlink:to="EDN_OtherReceivablesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_OtherReceivablesMember_lbl" xml:lang="en-US">Other receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_MoneyMarketFundFairValueProfitLossMember" xlink:label="EDN_MoneyMarketFundFairValueProfitLossMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_MoneyMarketFundFairValueProfitLossMember" xlink:to="EDN_MoneyMarketFundFairValueProfitLossMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_MoneyMarketFundFairValueProfitLossMember_lbl" xml:lang="en-US">Money market funds</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_UnexpiredMember" xlink:label="EDN_UnexpiredMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_UnexpiredMember" xlink:to="EDN_UnexpiredMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_UnexpiredMember_lbl" xml:lang="en-US">Unexpired</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_From3To6MonthsMember" xlink:label="EDN_From3To6MonthsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_From3To6MonthsMember" xlink:to="EDN_From3To6MonthsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_From3To6MonthsMember_lbl" xml:lang="en-US">From 3 to 6 months</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_From6To9MonthsMember" xlink:label="EDN_From6To9MonthsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_From6To9MonthsMember" xlink:to="EDN_From6To9MonthsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_From6To9MonthsMember_lbl" xml:lang="en-US">From 6 to 9 months</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_From9To12MonthsMember" xlink:label="EDN_From9To12MonthsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_From9To12MonthsMember" xlink:to="EDN_From9To12MonthsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_From9To12MonthsMember_lbl" xml:lang="en-US">From 9 to 12 months</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_BilledSalesOfElectricityMember" xlink:label="EDN_BilledSalesOfElectricityMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_BilledSalesOfElectricityMember" xlink:to="EDN_BilledSalesOfElectricityMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_BilledSalesOfElectricityMember_lbl" xml:lang="en-US">Sales of electricity - Billed</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_UnbilledSalesOfElectricityMember" xlink:label="EDN_UnbilledSalesOfElectricityMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_UnbilledSalesOfElectricityMember" xlink:to="EDN_UnbilledSalesOfElectricityMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_UnbilledSalesOfElectricityMember_lbl" xml:lang="en-US">Sales of electricity - Unbilled</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_FrameworkAgreementMember" xlink:label="EDN_FrameworkAgreementMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_FrameworkAgreementMember" xlink:to="EDN_FrameworkAgreementMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_FrameworkAgreementMember_lbl" xml:lang="en-US">Framework Agreement</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_FeePayableMember" xlink:label="EDN_FeePayableMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_FeePayableMember" xlink:to="EDN_FeePayableMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_FeePayableMember_lbl" xml:lang="en-US">Fee payable for the expansion of the transportation and others</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ReceivablesInLitigationMember" xlink:label="EDN_ReceivablesInLitigationMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ReceivablesInLitigationMember" xlink:to="EDN_ReceivablesInLitigationMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_ReceivablesInLitigationMember_lbl" xml:lang="en-US">Receivables in litigation</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_AllowanceForImpairmentOfTradeReceivablesMember" xlink:label="EDN_AllowanceForImpairmentOfTradeReceivablesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_AllowanceForImpairmentOfTradeReceivablesMember" xlink:to="EDN_AllowanceForImpairmentOfTradeReceivablesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_AllowanceForImpairmentOfTradeReceivablesMember_lbl" xml:lang="en-US">Allowance for the impairment of trade receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_CorporateNotesMember" xlink:label="EDN_CorporateNotesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_CorporateNotesMember" xlink:to="EDN_CorporateNotesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_CorporateNotesMember_lbl" xml:lang="en-US">Corporate notes</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_InterestFromCorporateNotesMember" xlink:label="EDN_InterestFromCorporateNotesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_InterestFromCorporateNotesMember" xlink:to="EDN_InterestFromCorporateNotesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_InterestFromCorporateNotesMember_lbl" xml:lang="en-US">Interest from corporate notes</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2018/dei-2018-01-31.xsd#dei_LegalEntityAxis" xlink:label="dei_LegalEntityAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LegalEntityAxis" xlink:to="dei_LegalEntityAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LegalEntityAxis_lbl" xml:lang="en-US">Legal Entity [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_CYCSAMember" xlink:label="EDN_CYCSAMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_CYCSAMember" xlink:to="EDN_CYCSAMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_CYCSAMember_lbl" xml:lang="en-US">CYCSA</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_TransenerMember" xlink:label="EDN_TransenerMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_TransenerMember" xlink:to="EDN_TransenerMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_TransenerMember_lbl" xml:lang="en-US">Transener</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_TransbaMember" xlink:label="EDN_TransbaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_TransbaMember" xlink:to="EDN_TransbaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_TransbaMember_lbl" xml:lang="en-US">Transba</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_PYSSAMember" xlink:label="EDN_PYSSAMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_PYSSAMember" xlink:to="EDN_PYSSAMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_PYSSAMember_lbl" xml:lang="en-US">PYSSA</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SalaverriDellatorreBurgioYWetzlerMalbranMember" xlink:label="EDN_SalaverriDellatorreBurgioYWetzlerMalbranMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SalaverriDellatorreBurgioYWetzlerMalbranMember" xlink:to="EDN_SalaverriDellatorreBurgioYWetzlerMalbranMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SalaverriDellatorreBurgioYWetzlerMalbranMember_lbl" xml:lang="en-US">Salaverri, Dellatorre, Burgio y Wetzler Malbran</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_OSVAMember" xlink:label="EDN_OSVAMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_OSVAMember" xlink:to="EDN_OSVAMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_OSVAMember_lbl" xml:lang="en-US">OSV</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ExpensesByNatureAxis" xlink:label="EDN_ExpensesByNatureAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ExpensesByNatureAxis" xlink:to="EDN_ExpensesByNatureAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_ExpensesByNatureAxis_lbl" xml:lang="en-US">Expenses by nature [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SalariesAndSocialSecurityTaxesMember" xlink:label="EDN_SalariesAndSocialSecurityTaxesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SalariesAndSocialSecurityTaxesMember" xlink:to="EDN_SalariesAndSocialSecurityTaxesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SalariesAndSocialSecurityTaxesMember_lbl" xml:lang="en-US">Salaries and social security taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_PensionPlansMember" xlink:label="EDN_PensionPlansMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_PensionPlansMember" xlink:to="EDN_PensionPlansMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_PensionPlansMember_lbl" xml:lang="en-US">Pension plans</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_CommunicationExpensesMember" xlink:label="EDN_CommunicationExpensesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_CommunicationExpensesMember" xlink:to="EDN_CommunicationExpensesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_CommunicationExpensesMember_lbl" xml:lang="en-US">Communications expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_AllowanceForImpairmentOfTradeAndOtherReceivablesMember" xlink:label="EDN_AllowanceForImpairmentOfTradeAndOtherReceivablesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_AllowanceForImpairmentOfTradeAndOtherReceivablesMember" xlink:to="EDN_AllowanceForImpairmentOfTradeAndOtherReceivablesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_AllowanceForImpairmentOfTradeAndOtherReceivablesMember_lbl" xml:lang="en-US">Allowance for the impairment of trade and other receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SuppliesConsumptionMember" xlink:label="EDN_SuppliesConsumptionMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SuppliesConsumptionMember" xlink:to="EDN_SuppliesConsumptionMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SuppliesConsumptionMember_lbl" xml:lang="en-US">Supplies consumption</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_LeasesAndInsuranceMember" xlink:label="EDN_LeasesAndInsuranceMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_LeasesAndInsuranceMember" xlink:to="EDN_LeasesAndInsuranceMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_LeasesAndInsuranceMember_lbl" xml:lang="en-US">Leases and insurance</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SecurityServiceMember" xlink:label="EDN_SecurityServiceMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SecurityServiceMember" xlink:to="EDN_SecurityServiceMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SecurityServiceMember_lbl" xml:lang="en-US">Security service</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_FeesAndRemunerationForServicesMember" xlink:label="EDN_FeesAndRemunerationForServicesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_FeesAndRemunerationForServicesMember" xlink:to="EDN_FeesAndRemunerationForServicesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_FeesAndRemunerationForServicesMember_lbl" xml:lang="en-US">Fees and remuneration for services</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_PublicRelationsAndMarketingMember" xlink:label="EDN_PublicRelationsAndMarketingMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_PublicRelationsAndMarketingMember" xlink:to="EDN_PublicRelationsAndMarketingMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_PublicRelationsAndMarketingMember_lbl" xml:lang="en-US">Public relations and marketing</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_AdvertisingAndSponsorhipMember" xlink:label="EDN_AdvertisingAndSponsorhipMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_AdvertisingAndSponsorhipMember" xlink:to="EDN_AdvertisingAndSponsorhipMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_AdvertisingAndSponsorhipMember_lbl" xml:lang="en-US">Advertising and sponsorship</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ReimbursementsToPersonnelMember" xlink:label="EDN_ReimbursementsToPersonnelMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ReimbursementsToPersonnelMember" xlink:to="EDN_ReimbursementsToPersonnelMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_ReimbursementsToPersonnelMember_lbl" xml:lang="en-US">Reimbursements to personnel</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_DepreciationOfPropertyPlantsAndEquipmentMember" xlink:label="EDN_DepreciationOfPropertyPlantsAndEquipmentMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_DepreciationOfPropertyPlantsAndEquipmentMember" xlink:to="EDN_DepreciationOfPropertyPlantsAndEquipmentMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_DepreciationOfPropertyPlantsAndEquipmentMember_lbl" xml:lang="en-US">Depreciation of property, plants and</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_DirectorsAndSupervisoryCommitteeMembersFeeMember" xlink:label="EDN_DirectorsAndSupervisoryCommitteeMembersFeeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_DirectorsAndSupervisoryCommitteeMembersFeeMember" xlink:to="EDN_DirectorsAndSupervisoryCommitteeMembersFeeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_DirectorsAndSupervisoryCommitteeMembersFeeMember_lbl" xml:lang="en-US">Directors and Supervisory Committee</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ENREPenaltiesMember" xlink:label="EDN_ENREPenaltiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ENREPenaltiesMember" xlink:to="EDN_ENREPenaltiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_ENREPenaltiesMember_lbl" xml:lang="en-US">ENRE penalties</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_TaxesAndChargesMember" xlink:label="EDN_TaxesAndChargesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_TaxesAndChargesMember" xlink:to="EDN_TaxesAndChargesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_TaxesAndChargesMember_lbl" xml:lang="en-US">Taxes and charges</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_OtherMember" xlink:label="EDN_OtherMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_OtherMember" xlink:to="EDN_OtherMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_OtherMember_lbl" xml:lang="en-US">Other</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TradeReceivablesMember" xlink:label="ifrs-full_TradeReceivablesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeReceivablesMember" xlink:to="ifrs-full_TradeReceivablesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeReceivablesMember_lbl" xml:lang="en-US">Trade receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ChecksToBeDepositedMember" xlink:label="EDN_ChecksToBeDepositedMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ChecksToBeDepositedMember" xlink:to="EDN_ChecksToBeDepositedMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_ChecksToBeDepositedMember_lbl" xml:lang="en-US">Checks to be deposited</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_GovernmentBondsAtFairValueMember" xlink:label="EDN_GovernmentBondsAtFairValueMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_GovernmentBondsAtFairValueMember" xlink:to="EDN_GovernmentBondsAtFairValueMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_GovernmentBondsAtFairValueMember_lbl" xml:lang="en-US">Government bonds - fair value</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_MoneyMarketFundsAtAmortizedCostMember" xlink:label="EDN_MoneyMarketFundsAtAmortizedCostMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_MoneyMarketFundsAtAmortizedCostMember" xlink:to="EDN_MoneyMarketFundsAtAmortizedCostMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_MoneyMarketFundsAtAmortizedCostMember_lbl" xml:lang="en-US">Government bonds - amortized cost</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_TradePayablesMember" xlink:label="EDN_TradePayablesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_TradePayablesMember" xlink:to="EDN_TradePayablesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_TradePayablesMember_lbl" xml:lang="en-US">Trade payables</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_OtherPayablesMember" xlink:label="EDN_OtherPayablesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_OtherPayablesMember" xlink:to="EDN_OtherPayablesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_OtherPayablesMember_lbl" xml:lang="en-US">Other payables</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_CurrentAssetsMember" xlink:label="EDN_CurrentAssetsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_CurrentAssetsMember" xlink:to="EDN_CurrentAssetsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_CurrentAssetsMember_lbl" xml:lang="en-US">Current Assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_NoncurrentLiabilitiesMember" xlink:to="EDN_NoncurrentLiabilitiesMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_NoncurrentLiabilitiesMember_2_lbl" xml:lang="en-US">Noncurrent Liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_CurrentLiabilitiesMember" xlink:to="EDN_CurrentLiabilitiesMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_CurrentLiabilitiesMember_2_lbl" xml:lang="en-US">Current Liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_CashAndEquivalentsMember" xlink:label="EDN_CashAndEquivalentsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_CashAndEquivalentsMember" xlink:to="EDN_CashAndEquivalentsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_CashAndEquivalentsMember_lbl" xml:lang="en-US">Cash and cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_TradePayables1Member" xlink:label="EDN_TradePayables1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_TradePayables1Member" xlink:to="EDN_TradePayables1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_TradePayables1Member_lbl" xml:lang="en-US">Trade payables</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_TradePayables2Member" xlink:label="EDN_TradePayables2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_TradePayables2Member" xlink:to="EDN_TradePayables2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_TradePayables2Member_lbl" xml:lang="en-US">Trade payables</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_TradePayables3Member" xlink:label="EDN_TradePayables3Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_TradePayables3Member" xlink:to="EDN_TradePayables3Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_TradePayables3Member_lbl" xml:lang="en-US">Trade payables</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_CashAndEquivalents1Member" xlink:label="EDN_CashAndEquivalents1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_CashAndEquivalents1Member" xlink:to="EDN_CashAndEquivalents1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_CashAndEquivalents1Member_lbl" xml:lang="en-US">Cash and cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DefinedBenefitPlansAxis" xlink:label="ifrs-full_DefinedBenefitPlansAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DefinedBenefitPlansAxis" xlink:to="ifrs-full_DefinedBenefitPlansAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DefinedBenefitPlansAxis_lbl" xml:lang="en-US">Defined benefit plans [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_DiscountRateMember" xlink:label="EDN_DiscountRateMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_DiscountRateMember" xlink:to="EDN_DiscountRateMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_DiscountRateMember_lbl" xml:lang="en-US">Discount Rate 4%</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_DiscountRate1Member" xlink:label="EDN_DiscountRate1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_DiscountRate1Member" xlink:to="EDN_DiscountRate1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_DiscountRate1Member_lbl" xml:lang="en-US">Discount Rate 6%</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SalaryIncreaseRateMember" xlink:label="EDN_SalaryIncreaseRateMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SalaryIncreaseRateMember" xlink:to="EDN_SalaryIncreaseRateMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SalaryIncreaseRateMember_lbl" xml:lang="en-US">Salary Increase 0%</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SalaryIncreaseRate1Member" xlink:label="EDN_SalaryIncreaseRate1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SalaryIncreaseRate1Member" xlink:to="EDN_SalaryIncreaseRate1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SalaryIncreaseRate1Member_lbl" xml:lang="en-US">Salary Increase 2%</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_FinancialInterestIncomeMember" xlink:label="EDN_FinancialInterestIncomeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_FinancialInterestIncomeMember" xlink:to="EDN_FinancialInterestIncomeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_FinancialInterestIncomeMember_lbl" xml:lang="en-US">Interest income</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ChangesInFairValueFinancialAssetsMember" xlink:label="EDN_ChangesInFairValueFinancialAssetsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ChangesInFairValueFinancialAssetsMember" xlink:to="EDN_ChangesInFairValueFinancialAssetsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_ChangesInFairValueFinancialAssetsMember_lbl" xml:lang="en-US">Changes in fair value of financial assets</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_AdjustmentToPresentValueMember" xlink:label="EDN_AdjustmentToPresentValueMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_AdjustmentToPresentValueMember" xlink:to="EDN_AdjustmentToPresentValueMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_AdjustmentToPresentValueMember_lbl" xml:lang="en-US">Adjustment to present value</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_FinancialInstrumentTotalMember" xlink:label="EDN_FinancialInstrumentTotalMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_FinancialInstrumentTotalMember" xlink:to="EDN_FinancialInstrumentTotalMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_FinancialInstrumentTotalMember_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_InterestExpenseFinancialInstrumentMember" xlink:label="EDN_InterestExpenseFinancialInstrumentMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_InterestExpenseFinancialInstrumentMember" xlink:to="EDN_InterestExpenseFinancialInstrumentMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_InterestExpenseFinancialInstrumentMember_lbl" xml:lang="en-US">Interest expense</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_OtherFinancialResultsMember" xlink:label="EDN_OtherFinancialResultsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_OtherFinancialResultsMember" xlink:to="EDN_OtherFinancialResultsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_OtherFinancialResultsMember_lbl" xml:lang="en-US">Other financial results</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_FinancialInstrumentsTotalMember" xlink:label="EDN_FinancialInstrumentsTotalMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_FinancialInstrumentsTotalMember" xlink:to="EDN_FinancialInstrumentsTotalMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_FinancialInstrumentsTotalMember_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_DeferredTaxAssetsLiabilitiesAxis" xlink:label="EDN_DeferredTaxAssetsLiabilitiesAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_DeferredTaxAssetsLiabilitiesAxis" xlink:to="EDN_DeferredTaxAssetsLiabilitiesAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_DeferredTaxAssetsLiabilitiesAxis_lbl" xml:lang="en-US">Deferred Tax Assets Liabilities [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ChargedToProfitAndLossMember" xlink:label="EDN_ChargedToProfitAndLossMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ChargedToProfitAndLossMember" xlink:to="EDN_ChargedToProfitAndLossMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_ChargedToProfitAndLossMember_lbl" xml:lang="en-US">Charged to profit and loss</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ChargedToOtherComprehensiveIncomeMember" xlink:label="EDN_ChargedToOtherComprehensiveIncomeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ChargedToOtherComprehensiveIncomeMember" xlink:to="EDN_ChargedToOtherComprehensiveIncomeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_ChargedToOtherComprehensiveIncomeMember_lbl" xml:lang="en-US">Charged to other comprehensive income</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_CorporateNote2Member" xlink:label="EDN_CorporateNote2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_CorporateNote2Member" xlink:to="EDN_CorporateNote2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_CorporateNote2Member_lbl" xml:lang="en-US">Class 9</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis" xlink:label="ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis" xlink:to="ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis_lbl" xml:lang="en-US">Classes of entity's own equity instruments [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ClassAIssuedCapitalMember" xlink:label="EDN_ClassAIssuedCapitalMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ClassAIssuedCapitalMember" xlink:to="EDN_ClassAIssuedCapitalMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_ClassAIssuedCapitalMember_lbl" xml:lang="en-US">Class A Common Stock</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ClassBIssuedCapitalMember" xlink:label="EDN_ClassBIssuedCapitalMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ClassBIssuedCapitalMember" xlink:to="EDN_ClassBIssuedCapitalMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_ClassBIssuedCapitalMember_lbl" xml:lang="en-US">Class B Common Stock</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ClassCIssuedCapitalMember" xlink:label="EDN_ClassCIssuedCapitalMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ClassCIssuedCapitalMember" xlink:to="EDN_ClassCIssuedCapitalMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_ClassCIssuedCapitalMember_lbl" xml:lang="en-US">Class C Common Stock</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LandMember" xlink:label="ifrs-full_LandMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LandMember" xlink:to="ifrs-full_LandMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LandMember_lbl" xml:lang="en-US">Land</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_FacilitiesInServiceMember" xlink:label="EDN_FacilitiesInServiceMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_FacilitiesInServiceMember" xlink:to="EDN_FacilitiesInServiceMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_FacilitiesInServiceMember_lbl" xml:lang="en-US">Facilities in service</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OfficeEquipmentMember" xlink:label="ifrs-full_OfficeEquipmentMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OfficeEquipmentMember" xlink:to="ifrs-full_OfficeEquipmentMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OfficeEquipmentMember_lbl" xml:lang="en-US">Furniture, tools and equipment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" xlink:label="ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" xlink:to="ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_lbl" xml:lang="en-US">Financial assets at fair value through profit or loss</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_TotalAssetsMember" xlink:label="EDN_TotalAssetsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_TotalAssetsMember" xlink:to="EDN_TotalAssetsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_TotalAssetsMember_lbl" xml:lang="en-US">Total Assets</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_TotalLiabilitiesMember" xlink:label="EDN_TotalLiabilitiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_TotalLiabilitiesMember" xlink:to="EDN_TotalLiabilitiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_TotalLiabilitiesMember_lbl" xml:lang="en-US">Total Liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_TotalAssetsMember" xlink:to="EDN_TotalAssetsMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_TotalAssetsMember_2_lbl" xml:lang="en-US">Total assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_TotalLiabilitiesMember" xlink:to="EDN_TotalLiabilitiesMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_TotalLiabilitiesMember_2_lbl" xml:lang="en-US">Total liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TypesOfInterestRatesAxis" xlink:label="ifrs-full_TypesOfInterestRatesAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfInterestRatesAxis" xlink:to="ifrs-full_TypesOfInterestRatesAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TypesOfInterestRatesAxis_lbl" xml:lang="en-US">Types of interest rates [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FixedInterestRateMember" xlink:label="ifrs-full_FixedInterestRateMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FixedInterestRateMember" xlink:to="ifrs-full_FixedInterestRateMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FixedInterestRateMember_lbl" xml:lang="en-US">Fixed Rate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FloatingInterestRateMember" xlink:label="ifrs-full_FloatingInterestRateMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FloatingInterestRateMember" xlink:to="ifrs-full_FloatingInterestRateMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FloatingInterestRateMember_lbl" xml:lang="en-US">Floating Rate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DerivativesMember" xlink:label="ifrs-full_DerivativesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DerivativesMember" xlink:to="ifrs-full_DerivativesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DerivativesMember_lbl" xml:lang="en-US">Derivative financial instruments</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_Group1Member" xlink:label="EDN_Group1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_Group1Member" xlink:to="EDN_Group1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_Group1Member_lbl" xml:lang="en-US">Group 1</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_Group2Member" xlink:label="EDN_Group2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_Group2Member" xlink:to="EDN_Group2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_Group2Member_lbl" xml:lang="en-US">Group 2</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_Group3Member" xlink:label="EDN_Group3Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_Group3Member" xlink:to="EDN_Group3Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_Group3Member_lbl" xml:lang="en-US">Group 3</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_FivePercentIncreaseInUncollectiibilityRateEstimateMember" xlink:label="EDN_FivePercentIncreaseInUncollectiibilityRateEstimateMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_FivePercentIncreaseInUncollectiibilityRateEstimateMember" xlink:to="EDN_FivePercentIncreaseInUncollectiibilityRateEstimateMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_FivePercentIncreaseInUncollectiibilityRateEstimateMember_lbl" xml:lang="en-US">5% increase in the uncollectibility rate estimate</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_FivePercentDecreaseInUncollectiibilityRateEstimateMember" xlink:label="EDN_FivePercentDecreaseInUncollectiibilityRateEstimateMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_FivePercentDecreaseInUncollectiibilityRateEstimateMember" xlink:to="EDN_FivePercentDecreaseInUncollectiibilityRateEstimateMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_FivePercentDecreaseInUncollectiibilityRateEstimateMember_lbl" xml:lang="en-US">5% decrease in the uncollectibility rate estimate</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_PayablesForPurchaseOfElectricityMember" xlink:label="EDN_PayablesForPurchaseOfElectricityMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_PayablesForPurchaseOfElectricityMember" xlink:to="EDN_PayablesForPurchaseOfElectricityMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_PayablesForPurchaseOfElectricityMember_lbl" xml:lang="en-US">Payables for purchase of electricity</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_CAMMESALoansMember" xlink:label="EDN_CAMMESALoansMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_CAMMESALoansMember" xlink:to="EDN_CAMMESALoansMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_CAMMESALoansMember_lbl" xml:lang="en-US">Loans (mutuum) with CAMMESA</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ENREPenaltiesAndDiscountsMember" xlink:label="EDN_ENREPenaltiesAndDiscountsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ENREPenaltiesAndDiscountsMember" xlink:to="EDN_ENREPenaltiesAndDiscountsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_ENREPenaltiesAndDiscountsMember_lbl" xml:lang="en-US">ENRE penalties and discounts</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_LiabilityWithFOTAEMember" xlink:label="EDN_LiabilityWithFOTAEMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_LiabilityWithFOTAEMember" xlink:to="EDN_LiabilityWithFOTAEMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_LiabilityWithFOTAEMember_lbl" xml:lang="en-US">Liability with FOTAE</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_PaymentAgreementsWithENREMember" xlink:label="EDN_PaymentAgreementsWithENREMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_PaymentAgreementsWithENREMember" xlink:to="EDN_PaymentAgreementsWithENREMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_PaymentAgreementsWithENREMember_lbl" xml:lang="en-US">Payment agreements with ENRE</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_RelatedPartiesOtherPayablesMember" xlink:label="EDN_RelatedPartiesOtherPayablesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_RelatedPartiesOtherPayablesMember" xlink:to="EDN_RelatedPartiesOtherPayablesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_RelatedPartiesOtherPayablesMember_lbl" xml:lang="en-US">Related parties</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_AdvancesForWorksToBePerformedMember" xlink:label="EDN_AdvancesForWorksToBePerformedMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_AdvancesForWorksToBePerformedMember" xlink:to="EDN_AdvancesForWorksToBePerformedMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_AdvancesForWorksToBePerformedMember_lbl" xml:lang="en-US">Advances for works to be performed</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_LessThan1YearMember" xlink:label="EDN_LessThan1YearMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_LessThan1YearMember" xlink:to="EDN_LessThan1YearMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_LessThan1YearMember_lbl" xml:lang="en-US">Less than 1 year</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_TwentyTwentyTwoToTwentyTwentyEightMember" xlink:label="EDN_TwentyTwentyTwoToTwentyTwentyEightMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_TwentyTwentyTwoToTwentyTwentyEightMember" xlink:to="EDN_TwentyTwentyTwoToTwentyTwentyEightMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_TwentyTwentyTwoToTwentyTwentyEightMember_lbl" xml:lang="en-US">2022 to 2028</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_DeferredIncomeAxis" xlink:label="EDN_DeferredIncomeAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_DeferredIncomeAxis" xlink:to="EDN_DeferredIncomeAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_DeferredIncomeAxis_lbl" xml:lang="en-US">Deferred income [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_NonrefundableCustomerContributionsMember" xlink:label="EDN_NonrefundableCustomerContributionsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_NonrefundableCustomerContributionsMember" xlink:to="EDN_NonrefundableCustomerContributionsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_NonrefundableCustomerContributionsMember_lbl" xml:lang="en-US">Nonrefundable customer contributions</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ProvincialMunicipalFederalContributionTaxesPayableMember" xlink:label="EDN_ProvincialMunicipalFederalContributionTaxesPayableMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ProvincialMunicipalFederalContributionTaxesPayableMember" xlink:to="EDN_ProvincialMunicipalFederalContributionTaxesPayableMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_ProvincialMunicipalFederalContributionTaxesPayableMember_lbl" xml:lang="en-US">Provincial, municipal and federal contributions and taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_VATPayableMember" xlink:label="EDN_VATPayableMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_VATPayableMember" xlink:to="EDN_VATPayableMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_VATPayableMember_lbl" xml:lang="en-US">VAT payable</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_TaxWithholdingsMember" xlink:label="EDN_TaxWithholdingsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_TaxWithholdingsMember" xlink:to="EDN_TaxWithholdingsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_TaxWithholdingsMember_lbl" xml:lang="en-US">Tax withholdings</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SUSSWithholdingsMember" xlink:label="EDN_SUSSWithholdingsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SUSSWithholdingsMember" xlink:to="EDN_SUSSWithholdingsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SUSSWithholdingsMember_lbl" xml:lang="en-US">SUSS withholdings</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_MunicipalTaxesPaybleMember" xlink:label="EDN_MunicipalTaxesPaybleMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_MunicipalTaxesPaybleMember" xlink:to="EDN_MunicipalTaxesPaybleMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_MunicipalTaxesPaybleMember_lbl" xml:lang="en-US">Municipal taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_TaxRegularizationPlanMember" xlink:label="EDN_TaxRegularizationPlanMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_TaxRegularizationPlanMember" xlink:to="EDN_TaxRegularizationPlanMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_TaxRegularizationPlanMember_lbl" xml:lang="en-US">Tax regularization plan</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_PESA1Member" xlink:label="EDN_PESA1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_PESA1Member" xlink:to="EDN_PESA1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_PESA1Member_lbl" xml:lang="en-US">PESA</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_PESA2Member" xlink:label="EDN_PESA2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_PESA2Member" xlink:to="EDN_PESA2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_PESA2Member_lbl" xml:lang="en-US">PESA</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_AbelovichPolanoAssociatesMember" xlink:label="EDN_AbelovichPolanoAssociatesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_AbelovichPolanoAssociatesMember" xlink:to="EDN_AbelovichPolanoAssociatesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_AbelovichPolanoAssociatesMember_lbl" xml:lang="en-US">ABELOVICH, POLANO &amp; ASSOC.</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_CostTreasurySharesMember" xlink:label="EDN_CostTreasurySharesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_CostTreasurySharesMember" xlink:to="EDN_CostTreasurySharesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_CostTreasurySharesMember_lbl" xml:lang="en-US">Cost Treasury Stock</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_NoncurrentAssetsMember" xlink:label="EDN_NoncurrentAssetsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_NoncurrentAssetsMember" xlink:to="EDN_NoncurrentAssetsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_NoncurrentAssetsMember_lbl" xml:lang="en-US">Noncurrent Assets</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_CashAndCashEquivalents1Member" xlink:label="EDN_CashAndCashEquivalents1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_CashAndCashEquivalents1Member" xlink:to="EDN_CashAndCashEquivalents1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_CashAndCashEquivalents1Member_lbl" xml:lang="en-US">Cash and cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ZeroToThirtyDaysMember" xlink:label="EDN_ZeroToThirtyDaysMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ZeroToThirtyDaysMember" xlink:to="EDN_ZeroToThirtyDaysMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_ZeroToThirtyDaysMember_lbl" xml:lang="en-US">0 - 30 days</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ThirtyToSixtyDaysMember" xlink:label="EDN_ThirtyToSixtyDaysMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ThirtyToSixtyDaysMember" xlink:to="EDN_ThirtyToSixtyDaysMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_ThirtyToSixtyDaysMember_lbl" xml:lang="en-US">30 - 60 days</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SixtyToNinetyDaysMember" xlink:label="EDN_SixtyToNinetyDaysMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SixtyToNinetyDaysMember" xlink:to="EDN_SixtyToNinetyDaysMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SixtyToNinetyDaysMember_lbl" xml:lang="en-US">60 - 90 days</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_NinetyToOneHundedTwentyDaysMember" xlink:label="EDN_NinetyToOneHundedTwentyDaysMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_NinetyToOneHundedTwentyDaysMember" xlink:to="EDN_NinetyToOneHundedTwentyDaysMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_NinetyToOneHundedTwentyDaysMember_lbl" xml:lang="en-US">90 - 120 days</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_OneHundedTwentyToOneHundredFiftyDaysMember" xlink:label="EDN_OneHundedTwentyToOneHundredFiftyDaysMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_OneHundedTwentyToOneHundredFiftyDaysMember" xlink:to="EDN_OneHundedTwentyToOneHundredFiftyDaysMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_OneHundedTwentyToOneHundredFiftyDaysMember_lbl" xml:lang="en-US">120 - 150 days</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_OverOneHundredFiftyDaysMember" xlink:label="EDN_OverOneHundredFiftyDaysMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_OverOneHundredFiftyDaysMember" xlink:to="EDN_OverOneHundredFiftyDaysMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_OverOneHundredFiftyDaysMember_lbl" xml:lang="en-US">+ 150 days</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_CreditWithSBSBankCompanyMember" xlink:label="EDN_CreditWithSBSBankCompanyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_CreditWithSBSBankCompanyMember" xlink:to="EDN_CreditWithSBSBankCompanyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_CreditWithSBSBankCompanyMember_lbl" xml:lang="en-US">Credit with SBS Bank Company&#160;&#160;</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_TimeDepositsMember" xlink:label="EDN_TimeDepositsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_TimeDepositsMember" xlink:to="EDN_TimeDepositsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_TimeDepositsMember_lbl" xml:lang="en-US">Time deposits</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_TwentyTwentyThreeMember" xlink:label="EDN_TwentyTwentyThreeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_TwentyTwentyThreeMember" xlink:to="EDN_TwentyTwentyThreeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_TwentyTwentyThreeMember_lbl" xml:lang="en-US">2023</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ResultFromexposureToInflationMember" xlink:label="EDN_ResultFromexposureToInflationMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ResultFromexposureToInflationMember" xlink:to="EDN_ResultFromexposureToInflationMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_ResultFromexposureToInflationMember_lbl" xml:lang="en-US">Result from exposure to inflation</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_IncomeFromNonreimbursableCustomerContributionsMember" xlink:label="EDN_IncomeFromNonreimbursableCustomerContributionsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_IncomeFromNonreimbursableCustomerContributionsMember" xlink:to="EDN_IncomeFromNonreimbursableCustomerContributionsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_IncomeFromNonreimbursableCustomerContributionsMember_lbl" xml:lang="en-US">Income from non-reimbursable customer contributions</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_FinesToSuppliersMember" xlink:label="EDN_FinesToSuppliersMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_FinesToSuppliersMember" xlink:to="EDN_FinesToSuppliersMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_FinesToSuppliersMember_lbl" xml:lang="en-US">Fines to suppliers</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_DonationsAndContributionsMember" xlink:label="EDN_DonationsAndContributionsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_DonationsAndContributionsMember" xlink:to="EDN_DonationsAndContributionsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_DonationsAndContributionsMember_lbl" xml:lang="en-US">Donations and contributions&#160;</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SACDEMember" xlink:label="EDN_SACDEMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SACDEMember" xlink:to="EDN_SACDEMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SACDEMember_lbl" xml:lang="en-US">SACDE</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_PESAMember" xlink:label="EDN_PESAMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_PESAMember" xlink:to="EDN_PESAMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_PESAMember_lbl" xml:lang="en-US">PESA</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_DisclosureOfDocumentAndEntityInformationTable" xlink:label="EDN_DisclosureOfDocumentAndEntityInformationTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_DisclosureOfDocumentAndEntityInformationTable" xlink:to="EDN_DisclosureOfDocumentAndEntityInformationTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_DisclosureOfDocumentAndEntityInformationTable_lbl" xml:lang="en-US">DisclosureOfDocumentAndEntityInformationTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_DisclosureOfDocumentAndEntityInformationLineItems" xlink:label="EDN_DisclosureOfDocumentAndEntityInformationLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_DisclosureOfDocumentAndEntityInformationLineItems" xlink:to="EDN_DisclosureOfDocumentAndEntityInformationLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_DisclosureOfDocumentAndEntityInformationLineItems_lbl" xml:lang="en-US">DisclosureOfDocumentAndEntityInformationLineItems [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2018/dei-2018-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2018/dei-2018-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2018/dei-2018-01-31.xsd#dei_DocumentType" xlink:label="dei_DocumentType" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2018/dei-2018-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2018/dei-2018-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2018/dei-2018-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2018/dei-2018-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Is Entity a Well-known Seasoned Issuer?</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2018/dei-2018-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Is Entity a Voluntary Filer?</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2018/dei-2018-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Is Entity's Reporting Status Current?</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2018/dei-2018-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2018/dei-2018-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2018/dei-2018-01-31.xsd#dei_EntityShellCompany" xlink:label="dei_EntityShellCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityShellCompany" xlink:to="dei_EntityShellCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityShellCompany_lbl" xml:lang="en-US">Entity Shell Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2018/dei-2018-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2018/dei-2018-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2018/dei-2018-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_StatementOfFinancialPositionAbstract" xlink:label="ifrs-full_StatementOfFinancialPositionAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_StatementOfFinancialPositionAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US">Statement of financial position [abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AssetsAbstract" xlink:label="ifrs-full_AssetsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AssetsAbstract" xlink:to="ifrs-full_AssetsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AssetsAbstract_lbl" xml:lang="en-US">ASSETS</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NoncurrentAssetsAbstract" xlink:label="ifrs-full_NoncurrentAssetsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentAssetsAbstract" xlink:to="ifrs-full_NoncurrentAssetsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentAssetsAbstract_lbl" xml:lang="en-US">Non-current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_PropertyPlantAndEquipment" xlink:label="ifrs-full_PropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipment" xlink:to="ifrs-full_PropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PropertyPlantAndEquipment_lbl" xml:lang="en-US">Property, plant and equipment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_InvestmentsInJointVentures" xlink:label="ifrs-full_InvestmentsInJointVentures" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InvestmentsInJointVentures" xlink:to="ifrs-full_InvestmentsInJointVentures_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InvestmentsInJointVentures_lbl" xml:lang="en-US">Interest in joint ventures</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NoncurrentReceivables" xlink:label="ifrs-full_NoncurrentReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentReceivables" xlink:to="ifrs-full_NoncurrentReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NoncurrentReceivables_lbl" xml:lang="en-US">Other receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NoncurrentFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:label="ifrs-full_NoncurrentFinancialAssetsAtFairValueThroughProfitOrLoss" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NoncurrentFinancialAssetsAtFairValueThroughProfitOrLoss_lbl" xml:lang="en-US">Financial assets at fair value through profit or loss</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NoncurrentAssets" xlink:label="ifrs-full_NoncurrentAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentAssets" xlink:to="ifrs-full_NoncurrentAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_NoncurrentAssets_lbl" xml:lang="en-US">Total non-current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentAssetsAbstract" xlink:label="ifrs-full_CurrentAssetsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssetsAbstract" xlink:to="ifrs-full_CurrentAssetsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentAssetsAbstract_lbl" xml:lang="en-US">Current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_Inventories" xlink:label="ifrs-full_Inventories" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Inventories" xlink:to="ifrs-full_Inventories_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Inventories_lbl" xml:lang="en-US">Inventories</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_CurrentReceivables" xlink:label="EDN_CurrentReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_CurrentReceivables" xlink:to="EDN_CurrentReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_CurrentReceivables_lbl" xml:lang="en-US">Other receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TradeAndOtherCurrentReceivables" xlink:label="ifrs-full_TradeAndOtherCurrentReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherCurrentReceivables" xlink:to="ifrs-full_TradeAndOtherCurrentReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_TradeAndOtherCurrentReceivables_lbl" xml:lang="en-US">Trade receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:label="ifrs-full_CurrentFinancialAssetsAtFairValueThroughProfitOrLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:to="ifrs-full_CurrentFinancialAssetsAtFairValueThroughProfitOrLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentFinancialAssetsAtFairValueThroughProfitOrLoss_lbl" xml:lang="en-US">Financial assets at fair value through profit or loss</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentFinancialAssetsAtAmortisedCost" xlink:label="ifrs-full_CurrentFinancialAssetsAtAmortisedCost" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentFinancialAssetsAtAmortisedCost" xlink:to="ifrs-full_CurrentFinancialAssetsAtAmortisedCost_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentFinancialAssetsAtAmortisedCost_lbl" xml:lang="en-US">Financial assets at amortized cost</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CashAndCashEquivalents" xlink:label="ifrs-full_CashAndCashEquivalents" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAndCashEquivalents" xlink:to="ifrs-full_CashAndCashEquivalents_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CashAndCashEquivalents_lbl" xml:lang="en-US">Cash and cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentAssets" xlink:label="ifrs-full_CurrentAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssets" xlink:to="ifrs-full_CurrentAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CurrentAssets_lbl" xml:lang="en-US">Total current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_Assets" xlink:label="ifrs-full_Assets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Assets" xlink:to="ifrs-full_Assets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Assets_lbl" xml:lang="en-US">TOTAL ASSETS</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_EquityAbstract" xlink:label="ifrs-full_EquityAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAbstract" xlink:to="ifrs-full_EquityAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityAbstract_lbl" xml:lang="en-US">EQUITY</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ShareCapitalAndReserveAttributableToOwnersOfCompanyAbstract" xlink:label="EDN_ShareCapitalAndReserveAttributableToOwnersOfCompanyAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ShareCapitalAndReserveAttributableToOwnersOfCompanyAbstract" xlink:to="EDN_ShareCapitalAndReserveAttributableToOwnersOfCompanyAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_ShareCapitalAndReserveAttributableToOwnersOfCompanyAbstract_lbl" xml:lang="en-US">Share capital and reserve attributable to the owners of the Company</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IssuedCapital" xlink:label="ifrs-full_IssuedCapital" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IssuedCapital" xlink:to="ifrs-full_IssuedCapital_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IssuedCapital_lbl" xml:lang="en-US">Share capital</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_AdjustmentToIssuedCapital" xlink:label="EDN_AdjustmentToIssuedCapital" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_AdjustmentToIssuedCapital" xlink:to="EDN_AdjustmentToIssuedCapital_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_AdjustmentToIssuedCapital_lbl" xml:lang="en-US">Adjustment to share capital</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdditionalPaidinCapital" xlink:label="ifrs-full_AdditionalPaidinCapital" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdditionalPaidinCapital" xlink:to="ifrs-full_AdditionalPaidinCapital_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdditionalPaidinCapital_lbl" xml:lang="en-US">Additional paid-in capital</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TreasuryShares" xlink:label="ifrs-full_TreasuryShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TreasuryShares" xlink:to="ifrs-full_TreasuryShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_TreasuryShares_lbl" xml:lang="en-US">Treasury stock</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_AdjustmentToTreasuryShares" xlink:label="EDN_AdjustmentToTreasuryShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_AdjustmentToTreasuryShares" xlink:to="EDN_AdjustmentToTreasuryShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_AdjustmentToTreasuryShares_lbl" xml:lang="en-US">Adjustment to treasury stock</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_CostTreasuryShares" xlink:label="EDN_CostTreasuryShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_CostTreasuryShares" xlink:to="EDN_CostTreasuryShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="EDN_CostTreasuryShares_lbl" xml:lang="en-US">Cost treasury stock</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_StatutoryReserve" xlink:label="ifrs-full_StatutoryReserve" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatutoryReserve" xlink:to="ifrs-full_StatutoryReserve_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatutoryReserve_lbl" xml:lang="en-US">Legal reserve</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_OptionalReserve" xlink:label="EDN_OptionalReserve" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_OptionalReserve" xlink:to="EDN_OptionalReserve_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_OptionalReserve_lbl" xml:lang="en-US">Optional reserve</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherReserves" xlink:label="ifrs-full_OtherReserves" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherReserves" xlink:to="ifrs-full_OtherReserves_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherReserves_lbl" xml:lang="en-US">Other reserve</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AccumulatedOtherComprehensiveIncome" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccumulatedOtherComprehensiveIncome" xlink:to="ifrs-full_AccumulatedOtherComprehensiveIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncome_lbl" xml:lang="en-US">Other comprehensive loss</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_RetainedEarnings" xlink:label="ifrs-full_RetainedEarnings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RetainedEarnings" xlink:to="ifrs-full_RetainedEarnings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RetainedEarnings_lbl" xml:lang="en-US">Accumulated losses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_Equity" xlink:label="ifrs-full_Equity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Equity" xlink:to="ifrs-full_Equity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Equity_lbl" xml:lang="en-US">TOTAL EQUITY</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LiabilitiesAbstract" xlink:label="ifrs-full_LiabilitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LiabilitiesAbstract" xlink:to="ifrs-full_LiabilitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LiabilitiesAbstract_lbl" xml:lang="en-US">LIABILITIES</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NoncurrentLiabilitiesAbstract" xlink:label="ifrs-full_NoncurrentLiabilitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLiabilitiesAbstract" xlink:to="ifrs-full_NoncurrentLiabilitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NoncurrentLiabilitiesAbstract_lbl" xml:lang="en-US">Non-current liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TradeAndOtherPayables" xlink:label="ifrs-full_TradeAndOtherPayables" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_TradeAndOtherPayables_lbl" xml:lang="en-US">Trade payables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NoncurrentPayables" xlink:label="ifrs-full_NoncurrentPayables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentPayables" xlink:to="ifrs-full_NoncurrentPayables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NoncurrentPayables_lbl" xml:lang="en-US">Other payables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LongtermBorrowings" xlink:label="ifrs-full_LongtermBorrowings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LongtermBorrowings" xlink:to="ifrs-full_LongtermBorrowings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_LongtermBorrowings_lbl" xml:lang="en-US">Borrowings</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DeferredIncomeClassifiedAsNoncurrent" xlink:label="ifrs-full_DeferredIncomeClassifiedAsNoncurrent" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredIncomeClassifiedAsNoncurrent_lbl" xml:lang="en-US">Deferred revenue</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax_lbl" xml:lang="en-US">Salaries and social security payable</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_AssetsLiabilitiesOfBenefitPlanNoncurrent" xlink:label="EDN_AssetsLiabilitiesOfBenefitPlanNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_AssetsLiabilitiesOfBenefitPlanNoncurrent" xlink:to="EDN_AssetsLiabilitiesOfBenefitPlanNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_AssetsLiabilitiesOfBenefitPlanNoncurrent_lbl" xml:lang="en-US">Benefit plans</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DeferredTaxLiabilities" xlink:label="ifrs-full_DeferredTaxLiabilities" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxLiabilities_lbl" xml:lang="en-US">Deferred tax liability</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentTaxLiabilitiesNoncurrent" xlink:label="ifrs-full_CurrentTaxLiabilitiesNoncurrent" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentTaxLiabilitiesNoncurrent_lbl" xml:lang="en-US">Tax liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_Provisions" xlink:label="ifrs-full_Provisions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Provisions" xlink:to="ifrs-full_Provisions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Provisions_lbl" xml:lang="en-US">Provisions</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NoncurrentLiabilities" xlink:label="ifrs-full_NoncurrentLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="ifrs-full_NoncurrentLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_NoncurrentLiabilities_lbl" xml:lang="en-US">Total non-current liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentLiabilitiesAbstract" xlink:label="ifrs-full_CurrentLiabilitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLiabilitiesAbstract" xlink:to="ifrs-full_CurrentLiabilitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentLiabilitiesAbstract_lbl" xml:lang="en-US">Current liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TradeAndOtherCurrentPayables" xlink:label="ifrs-full_TradeAndOtherCurrentPayables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherCurrentPayables" xlink:to="ifrs-full_TradeAndOtherCurrentPayables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_TradeAndOtherCurrentPayables_lbl" xml:lang="en-US">Trade payables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherCurrentPayables" xlink:label="ifrs-full_OtherCurrentPayables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentPayables" xlink:to="ifrs-full_OtherCurrentPayables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_OtherCurrentPayables_lbl" xml:lang="en-US">Other payables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ShorttermBorrowings" xlink:label="ifrs-full_ShorttermBorrowings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShorttermBorrowings" xlink:to="ifrs-full_ShorttermBorrowings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ShorttermBorrowings_lbl" xml:lang="en-US">Borrowings</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentDerivativeFinancialLiabilities" xlink:label="ifrs-full_CurrentDerivativeFinancialLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentDerivativeFinancialLiabilities" xlink:to="ifrs-full_CurrentDerivativeFinancialLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentDerivativeFinancialLiabilities_lbl" xml:lang="en-US">Derivative financial instruments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DeferredIncomeClassifiedAsCurrent" xlink:label="ifrs-full_DeferredIncomeClassifiedAsCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredIncomeClassifiedAsCurrent" xlink:to="ifrs-full_DeferredIncomeClassifiedAsCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DeferredIncomeClassifiedAsCurrent_lbl" xml:lang="en-US">Deferred revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" xlink:label="ifrs-full_CurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax_lbl" xml:lang="en-US">Salaries and social security payable</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_AssetsLiabilitiesOfBenefitPlanCurrent" xlink:label="EDN_AssetsLiabilitiesOfBenefitPlanCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_AssetsLiabilitiesOfBenefitPlanCurrent" xlink:to="EDN_AssetsLiabilitiesOfBenefitPlanCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_AssetsLiabilitiesOfBenefitPlanCurrent_lbl" xml:lang="en-US">Benefit plans</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentTaxLiabilities" xlink:label="ifrs-full_CurrentTaxLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTaxLiabilities" xlink:to="ifrs-full_CurrentTaxLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentTaxLiabilities_lbl" xml:lang="en-US">Tax payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentTaxLiabilitiesCurrent" xlink:label="ifrs-full_CurrentTaxLiabilitiesCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTaxLiabilitiesCurrent" xlink:to="ifrs-full_CurrentTaxLiabilitiesCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentTaxLiabilitiesCurrent_lbl" xml:lang="en-US">Tax liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentProvisions" xlink:label="ifrs-full_CurrentProvisions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentProvisions" xlink:to="ifrs-full_CurrentProvisions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentProvisions_lbl" xml:lang="en-US">Provisions</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentLiabilities" xlink:label="ifrs-full_CurrentLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ifrs-full_CurrentLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CurrentLiabilities_lbl" xml:lang="en-US">Total current liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_Liabilities" xlink:label="ifrs-full_Liabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Liabilities" xlink:to="ifrs-full_Liabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Liabilities_lbl" xml:lang="en-US">TOTAL LIABILITIES</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_EquityAndLiabilities" xlink:label="ifrs-full_EquityAndLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAndLiabilities" xlink:to="ifrs-full_EquityAndLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_EquityAndLiabilities_lbl" xml:lang="en-US">TOTAL LIABILITIES AND EQUITY</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncomeStatementAbstract" xlink:label="ifrs-full_IncomeStatementAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeStatementAbstract" xlink:to="ifrs-full_IncomeStatementAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncomeStatementAbstract_lbl" xml:lang="en-US">Profit or loss [abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_Revenue" xlink:label="ifrs-full_Revenue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Revenue" xlink:to="ifrs-full_Revenue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Revenue_lbl" xml:lang="en-US">Revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CostOfPurchasedEnergySold" xlink:label="ifrs-full_CostOfPurchasedEnergySold" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_CostOfPurchasedEnergySold_lbl" xml:lang="en-US">Electric power purchases</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_RevenueSubtotal" xlink:label="EDN_RevenueSubtotal" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_RevenueSubtotal" xlink:to="EDN_RevenueSubtotal_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="EDN_RevenueSubtotal_lbl" xml:lang="en-US">Subtotal</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DistributionAndAdministrativeExpense" xlink:label="ifrs-full_DistributionAndAdministrativeExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DistributionAndAdministrativeExpense" xlink:to="ifrs-full_DistributionAndAdministrativeExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DistributionAndAdministrativeExpense_lbl" xml:lang="en-US">Transmission and distribution expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_GrossProfit" xlink:label="ifrs-full_GrossProfit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GrossProfit" xlink:to="ifrs-full_GrossProfit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_GrossProfit_lbl" xml:lang="en-US">Gross gain</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_SalesAndMarketingExpense" xlink:label="ifrs-full_SalesAndMarketingExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SalesAndMarketingExpense" xlink:to="ifrs-full_SalesAndMarketingExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_SalesAndMarketingExpense_lbl" xml:lang="en-US">Selling expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdministrativeExpense" xlink:label="ifrs-full_AdministrativeExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdministrativeExpense" xlink:to="ifrs-full_AdministrativeExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_AdministrativeExpense_lbl" xml:lang="en-US">Administrative expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherOperatingIncomeExpense" xlink:label="ifrs-full_OtherOperatingIncomeExpense" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherOperatingIncomeExpense_lbl" xml:lang="en-US">Other operating expense, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:label="ifrs-full_AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociates" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ProfitLossFromContinuingOperations" xlink:label="ifrs-full_ProfitLossFromContinuingOperations" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_ProfitLossFromContinuingOperations_lbl" xml:lang="en-US">Operating profit (loss) before income from provisional remedies, higer costs recognition and SE Resolution N&#176; 32/15</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_RecognitionOfIncomeProvisionalRemedies" xlink:label="EDN_RecognitionOfIncomeProvisionalRemedies" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_RecognitionOfIncomeProvisionalRemedies_lbl" xml:lang="en-US">Recognition of income - provisional remedies - MINEM Note 2016-04484723</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_IncomeRecognitionOnAccount" xlink:label="EDN_IncomeRecognitionOnAccount" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_IncomeRecognitionOnAccount_lbl" xml:lang="en-US">Income recognition on account of the RTI - SEE Resolution N&#176; 32/15</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_HigherCostRecognition" xlink:label="EDN_HigherCostRecognition" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_HigherCostRecognition" xlink:to="EDN_HigherCostRecognition_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_HigherCostRecognition_lbl" xml:lang="en-US">Higher cost recognition - SEE Resolution N&#176; 250/13 and subsequent Notes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ProfitLossFromOperatingActivities" xlink:label="ifrs-full_ProfitLossFromOperatingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossFromOperatingActivities" xlink:to="ifrs-full_ProfitLossFromOperatingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_ProfitLossFromOperatingActivities_lbl" xml:lang="en-US">Operating profit (loss)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinanceIncome" xlink:label="ifrs-full_FinanceIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinanceIncome" xlink:to="ifrs-full_FinanceIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinanceIncome_lbl" xml:lang="en-US">Financial income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinanceCosts" xlink:label="ifrs-full_FinanceCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinanceCosts" xlink:to="ifrs-full_FinanceCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_FinanceCosts_lbl" xml:lang="en-US">Financial expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_OtherFinancialResults" xlink:label="EDN_OtherFinancialResults" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_OtherFinancialResults" xlink:to="EDN_OtherFinancialResults_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_OtherFinancialResults_lbl" xml:lang="en-US">Other financial results</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_FinanceIncomeExpenseNet" xlink:label="EDN_FinanceIncomeExpenseNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_FinanceIncomeExpenseNet" xlink:to="EDN_FinanceIncomeExpenseNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_FinanceIncomeExpenseNet_lbl" xml:lang="en-US">Net financial expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_GainsLossesOnNetMonetaryPosition" xlink:label="ifrs-full_GainsLossesOnNetMonetaryPosition" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnNetMonetaryPosition" xlink:to="ifrs-full_GainsLossesOnNetMonetaryPosition_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsLossesOnNetMonetaryPosition_lbl" xml:lang="en-US">Gain on net monetary position</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ProfitLossBeforeTax" xlink:label="ifrs-full_ProfitLossBeforeTax" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossBeforeTax" xlink:to="ifrs-full_ProfitLossBeforeTax_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_ProfitLossBeforeTax_lbl" xml:lang="en-US">Profit before taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:to="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl" xml:lang="en-US">Income tax</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ProfitLoss" xlink:label="ifrs-full_ProfitLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLoss" xlink:to="ifrs-full_ProfitLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_ProfitLoss_lbl" xml:lang="en-US">Profit for the year</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTaxAbstract" xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTaxAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTaxAbstract" xlink:to="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTaxAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTaxAbstract_lbl" xml:lang="en-US">Other comprehensive income: Items that will not be reclassified to profit or loss</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:label="ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:to="ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans_lbl" xml:lang="en-US">Results related to benefit plans</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome" xlink:label="ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome" xlink:to="ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome_lbl" xml:lang="en-US">Tax effect of actuarial loss profit on benefit plans</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherComprehensiveIncome" xlink:label="ifrs-full_OtherComprehensiveIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherComprehensiveIncome" xlink:to="ifrs-full_OtherComprehensiveIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherComprehensiveIncome_lbl" xml:lang="en-US">Total other comprehensive results</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ProfitLossAttributableToAbstract" xlink:label="ifrs-full_ProfitLossAttributableToAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossAttributableToAbstract" xlink:to="ifrs-full_ProfitLossAttributableToAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLossAttributableToAbstract_lbl" xml:lang="en-US">Comprehensive income for the year attributable to:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ProfitLossAttributableToOwnersOfParent" xlink:label="ifrs-full_ProfitLossAttributableToOwnersOfParent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossAttributableToOwnersOfParent" xlink:to="ifrs-full_ProfitLossAttributableToOwnersOfParent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLossAttributableToOwnersOfParent_lbl" xml:lang="en-US">Owners of the parent</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ComprehensiveIncome" xlink:label="ifrs-full_ComprehensiveIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComprehensiveIncome" xlink:to="ifrs-full_ComprehensiveIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComprehensiveIncome_lbl" xml:lang="en-US">Comprehensive profit for the year</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_BasicAndDilutedEarningsPerShareAbstract" xlink:label="ifrs-full_BasicAndDilutedEarningsPerShareAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BasicAndDilutedEarningsPerShareAbstract" xlink:to="ifrs-full_BasicAndDilutedEarningsPerShareAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BasicAndDilutedEarningsPerShareAbstract_lbl" xml:lang="en-US">Basic and diluted earnings profit per share:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_BasicAndDilutedEarningsLossPerShare" xlink:label="ifrs-full_BasicAndDilutedEarningsLossPerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BasicAndDilutedEarningsLossPerShare" xlink:to="ifrs-full_BasicAndDilutedEarningsLossPerShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BasicAndDilutedEarningsLossPerShare_lbl" xml:lang="en-US">Basic and diluted earnings profit per share</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_StatementOfChangesInEquityTable" xlink:label="ifrs-full_StatementOfChangesInEquityTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfChangesInEquityTable" xlink:to="ifrs-full_StatementOfChangesInEquityTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfChangesInEquityTable_lbl" xml:lang="en-US">Statement of changes in equity [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_StatementOfChangesInEquityLineItems" xlink:label="ifrs-full_StatementOfChangesInEquityLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="ifrs-full_StatementOfChangesInEquityLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfChangesInEquityLineItems_lbl" xml:lang="en-US">Statement of changes in equity [line items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Equity" xlink:to="ifrs-full_Equity_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_Equity_2_lbl" xml:lang="en-US">Beginning balance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncreaseDecreaseInAccountingEstimate" xlink:label="ifrs-full_IncreaseDecreaseInAccountingEstimate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseInAccountingEstimate" xlink:to="ifrs-full_IncreaseDecreaseInAccountingEstimate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseInAccountingEstimate_lbl" xml:lang="en-US">Change of accounting standard - Adjustment by model of expected losses IFRS 9</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_RestatedEquity" xlink:label="EDN_RestatedEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_RestatedEquity" xlink:to="EDN_RestatedEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_RestatedEquity_lbl" xml:lang="en-US">Beginning balance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncreaseDecreaseThroughTransferToStatutoryReserve" xlink:label="ifrs-full_IncreaseDecreaseThroughTransferToStatutoryReserve" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughTransferToStatutoryReserve" xlink:to="ifrs-full_IncreaseDecreaseThroughTransferToStatutoryReserve_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughTransferToStatutoryReserve_lbl" xml:lang="en-US">Ordinary and Extraordinary Shareholders' Meeting</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_OtherReserveConstitution" xlink:label="EDN_OtherReserveConstitution" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_OtherReserveConstitution" xlink:to="EDN_OtherReserveConstitution_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_OtherReserveConstitution_lbl" xml:lang="en-US">Increase of Other reserve constitution - Share-bases compensation plan</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_PaymentOfOtherReserveConstitution" xlink:label="EDN_PaymentOfOtherReserveConstitution" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_PaymentOfOtherReserveConstitution" xlink:to="EDN_PaymentOfOtherReserveConstitution_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_PaymentOfOtherReserveConstitution_lbl" xml:lang="en-US">Payment of Other reserve constitution - Share-bases compensation plan</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_PurchaseOfTreasuryShares" xlink:label="ifrs-full_PurchaseOfTreasuryShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfTreasuryShares" xlink:to="ifrs-full_PurchaseOfTreasuryShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PurchaseOfTreasuryShares_lbl" xml:lang="en-US">Acquisition of own shares</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLoss" xlink:to="ifrs-full_ProfitLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLoss_2_lbl" xml:lang="en-US">Profit for the year</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_OtherComprehensiveResults" xlink:label="EDN_OtherComprehensiveResults" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_OtherComprehensiveResults" xlink:to="EDN_OtherComprehensiveResults_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_OtherComprehensiveResults_lbl" xml:lang="en-US">Other comprehensive results for the year</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Equity" xlink:to="ifrs-full_Equity_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_Equity_3_lbl" xml:lang="en-US">Ending balance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_StatementOfCashFlowsAbstract" xlink:label="ifrs-full_StatementOfCashFlowsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="ifrs-full_StatementOfCashFlowsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US">Statement of cash flows [abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from operating activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:label="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="ifrs-full_AdjustmentsForReconcileProfitLossAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForReconcileProfitLossAbstract_lbl" xml:lang="en-US">Adjustments to reconcile net (loss) profit to net cash flows from operating activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:label="ifrs-full_DepreciationPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:to="ifrs-full_DepreciationPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DepreciationPropertyPlantAndEquipment_lbl" xml:lang="en-US">Depreciation of property, plants and equipments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment" xlink:label="ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment" xlink:to="ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment_lbl" xml:lang="en-US">Loss on disposals of property, plants and equipments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_InterestIncomeOnImpairedFinancialAssetsAccrued" xlink:label="ifrs-full_InterestIncomeOnImpairedFinancialAssetsAccrued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestIncomeOnImpairedFinancialAssetsAccrued" xlink:to="ifrs-full_InterestIncomeOnImpairedFinancialAssetsAccrued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestIncomeOnImpairedFinancialAssetsAccrued_lbl" xml:lang="en-US">Net accrued interest</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" xlink:label="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" xlink:to="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax_lbl" xml:lang="en-US">Exchange difference</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForIncomeTaxExpense" xlink:label="ifrs-full_AdjustmentsForIncomeTaxExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForIncomeTaxExpense" xlink:to="ifrs-full_AdjustmentsForIncomeTaxExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForIncomeTaxExpense_lbl" xml:lang="en-US">Income tax</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_AllowanceForImpairmentOfTradeAndOtherReceivables" xlink:label="EDN_AllowanceForImpairmentOfTradeAndOtherReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_AllowanceForImpairmentOfTradeAndOtherReceivables" xlink:to="EDN_AllowanceForImpairmentOfTradeAndOtherReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_AllowanceForImpairmentOfTradeAndOtherReceivables_lbl" xml:lang="en-US">Allowance for the impairment of trade and other receivables, net of recovery</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_AdjustmentToPresentValueOfReceivables" xlink:label="EDN_AdjustmentToPresentValueOfReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_AdjustmentToPresentValueOfReceivables" xlink:to="EDN_AdjustmentToPresentValueOfReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_AdjustmentToPresentValueOfReceivables_lbl" xml:lang="en-US">Adjustment to present value of receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ProvisionForContingencies" xlink:label="EDN_ProvisionForContingencies" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ProvisionForContingencies" xlink:to="EDN_ProvisionForContingencies_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_ProvisionForContingencies_lbl" xml:lang="en-US">Provision for contingencies</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncreaseDecreaseInFinancialAssets" xlink:label="ifrs-full_IncreaseDecreaseInFinancialAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseInFinancialAssets" xlink:to="ifrs-full_IncreaseDecreaseInFinancialAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_IncreaseDecreaseInFinancialAssets_lbl" xml:lang="en-US">Changes in fair value of financial assets</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_AccrualOfBenefitPlans" xlink:label="EDN_AccrualOfBenefitPlans" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_AccrualOfBenefitPlans" xlink:to="EDN_AccrualOfBenefitPlans_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_AccrualOfBenefitPlans_lbl" xml:lang="en-US">Accrual of benefit plans</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:to="ifrs-full_AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociates_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociates_2_lbl" xml:lang="en-US">Gain from interest in joint ventures</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_HigherCostRecognition" xlink:to="EDN_HigherCostRecognition_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="EDN_HigherCostRecognition_2_lbl" xml:lang="en-US">Higher cost recognition - SEE Resolution 250/13 and subsequent Notes</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_IncomeRecognitionOnAccount" xlink:to="EDN_IncomeRecognitionOnAccount_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="EDN_IncomeRecognitionOnAccount_2_lbl" xml:lang="en-US">Income recognition on account of the RTI - SE Resolution 32/15</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_RecognitionOfIncomeProvisionalRemedies" xlink:to="EDN_RecognitionOfIncomeProvisionalRemedies_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="EDN_RecognitionOfIncomeProvisionalRemedies_2_lbl" xml:lang="en-US">Recognition of income - provisional remedies - MINEM Note 2016-04484723</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_NetGainFromRepurchaseOfCorporateBonds" xlink:label="EDN_NetGainFromRepurchaseOfCorporateBonds" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_NetGainFromRepurchaseOfCorporateBonds" xlink:to="EDN_NetGainFromRepurchaseOfCorporateBonds_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_NetGainFromRepurchaseOfCorporateBonds_lbl" xml:lang="en-US">Net gain from the repurchase of Corporate Bonds</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_IncomeFromCustomerContributions" xlink:label="EDN_IncomeFromCustomerContributions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_IncomeFromCustomerContributions" xlink:to="EDN_IncomeFromCustomerContributions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_IncomeFromCustomerContributions_lbl" xml:lang="en-US">Income from non-reimbursable customer contributions</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_OtherReserveConstitutionShareBasesCompensationPlan" xlink:label="EDN_OtherReserveConstitutionShareBasesCompensationPlan" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_OtherReserveConstitutionShareBasesCompensationPlan" xlink:to="EDN_OtherReserveConstitutionShareBasesCompensationPlan_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_OtherReserveConstitutionShareBasesCompensationPlan_lbl" xml:lang="en-US">Other reserve constitution - Share bases compensation plan</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_GainsOnNetMonetaryPosition" xlink:label="EDN_GainsOnNetMonetaryPosition" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_GainsOnNetMonetaryPosition" xlink:to="EDN_GainsOnNetMonetaryPosition_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_GainsOnNetMonetaryPosition_lbl" xml:lang="en-US">Gain on net monetary position</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ChangesInOperatingAssetsLiabilitiesAbstract" xlink:label="EDN_ChangesInOperatingAssetsLiabilitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ChangesInOperatingAssetsLiabilitiesAbstract" xlink:to="EDN_ChangesInOperatingAssetsLiabilitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_ChangesInOperatingAssetsLiabilitiesAbstract_lbl" xml:lang="en-US">Changes in operating assets and liabilities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable_lbl" xml:lang="en-US">Increase in trade receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables_lbl" xml:lang="en-US">Decrease in other receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories_lbl" xml:lang="en-US">Increase in inventories</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInDeferredIncome" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInDeferredIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForIncreaseDecreaseInDeferredIncome" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInDeferredIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInDeferredIncome_lbl" xml:lang="en-US">Increase in deferred revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable_lbl" xml:lang="en-US">Increase in trade payables</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_IncreaseDecreaseSalariesAndSocialSecurityPayable" xlink:label="EDN_IncreaseDecreaseSalariesAndSocialSecurityPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_IncreaseDecreaseSalariesAndSocialSecurityPayable" xlink:to="EDN_IncreaseDecreaseSalariesAndSocialSecurityPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_IncreaseDecreaseSalariesAndSocialSecurityPayable_lbl" xml:lang="en-US">Increase in salaries and social security payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncreaseDecreaseInNetAssetsAvailableForBenefits" xlink:label="ifrs-full_IncreaseDecreaseInNetAssetsAvailableForBenefits" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseInNetAssetsAvailableForBenefits" xlink:to="ifrs-full_IncreaseDecreaseInNetAssetsAvailableForBenefits_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseInNetAssetsAvailableForBenefits_lbl" xml:lang="en-US">Decrease in benefit plans</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset" xlink:label="ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset" xlink:to="ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset_lbl" xml:lang="en-US">(Decrease) Increase in tax liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables_lbl" xml:lang="en-US">Increase in other payables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ChangesInOtherProvisions" xlink:label="ifrs-full_ChangesInOtherProvisions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ChangesInOtherProvisions" xlink:to="ifrs-full_ChangesInOtherProvisions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ChangesInOtherProvisions_lbl" xml:lang="en-US">Decrease in provisions</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities" xlink:label="ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities" xlink:to="ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities_lbl" xml:lang="en-US">Payment of Tax payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInOperatingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivities_lbl" xml:lang="en-US">Net cash flows generated by operating activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from investing activities</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Payment of property, plants and equipments</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_CollectionOfFinancialAssets_lbl" xml:lang="en-US">Net collection of Financial assets</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_RedemptionNetOfMoneyMarketFunds" xlink:to="EDN_RedemptionNetOfMoneyMarketFunds_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_RedemptionNetOfMoneyMarketFunds_lbl" xml:lang="en-US">Redemption net of money market funds</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_MutuumGrantedToThirdParties" xlink:to="EDN_MutuumGrantedToThirdParties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="EDN_MutuumGrantedToThirdParties_lbl" xml:lang="en-US">Mutuum granted to third parties</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_CollectionOfReceivablesFromSaleOfSubsidiaries" xlink:label="EDN_CollectionOfReceivablesFromSaleOfSubsidiaries" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_CollectionOfReceivablesFromSaleOfSubsidiaries_lbl" xml:lang="en-US">Collection of receivables from sale of subsidiaries</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivities" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivities_lbl" xml:lang="en-US">Net cash flows used in investing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from financing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:label="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities_lbl" xml:lang="en-US">Proceeds from borrowings</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_InterestPaidClassifiedAsFinancingActivities" xlink:label="ifrs-full_InterestPaidClassifiedAsFinancingActivities" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_InterestPaidClassifiedAsFinancingActivities_lbl" xml:lang="en-US">Payment of interests</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_lbl" xml:lang="en-US">Payment of redemption on corporate notes</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_RepurchaseOfCorporateNotes" xlink:label="EDN_RepurchaseOfCorporateNotes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_RepurchaseOfCorporateNotes" xlink:to="EDN_RepurchaseOfCorporateNotes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="EDN_RepurchaseOfCorporateNotes_lbl" xml:lang="en-US">Repurchase of corporate notes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInFinancingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivities_lbl" xml:lang="en-US">Net cash flows (used in) generated by financing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges_lbl" xml:lang="en-US">Decrease in cash and cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" xlink:label="ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:label="ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents_lbl" xml:lang="en-US">Exchange differences in cash and cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ResultFromExposureToInflation" xlink:label="EDN_ResultFromExposureToInflation" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_ResultFromExposureToInflation_lbl" xml:lang="en-US">Result from exposure to inflation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents_lbl" xml:lang="en-US">Decrease in cash and cash equivalents</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" xlink:to="ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition_2_lbl" xml:lang="en-US">Cash and cash equivalents at the end of the year</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdditionalInformationAbstract" xlink:label="ifrs-full_AdditionalInformationAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdditionalInformationAbstract" xlink:to="ifrs-full_AdditionalInformationAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdditionalInformationAbstract_lbl" xml:lang="en-US">Supplemental cash flows information: Non-cash activities</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_AcquisitionsOfPropertyPlantAndEquipmentThroughIncreasedTradePayables" xlink:label="EDN_AcquisitionsOfPropertyPlantAndEquipmentThroughIncreasedTradePayables" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_AcquisitionsOfPropertyPlantAndEquipmentThroughIncreasedTradePayables_lbl" xml:lang="en-US">Acquisitions of property, plant and equipment through increased trade payables</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_DecreaseOfPropertyPlantAndEquipmentThroughIncreasedOtherReceivables" xlink:label="EDN_DecreaseOfPropertyPlantAndEquipmentThroughIncreasedOtherReceivables" />
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      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_GeneralInformationAbstract" xlink:label="EDN_GeneralInformationAbstract" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_GeneralInformationAbstract_lbl" xml:lang="en-US">General Information</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" xlink:label="ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory_lbl" xml:lang="en-US">General information</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_RegulatoryFrameworkAbstract" xlink:label="EDN_RegulatoryFrameworkAbstract" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_RegulatoryFrameworkAbstract_lbl" xml:lang="en-US">Regulatory Framework</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_DisclosureOfRegulatoryFrameworkExplanatory" xlink:label="EDN_DisclosureOfRegulatoryFrameworkExplanatory" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_DisclosureOfRegulatoryFrameworkExplanatory_lbl" xml:lang="en-US">Regulatory framework</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_BasisOfPreparationAbstract" xlink:label="EDN_BasisOfPreparationAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_BasisOfPreparationAbstract" xlink:to="EDN_BasisOfPreparationAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_BasisOfPreparationAbstract_lbl" xml:lang="en-US">Basis Of Preparation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory" xlink:label="ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory" />
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      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_AccountingPoliciesAbstract" xlink:label="EDN_AccountingPoliciesAbstract" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_AccountingPoliciesAbstract_lbl" xml:lang="en-US">Accounting Policies</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xlink:label="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_lbl" xml:lang="en-US">Accounting policies</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_FinancialRiskManagementAbstract" xlink:label="EDN_FinancialRiskManagementAbstract" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfFinancialRiskManagementExplanatory" xlink:label="ifrs-full_DisclosureOfFinancialRiskManagementExplanatory" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinancialRiskManagementExplanatory_lbl" xml:lang="en-US">Financial risk management</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_CriticalAccountingEstimatesAndJudgmentsAbstract" xlink:label="EDN_CriticalAccountingEstimatesAndJudgmentsAbstract" />
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      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_CashAndCashEquivalentsTablesAbstract" xlink:label="EDN_CashAndCashEquivalentsTablesAbstract" />
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_IncomeTaxTablesAbstract" xlink:to="EDN_IncomeTaxTablesAbstract_lbl" xlink:type="arc" />
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_TaxLiabilitiesTablesAbstract" xlink:to="EDN_TaxLiabilitiesTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_TaxLiabilitiesTablesAbstract_lbl" xml:lang="en-US">Tax Liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfTaxLiabilitiesTableTextBlock" xlink:label="EDN_SummaryOfTaxLiabilitiesTableTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_SummaryOfTaxLiabilitiesTableTextBlock_lbl" xml:lang="en-US">Tax liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_LeasesTablesAbstract" xlink:label="EDN_LeasesTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_LeasesTablesAbstract" xlink:to="EDN_LeasesTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_LeasesTablesAbstract_lbl" xml:lang="en-US">Leases</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfFutureMinimumLeasingPaymentsTableTextBlock" xlink:label="EDN_SummaryOfFutureMinimumLeasingPaymentsTableTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfFutureMinimumLeasingPaymentsTableTextBlock_lbl" xml:lang="en-US">Future minimum payments</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfExpensesForOperatingAssignmentsTableTextBlock" xlink:label="EDN_SummaryOfExpensesForOperatingAssignmentsTableTextBlock" />
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      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfFutureMinimumCollectionsTableTextBlock" xlink:label="EDN_SummaryOfFutureMinimumCollectionsTableTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfFutureMinimumCollectionsTableTextBlock_lbl" xml:lang="en-US">Future minimum collections</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfIncomeFromOperatingAssignmentsTableTextBlock" xlink:label="EDN_SummaryOfIncomeFromOperatingAssignmentsTableTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfIncomeFromOperatingAssignmentsTableTextBlock_lbl" xml:lang="en-US">Income from operating assignments</link:label>
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      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfProvisionsTableTextBlock" xlink:label="EDN_SummaryOfProvisionsTableTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_SummaryOfProvisionsTableTextBlock_lbl" xml:lang="en-US">Provisions</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_RevenueFromSalesTablesAbstract" xlink:label="EDN_RevenueFromSalesTablesAbstract" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_RevenueFromSalesTablesAbstract_lbl" xml:lang="en-US">Revenue From Sales</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfRevenueFromSalesTableTextBlock" xlink:label="EDN_SummaryOfRevenueFromSalesTableTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_SummaryOfRevenueFromSalesTableTextBlock_lbl" xml:lang="en-US">Revenue from sales</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ExpensesByNatureTablesAbstract" xlink:label="EDN_ExpensesByNatureTablesAbstract" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_ExpensesByNatureTablesAbstract_lbl" xml:lang="en-US">Expenses By Nature</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfExpensesByNatureTableTextBlock" xlink:label="EDN_SummaryOfExpensesByNatureTableTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_SummaryOfExpensesByNatureTableTextBlock_lbl" xml:lang="en-US">Expenses by nature</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_OtherOperatingExpenseNetTablesAbstract" xlink:label="EDN_OtherOperatingExpenseNetTablesAbstract" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_OtherOperatingExpenseNetTablesAbstract_lbl" xml:lang="en-US">Other Operating Expense Net</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfOtherOperatingExpenseNetTableTextBlock" xlink:label="EDN_SummaryOfOtherOperatingExpenseNetTableTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_SummaryOfOtherOperatingExpenseNetTableTextBlock_lbl" xml:lang="en-US">Other operating expense, net</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_NetFinancialExpenseTablesAbstract" xlink:label="EDN_NetFinancialExpenseTablesAbstract" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_NetFinancialExpenseTablesAbstract_lbl" xml:lang="en-US">Net Financial Expense</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfNetFinancialExpenseTableTextBlock" xlink:label="EDN_SummaryOfNetFinancialExpenseTableTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_SummaryOfNetFinancialExpenseTableTextBlock_lbl" xml:lang="en-US">Net financial expense</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_BasicAndDilutedEarningsPerShareTablesAbstract" xlink:label="EDN_BasicAndDilutedEarningsPerShareTablesAbstract" />
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      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfBasicAndDilutedLossEarningsPerShareTableTextBlock" xlink:label="EDN_SummaryOfBasicAndDilutedLossEarningsPerShareTableTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_RelatedpartyTransactionsTablesAbstract_lbl" xml:lang="en-US">Related-party Transactions</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfRelatedPartyIncomeTableTextBlock_lbl" xml:lang="en-US">Related party income</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfRelatedPartyExpensesTableTextBlock" xlink:label="EDN_SummaryOfRelatedPartyExpensesTableTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfRelatedPartyExpensesTableTextBlock_lbl" xml:lang="en-US">Related party expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfKeyManagementPersonnelRemunerationTableTextBlock" xlink:label="EDN_SummaryOfKeyManagementPersonnelRemunerationTableTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_GeneralInformationDetailsNarrativeAbstract_lbl" xml:lang="en-US">General Information</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_WorkingCapital" xlink:label="EDN_WorkingCapital" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_WorkingCapital" xlink:to="EDN_WorkingCapital_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_WorkingCapital_lbl" xml:lang="en-US">Working capital</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_RegulatoryFrameworkDetailsNarrativeAbstract" xlink:label="EDN_RegulatoryFrameworkDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_RegulatoryFrameworkDetailsNarrativeAbstract" xlink:to="EDN_RegulatoryFrameworkDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_RegulatoryFrameworkDetailsNarrativeAbstract_lbl" xml:lang="en-US">Regulatory Framework</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_IncomeRecognitionOnAccount" xlink:to="EDN_IncomeRecognitionOnAccount_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_IncomeRecognitionOnAccount_3_lbl" xml:lang="en-US">Income recognition on account of the RTI - SE Resolution</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_HigherCostRecognition" xlink:to="EDN_HigherCostRecognition_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_HigherCostRecognition_3_lbl" xml:lang="en-US">Higher cost recognition - SE Resolution and subsequent Notes</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_DisclosureOfAccountingPoliciesTable" xlink:label="EDN_DisclosureOfAccountingPoliciesTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_DisclosureOfAccountingPoliciesTable" xlink:to="EDN_DisclosureOfAccountingPoliciesTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_DisclosureOfAccountingPoliciesTable_lbl" xml:lang="en-US">DisclosureOfAccountingPoliciesTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_DisclosureOfAccountingPoliciesLineItems" xlink:label="EDN_DisclosureOfAccountingPoliciesLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_DisclosureOfAccountingPoliciesLineItems" xlink:to="EDN_DisclosureOfAccountingPoliciesLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_DisclosureOfAccountingPoliciesLineItems_lbl" xml:lang="en-US">DisclosureOfAccountingPoliciesLineItems [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment" xlink:label="ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment" xlink:to="ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment_lbl" xml:lang="en-US">Estimated useful lives</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfFinancialRiskManagementTable" xlink:label="EDN_SummaryOfFinancialRiskManagementTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfFinancialRiskManagementTable" xlink:to="EDN_SummaryOfFinancialRiskManagementTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfFinancialRiskManagementTable_lbl" xml:lang="en-US">SummaryOfFinancialRiskManagementTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfFinancialRiskManagementLineItems" xlink:label="EDN_SummaryOfFinancialRiskManagementLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfFinancialRiskManagementLineItems" xlink:to="EDN_SummaryOfFinancialRiskManagementLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfFinancialRiskManagementLineItems_lbl" xml:lang="en-US">SummaryOfFinancialRiskManagementLineItems [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RangeAxis" xlink:to="ifrs-full_RangeAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_RangeAxis_2_lbl" xml:lang="en-US">Range [axis]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfLiabilitiesAxis" xlink:to="ifrs-full_ClassesOfLiabilitiesAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ClassesOfLiabilitiesAxis_2_lbl" xml:lang="en-US">Classes of liabilities [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_AmountOfForeignCurrency" xlink:label="EDN_AmountOfForeignCurrency" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_AmountOfForeignCurrency" xlink:to="EDN_AmountOfForeignCurrency_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_AmountOfForeignCurrency_lbl" xml:lang="en-US">Amount of foreign currency</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ClosingForeignExchangeRate" xlink:label="ifrs-full_ClosingForeignExchangeRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClosingForeignExchangeRate" xlink:to="ifrs-full_ClosingForeignExchangeRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClosingForeignExchangeRate_lbl" xml:lang="en-US">Exchange rate</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ForeignCurrencyBalanceOfAssets" xlink:label="EDN_ForeignCurrencyBalanceOfAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ForeignCurrencyBalanceOfAssets" xlink:to="EDN_ForeignCurrencyBalanceOfAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_ForeignCurrencyBalanceOfAssets_lbl" xml:lang="en-US">Foreign currency balance assets</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ForeignCurrencyBalanceOfLiabilities" xlink:label="EDN_ForeignCurrencyBalanceOfLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ForeignCurrencyBalanceOfLiabilities" xlink:to="EDN_ForeignCurrencyBalanceOfLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_ForeignCurrencyBalanceOfLiabilities_lbl" xml:lang="en-US">Foreign currency balance liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_FunctionalCurrencyAxis" xlink:to="EDN_FunctionalCurrencyAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_FunctionalCurrencyAxis_2_lbl" xml:lang="en-US">FunctionalCurrencyAxis [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_NetPositionAssetLiabilities" xlink:label="EDN_NetPositionAssetLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_NetPositionAssetLiabilities" xlink:to="EDN_NetPositionAssetLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_NetPositionAssetLiabilities_lbl" xml:lang="en-US">Net position Asset/(Liabilities)</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_GainsLossesOnNetMonetaryPositionDevaluation" xlink:label="EDN_GainsLossesOnNetMonetaryPositionDevaluation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_GainsLossesOnNetMonetaryPositionDevaluation" xlink:to="EDN_GainsLossesOnNetMonetaryPositionDevaluation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_GainsLossesOnNetMonetaryPositionDevaluation_lbl" xml:lang="en-US">Decrease in the results of operations for the year</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfInterestRatesAxis" xlink:to="ifrs-full_TypesOfInterestRatesAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_TypesOfInterestRatesAxis_2_lbl" xml:lang="en-US">Types of interest rates [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_Borrowings" xlink:label="ifrs-full_Borrowings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Borrowings" xlink:to="ifrs-full_Borrowings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Borrowings_lbl" xml:lang="en-US">Total loans</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_DecreaseInProfitLossDueToIncreaseInFloatingInterestRates" xlink:label="EDN_DecreaseInProfitLossDueToIncreaseInFloatingInterestRates" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_DecreaseInProfitLossDueToIncreaseInFloatingInterestRates" xlink:to="EDN_DecreaseInProfitLossDueToIncreaseInFloatingInterestRates_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_DecreaseInProfitLossDueToIncreaseInFloatingInterestRates_lbl" xml:lang="en-US">Decrease in the profit (loss) due to a 1% increase in floating interest rates</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_IncreaseInProfitLossDueToDecreaseInFloatingInterestRates" xlink:label="EDN_IncreaseInProfitLossDueToDecreaseInFloatingInterestRates" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_IncreaseInProfitLossDueToDecreaseInFloatingInterestRates" xlink:to="EDN_IncreaseInProfitLossDueToDecreaseInFloatingInterestRates_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_IncreaseInProfitLossDueToDecreaseInFloatingInterestRates_lbl" xml:lang="en-US">Increase in the profit (loss) due to a 1% decrease in floating interest rates</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NoncurrentDerivativeFinancialLiabilities" xlink:label="ifrs-full_NoncurrentDerivativeFinancialLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentDerivativeFinancialLiabilities" xlink:to="ifrs-full_NoncurrentDerivativeFinancialLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentDerivativeFinancialLiabilities_lbl" xml:lang="en-US">Non-derivative financial liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_FinancialRiskManagementDetails5Abstract" xlink:label="EDN_FinancialRiskManagementDetails5Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_FinancialRiskManagementDetails5Abstract" xlink:to="EDN_FinancialRiskManagementDetails5Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_FinancialRiskManagementDetails5Abstract_lbl" xml:lang="en-US">Financial Risk Management</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Liabilities" xlink:to="ifrs-full_Liabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Liabilities_2_lbl" xml:lang="en-US">Liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CashEquivalents" xlink:label="ifrs-full_CashEquivalents" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashEquivalents" xlink:to="ifrs-full_CashEquivalents_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_CashEquivalents_lbl" xml:lang="en-US">Less: cash and cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NetDebt" xlink:label="ifrs-full_NetDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NetDebt" xlink:to="ifrs-full_NetDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NetDebt_lbl" xml:lang="en-US">Net debt</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Equity" xlink:to="ifrs-full_Equity_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Equity_4_lbl" xml:lang="en-US">Total Equity</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_CapitalAttributableToOwners" xlink:label="EDN_CapitalAttributableToOwners" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_CapitalAttributableToOwners" xlink:to="EDN_CapitalAttributableToOwners_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_CapitalAttributableToOwners_lbl" xml:lang="en-US">Total capital attributable to owners</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_GearingRatio" xlink:label="EDN_GearingRatio" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_GearingRatio" xlink:to="EDN_GearingRatio_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_GearingRatio_lbl" xml:lang="en-US">Gearing ratio</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LevelsOfFairValueHierarchyAxis" xlink:to="ifrs-full_LevelsOfFairValueHierarchyAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_LevelsOfFairValueHierarchyAxis_2_lbl" xml:lang="en-US">Levels of fair value hierarchy [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_FinancialAssetsMeasuredAtFairValue" xlink:label="EDN_FinancialAssetsMeasuredAtFairValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_FinancialAssetsMeasuredAtFairValue" xlink:to="EDN_FinancialAssetsMeasuredAtFairValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_FinancialAssetsMeasuredAtFairValue_lbl" xml:lang="en-US">Assets</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_FinancialLiabilitiesMeasuredAtFairValue" xlink:label="EDN_FinancialLiabilitiesMeasuredAtFairValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_FinancialLiabilitiesMeasuredAtFairValue" xlink:to="EDN_FinancialLiabilitiesMeasuredAtFairValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_FinancialLiabilitiesMeasuredAtFairValue_lbl" xml:lang="en-US">Liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_FinancialRiskManagementDetailsNarrativeAbstract" xlink:label="EDN_FinancialRiskManagementDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_FinancialRiskManagementDetailsNarrativeAbstract" xlink:to="EDN_FinancialRiskManagementDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_FinancialRiskManagementDetailsNarrativeAbstract_lbl" xml:lang="en-US">Financial Risk Management</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables" xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables" xlink:to="ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables_lbl" xml:lang="en-US">Delinquent trade receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ProvisionsForDoubtfulDebts" xlink:label="EDN_ProvisionsForDoubtfulDebts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ProvisionsForDoubtfulDebts" xlink:to="EDN_ProvisionsForDoubtfulDebts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_ProvisionsForDoubtfulDebts_lbl" xml:lang="en-US">Allowances</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentFinancialAssets" xlink:label="ifrs-full_CurrentFinancialAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentFinancialAssets" xlink:to="ifrs-full_CurrentFinancialAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentFinancialAssets_lbl" xml:lang="en-US">Financial assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TradeReceivables" xlink:label="ifrs-full_TradeReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeReceivables" xlink:to="ifrs-full_TradeReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeReceivables_lbl" xml:lang="en-US">Receivables related to customers</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_DisclosureOfCriticalAccountingEstimatesAndJudgmentsTable" xlink:label="EDN_DisclosureOfCriticalAccountingEstimatesAndJudgmentsTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_DisclosureOfCriticalAccountingEstimatesAndJudgmentsTable" xlink:to="EDN_DisclosureOfCriticalAccountingEstimatesAndJudgmentsTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_DisclosureOfCriticalAccountingEstimatesAndJudgmentsTable_lbl" xml:lang="en-US">DisclosureOfCriticalAccountingEstimatesAndJudgmentsTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_DisclosureOfCriticalAccountingEstimatesAndJudgmentsLineItems" xlink:label="EDN_DisclosureOfCriticalAccountingEstimatesAndJudgmentsLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_DisclosureOfCriticalAccountingEstimatesAndJudgmentsLineItems" xlink:to="EDN_DisclosureOfCriticalAccountingEstimatesAndJudgmentsLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_DisclosureOfCriticalAccountingEstimatesAndJudgmentsLineItems_lbl" xml:lang="en-US">DisclosureOfCriticalAccountingEstimatesAndJudgmentsLineItems [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ImpairmentLossExpectedPercentage" xlink:label="EDN_ImpairmentLossExpectedPercentage" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ImpairmentLossExpectedPercentage" xlink:to="EDN_ImpairmentLossExpectedPercentage_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_ImpairmentLossExpectedPercentage_lbl" xml:lang="en-US">Loss expected percentage</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_CriticalAccountingEstimatesAndJudgmentsDetailsAbstract" xlink:label="EDN_CriticalAccountingEstimatesAndJudgmentsDetailsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_CriticalAccountingEstimatesAndJudgmentsDetailsAbstract" xlink:to="EDN_CriticalAccountingEstimatesAndJudgmentsDetailsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_CriticalAccountingEstimatesAndJudgmentsDetailsAbstract_lbl" xml:lang="en-US">Critical Accounting Estimates And Judgments</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ProvisionsForImpairmentOfTradeReceivablesByNewAccountingStandard" xlink:label="EDN_ProvisionsForImpairmentOfTradeReceivablesByNewAccountingStandard" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ProvisionsForImpairmentOfTradeReceivablesByNewAccountingStandard" xlink:to="EDN_ProvisionsForImpairmentOfTradeReceivablesByNewAccountingStandard_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="EDN_ProvisionsForImpairmentOfTradeReceivablesByNewAccountingStandard_lbl" xml:lang="en-US">Amount of the provisions for impairment of the trade receivables by IAS 39</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_AdjustmentOfExpectedLossesIFRS9" xlink:label="EDN_AdjustmentOfExpectedLossesIFRS9" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_AdjustmentOfExpectedLossesIFRS9" xlink:to="EDN_AdjustmentOfExpectedLossesIFRS9_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_AdjustmentOfExpectedLossesIFRS9_lbl" xml:lang="en-US">Adjustment of expected losses IFRS 9</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ProvisionsForImpairmentOfTradeReceivablesByNewAccountingStandard" xlink:to="EDN_ProvisionsForImpairmentOfTradeReceivablesByNewAccountingStandard_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="EDN_ProvisionsForImpairmentOfTradeReceivablesByNewAccountingStandard_2_lbl" xml:lang="en-US">Amount of the provisions for impairment of the trade receivables by IAS 39</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfInterestsInJointVenturesTable" xlink:label="EDN_SummaryOfInterestsInJointVenturesTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfInterestsInJointVenturesTable" xlink:to="EDN_SummaryOfInterestsInJointVenturesTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfInterestsInJointVenturesTable_lbl" xml:lang="en-US">SummaryOfInterestsInJointVenturesTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfInterestsInJointVenturesLineItems" xlink:label="EDN_SummaryOfInterestsInJointVenturesLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfInterestsInJointVenturesLineItems" xlink:to="EDN_SummaryOfInterestsInJointVenturesLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfInterestsInJointVenturesLineItems_lbl" xml:lang="en-US">SummaryOfInterestsInJointVenturesLineItems [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" xlink:label="ifrs-full_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" xlink:to="ifrs-full_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests_lbl" xml:lang="en-US">Percentage interest held in capital stock and votes</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InvestmentsInJointVentures" xlink:to="ifrs-full_InvestmentsInJointVentures_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_InvestmentsInJointVentures_2_lbl" xml:lang="en-US">Equity attributable to the owners</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ContingentLiabilitiesDetailsNarrativeAbstract" xlink:label="EDN_ContingentLiabilitiesDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ContingentLiabilitiesDetailsNarrativeAbstract" xlink:to="EDN_ContingentLiabilitiesDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_ContingentLiabilitiesDetailsNarrativeAbstract_lbl" xml:lang="en-US">Contingent Liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LegalProceedingsProvision" xlink:label="ifrs-full_LegalProceedingsProvision" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LegalProceedingsProvision" xlink:to="ifrs-full_LegalProceedingsProvision_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LegalProceedingsProvision_lbl" xml:lang="en-US">Legal provision</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfPropertyPlantAndEquipmentTable" xlink:label="EDN_SummaryOfPropertyPlantAndEquipmentTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfPropertyPlantAndEquipmentTable" xlink:to="EDN_SummaryOfPropertyPlantAndEquipmentTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfPropertyPlantAndEquipmentTable_lbl" xml:lang="en-US">SummaryOfPropertyPlantAndEquipmentTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfPropertyPlantAndEquipmentLineItems" xlink:label="EDN_SummaryOfPropertyPlantAndEquipmentLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfPropertyPlantAndEquipmentLineItems" xlink:to="EDN_SummaryOfPropertyPlantAndEquipmentLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfPropertyPlantAndEquipmentLineItems_lbl" xml:lang="en-US">SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets" xlink:label="ifrs-full_PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets" xlink:to="ifrs-full_PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets_lbl" xml:lang="en-US">Cost</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_AccumlatedDepreciationOfPropertyPlantAndEquipment" xlink:label="EDN_AccumlatedDepreciationOfPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_AccumlatedDepreciationOfPropertyPlantAndEquipment" xlink:to="EDN_AccumlatedDepreciationOfPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_AccumlatedDepreciationOfPropertyPlantAndEquipment_lbl" xml:lang="en-US">Accumlated depreciation</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipment" xlink:to="ifrs-full_PropertyPlantAndEquipment_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_PropertyPlantAndEquipment_2_lbl" xml:lang="en-US">Property, plant, and equipment, beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:to="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_lbl" xml:lang="en-US">Additions</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisposalsPropertyPlantAndEquipment" xlink:label="ifrs-full_DisposalsPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisposalsPropertyPlantAndEquipment" xlink:to="ifrs-full_DisposalsPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DisposalsPropertyPlantAndEquipment_lbl" xml:lang="en-US">Disposals</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" xlink:to="ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment_lbl" xml:lang="en-US">Transfers</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:to="ifrs-full_DepreciationPropertyPlantAndEquipment_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DepreciationPropertyPlantAndEquipment_2_lbl" xml:lang="en-US">Depreciation for the period</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipment" xlink:to="ifrs-full_PropertyPlantAndEquipment_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_PropertyPlantAndEquipment_3_lbl" xml:lang="en-US">Property, plant, and equipment, ending</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_PropertyPlantAndEquipmentDetailsNarrativeAbstract" xlink:label="EDN_PropertyPlantAndEquipmentDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_PropertyPlantAndEquipmentDetailsNarrativeAbstract" xlink:to="EDN_PropertyPlantAndEquipmentDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_PropertyPlantAndEquipmentDetailsNarrativeAbstract_lbl" xml:lang="en-US">Property Plant And Equipment</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_DirectCosts" xlink:label="EDN_DirectCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_DirectCosts" xlink:to="EDN_DirectCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_DirectCosts_lbl" xml:lang="en-US">Direct costs</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfFinancialInstrumentsTable" xlink:label="EDN_SummaryOfFinancialInstrumentsTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfFinancialInstrumentsTable" xlink:to="EDN_SummaryOfFinancialInstrumentsTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfFinancialInstrumentsTable_lbl" xml:lang="en-US">SummaryOfFinancialInstrumentsTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfFinancialInstrumentsLineItems" xlink:label="EDN_SummaryOfFinancialInstrumentsLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfFinancialInstrumentsLineItems" xlink:to="EDN_SummaryOfFinancialInstrumentsLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfFinancialInstrumentsLineItems_lbl" xml:lang="en-US">SummaryOfFinancialInstrumentsLineItems [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinancialAssetsAtAmortisedCost" xlink:label="ifrs-full_FinancialAssetsAtAmortisedCost" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssetsAtAmortisedCost" xlink:to="ifrs-full_FinancialAssetsAtAmortisedCost_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_FinancialAssetsAtAmortisedCost_lbl" xml:lang="en-US">Financial assets at amortized cost</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss" xlink:label="ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss" xlink:to="ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss_lbl" xml:lang="en-US">Financial assets at fair value through profit or loss</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherNonfinancialAssets" xlink:label="ifrs-full_OtherNonfinancialAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNonfinancialAssets" xlink:to="ifrs-full_OtherNonfinancialAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherNonfinancialAssets_lbl" xml:lang="en-US">Non-financial assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinancialAssets" xlink:label="ifrs-full_FinancialAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssets" xlink:to="ifrs-full_FinancialAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_FinancialAssets_lbl" xml:lang="en-US">Financial instruments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinancialLiabilitiesAtAmortisedCost" xlink:label="ifrs-full_FinancialLiabilitiesAtAmortisedCost" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialLiabilitiesAtAmortisedCost" xlink:to="ifrs-full_FinancialLiabilitiesAtAmortisedCost_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialLiabilitiesAtAmortisedCost_lbl" xml:lang="en-US">Financial liabilities at amortized cost</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss" xlink:label="ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss" xlink:to="ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss_lbl" xml:lang="en-US">Financial liabilities at fair value through profit or loss</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherNonfinancialLiabilities" xlink:label="ifrs-full_OtherNonfinancialLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNonfinancialLiabilities" xlink:to="ifrs-full_OtherNonfinancialLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherNonfinancialLiabilities_lbl" xml:lang="en-US">Non-financial liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinancialLiabilities" xlink:label="ifrs-full_FinancialLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialLiabilities" xlink:to="ifrs-full_FinancialLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialLiabilities_lbl" xml:lang="en-US">Financial liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfOtherReceivablesTable" xlink:label="EDN_SummaryOfOtherReceivablesTable" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfOtherReceivablesTable_lbl" xml:lang="en-US">SummaryOfOtherReceivablesTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfOtherReceivablesLineItems" xlink:label="EDN_SummaryOfOtherReceivablesLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfOtherReceivablesLineItems" xlink:to="EDN_SummaryOfOtherReceivablesLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfOtherReceivablesLineItems_lbl" xml:lang="en-US">SummaryOfOtherReceivablesLineItems [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentReceivables" xlink:to="ifrs-full_NoncurrentReceivables_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentReceivables_2_lbl" xml:lang="en-US">Non-current other receivables</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_CurrentReceivables_2_lbl" xml:lang="en-US">Current other receivables</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_OtherReceivablesDetails1Abstract" xlink:to="EDN_OtherReceivablesDetails1Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_OtherReceivablesDetails1Abstract_lbl" xml:lang="en-US">Other Receivables</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_AllowanceForImpairmentOfOtherReceivables" xlink:to="EDN_AllowanceForImpairmentOfOtherReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="EDN_AllowanceForImpairmentOfOtherReceivables_lbl" xml:lang="en-US">Allowance for the impairment of other receivables, beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_IncreaseInAllowanceForImpairmentOfOtherReceivables" xlink:label="EDN_IncreaseInAllowanceForImpairmentOfOtherReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_IncreaseInAllowanceForImpairmentOfOtherReceivables" xlink:to="EDN_IncreaseInAllowanceForImpairmentOfOtherReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_IncreaseInAllowanceForImpairmentOfOtherReceivables_lbl" xml:lang="en-US">Increase</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ResultFromExposureToInflationInAllowanceForImpairmentOfOtherReceivables" xlink:label="EDN_ResultFromExposureToInflationInAllowanceForImpairmentOfOtherReceivables" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_ResultFromExposureToInflationInAllowanceForImpairmentOfOtherReceivables_lbl" xml:lang="en-US">Result from exposure to inflation</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_RecoveryInAllowanceForImpairmentOfOtherReceivables" xlink:label="EDN_RecoveryInAllowanceForImpairmentOfOtherReceivables" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_RecoveryInAllowanceForImpairmentOfOtherReceivables_lbl" xml:lang="en-US">Recovery</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_AllowanceForImpairmentOfOtherReceivables" xlink:to="EDN_AllowanceForImpairmentOfOtherReceivables_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="EDN_AllowanceForImpairmentOfOtherReceivables_2_lbl" xml:lang="en-US">Allowance for the impairment of other receivables, ending</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherReceivables" xlink:label="ifrs-full_OtherReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherReceivables" xlink:to="ifrs-full_OtherReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_OtherReceivables_lbl" xml:lang="en-US">Other receivables</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfTradeReceivablesTable" xlink:to="EDN_SummaryOfTradeReceivablesTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfTradeReceivablesTable_lbl" xml:lang="en-US">SummaryOfTradeReceivablesTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfTradeReceivablesLineItems" xlink:label="EDN_SummaryOfTradeReceivablesLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfTradeReceivablesLineItems" xlink:to="EDN_SummaryOfTradeReceivablesLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfTradeReceivablesLineItems_lbl" xml:lang="en-US">SummaryOfTradeReceivablesLineItems [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentTradeReceivables" xlink:label="ifrs-full_CurrentTradeReceivables" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentTradeReceivables_lbl" xml:lang="en-US">Current trade receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_TradeReceivablesDetails1Abstract" xlink:label="EDN_TradeReceivablesDetails1Abstract" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_TradeReceivablesDetails1Abstract_lbl" xml:lang="en-US">Trade Receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_AllowanceForImpairmentOfTradeReceivablesPreviouslyStated" xlink:label="EDN_AllowanceForImpairmentOfTradeReceivablesPreviouslyStated" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_AllowanceForImpairmentOfTradeReceivablesPreviouslyStated" xlink:to="EDN_AllowanceForImpairmentOfTradeReceivablesPreviouslyStated_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_AllowanceForImpairmentOfTradeReceivablesPreviouslyStated_lbl" xml:lang="en-US">Allowance for the impairment of trade receivables, beginning (previously stated)</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ChangeOfAccountingStandardAdjustmentInAllowanceForImpairmentOfTradeReceivables" xlink:label="EDN_ChangeOfAccountingStandardAdjustmentInAllowanceForImpairmentOfTradeReceivables" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_ChangeOfAccountingStandardAdjustmentInAllowanceForImpairmentOfTradeReceivables_lbl" xml:lang="en-US">Change of accounting standard adjustment</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_AllowanceForImpairmentOfTradeReceivables" xlink:label="EDN_AllowanceForImpairmentOfTradeReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_AllowanceForImpairmentOfTradeReceivables" xlink:to="EDN_AllowanceForImpairmentOfTradeReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="EDN_AllowanceForImpairmentOfTradeReceivables_lbl" xml:lang="en-US">Allowance for the impairment of trade receivables, beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_IncreaseInAllowanceForImpairmentOfTradeReceivables" xlink:label="EDN_IncreaseInAllowanceForImpairmentOfTradeReceivables" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_IncreaseInAllowanceForImpairmentOfTradeReceivables_lbl" xml:lang="en-US">Increase</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_DecreaseInAllowanceForImpairmentOfTradeReceivables" xlink:label="EDN_DecreaseInAllowanceForImpairmentOfTradeReceivables" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_DecreaseInAllowanceForImpairmentOfTradeReceivables_lbl" xml:lang="en-US">Decrease</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ResultFromExposureToInflationInAllowanceForImpairmentOfTradeReceivables" xlink:label="EDN_ResultFromExposureToInflationInAllowanceForImpairmentOfTradeReceivables" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_ResultFromExposureToInflationInAllowanceForImpairmentOfTradeReceivables_lbl" xml:lang="en-US">Result from exposure to inflation</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_AllowanceForImpairmentOfTradeReceivables" xlink:to="EDN_AllowanceForImpairmentOfTradeReceivables_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="EDN_AllowanceForImpairmentOfTradeReceivables_2_lbl" xml:lang="en-US">Allowance for the impairment of trade receivables, ending</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTradeReceivables" xlink:to="ifrs-full_CurrentTradeReceivables_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentTradeReceivables_2_lbl" xml:lang="en-US">Trade receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_AllowanceForImpairmentOfTradeReceivablesContingencies" xlink:label="EDN_AllowanceForImpairmentOfTradeReceivablesContingencies" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_AllowanceForImpairmentOfTradeReceivablesContingencies_lbl" xml:lang="en-US">Contingencies</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_AllowanceForImpairmentOfTradeReceivablesChange" xlink:label="EDN_AllowanceForImpairmentOfTradeReceivablesChange" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_AllowanceForImpairmentOfTradeReceivablesChange_lbl" xml:lang="en-US">Change</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfFinancialAssetsAtFairValueThroughProfitOrLossTable" xlink:label="EDN_SummaryOfFinancialAssetsAtFairValueThroughProfitOrLossTable" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfFinancialAssetsAtFairValueThroughProfitOrLossTable_lbl" xml:lang="en-US">SummaryOfFinancialAssetsAtFairValueThroughProfitOrLossTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfFinancialAssetsAtFairValueThroughProfitOrLossLineItems" xlink:label="EDN_SummaryOfFinancialAssetsAtFairValueThroughProfitOrLossLineItems" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfFinancialAssetsAtFairValueThroughProfitOrLossLineItems_lbl" xml:lang="en-US">SummaryOfFinancialAssetsAtFairValueThroughProfitOrLossLineItems [Line Items]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_FinancialAssetsAtFairValueCurrent_lbl" xml:lang="en-US">Current</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfFinancialAssetsAtAmortizedCostTable" xlink:label="EDN_SummaryOfFinancialAssetsAtAmortizedCostTable" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfFinancialAssetsAtAmortizedCostTable_lbl" xml:lang="en-US">SummaryOfFinancialAssetsAtAmortizedCostTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfFinancialAssetsAtAmortizedCostLineItems" xlink:label="EDN_SummaryOfFinancialAssetsAtAmortizedCostLineItems" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfFinancialAssetsAtAmortizedCostLineItems_lbl" xml:lang="en-US">SummaryOfFinancialAssetsAtAmortizedCostLineItems [Line Items]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_FinancialAssetsAtAmortisedCostCurrent_lbl" xml:lang="en-US">Current</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfInventoriesTable" xlink:label="EDN_SummaryOfInventoriesTable" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfInventoriesTable_lbl" xml:lang="en-US">SummaryOfInventoriesTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfInventoriesLineItems" xlink:label="EDN_SummaryOfInventoriesLineItems" />
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      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfCashAndCashEquivalentsTable" xlink:label="EDN_SummaryOfCashAndCashEquivalentsTable" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfCashAndCashEquivalentsTable_lbl" xml:lang="en-US">SummaryOfCashAndCashEquivalentsTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfCashAndCashEquivalentsLineItems" xlink:label="EDN_SummaryOfCashAndCashEquivalentsLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfCashAndCashEquivalentsLineItems" xlink:to="EDN_SummaryOfCashAndCashEquivalentsLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfCashAndCashEquivalentsLineItems_lbl" xml:lang="en-US">SummaryOfCashAndCashEquivalentsLineItems [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_DisclosureOfShareCapitalAndAdditionalPaidinCapitalTable" xlink:label="EDN_DisclosureOfShareCapitalAndAdditionalPaidinCapitalTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_DisclosureOfShareCapitalAndAdditionalPaidinCapitalTable" xlink:to="EDN_DisclosureOfShareCapitalAndAdditionalPaidinCapitalTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_DisclosureOfShareCapitalAndAdditionalPaidinCapitalTable_lbl" xml:lang="en-US">DisclosureOfShareCapitalAndAdditionalPaidinCapitalTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_DisclosureOfShareCapitalAndAdditionalPaidinCapitalLineItems" xlink:label="EDN_DisclosureOfShareCapitalAndAdditionalPaidinCapitalLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_DisclosureOfShareCapitalAndAdditionalPaidinCapitalLineItems" xlink:to="EDN_DisclosureOfShareCapitalAndAdditionalPaidinCapitalLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_DisclosureOfShareCapitalAndAdditionalPaidinCapitalLineItems_lbl" xml:lang="en-US">DisclosureOfShareCapitalAndAdditionalPaidinCapitalLineItems [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherEquityInterest" xlink:label="ifrs-full_OtherEquityInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherEquityInterest" xlink:to="ifrs-full_OtherEquityInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_OtherEquityInterest_lbl" xml:lang="en-US">Beginning balance</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_PaymentOfOtherReserveConstitutionShareBasedCompensationPlan" xlink:label="EDN_PaymentOfOtherReserveConstitutionShareBasedCompensationPlan" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_PaymentOfOtherReserveConstitutionShareBasedCompensationPlan" xlink:to="EDN_PaymentOfOtherReserveConstitutionShareBasedCompensationPlan_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_PaymentOfOtherReserveConstitutionShareBasedCompensationPlan_lbl" xml:lang="en-US">Payment of other reserve constitution - share-based compensation plan</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherEquityInterest" xlink:to="ifrs-full_OtherEquityInterest_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_OtherEquityInterest_2_lbl" xml:lang="en-US">Ending balance</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfTradePayablesTable" xlink:label="EDN_SummaryOfTradePayablesTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfTradePayablesTable" xlink:to="EDN_SummaryOfTradePayablesTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfTradePayablesTable_lbl" xml:lang="en-US">SummaryOfTradePayablesTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfTradePayablesLineItems" xlink:label="EDN_SummaryOfTradePayablesLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfTradePayablesLineItems" xlink:to="EDN_SummaryOfTradePayablesLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfTradePayablesLineItems_lbl" xml:lang="en-US">SummaryOfTradePayablesLineItems [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherPayables" xlink:to="ifrs-full_TradeAndOtherPayables_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeAndOtherPayables_2_lbl" xml:lang="en-US">Noncurrent</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherCurrentPayables" xlink:to="ifrs-full_TradeAndOtherCurrentPayables_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TradeAndOtherCurrentPayables_2_lbl" xml:lang="en-US">Current</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfOtherPayablesTable" xlink:label="EDN_SummaryOfOtherPayablesTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfOtherPayablesTable" xlink:to="EDN_SummaryOfOtherPayablesTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfOtherPayablesTable_lbl" xml:lang="en-US">SummaryOfOtherPayablesTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfOtherPayablesLineItems" xlink:label="EDN_SummaryOfOtherPayablesLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfOtherPayablesLineItems" xlink:to="EDN_SummaryOfOtherPayablesLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfOtherPayablesLineItems_lbl" xml:lang="en-US">SummaryOfOtherPayablesLineItems [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentPayables" xlink:to="ifrs-full_NoncurrentPayables_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentPayables_2_lbl" xml:lang="en-US">Noncurrent</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentPayables" xlink:to="ifrs-full_OtherCurrentPayables_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherCurrentPayables_2_lbl" xml:lang="en-US">Current</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfDeferredRevenueTable" xlink:label="EDN_SummaryOfDeferredRevenueTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfDeferredRevenueTable" xlink:to="EDN_SummaryOfDeferredRevenueTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfDeferredRevenueTable_lbl" xml:lang="en-US">SummaryOfDeferredRevenueTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfDeferredRevenueLineItems" xlink:label="EDN_SummaryOfDeferredRevenueLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfDeferredRevenueLineItems" xlink:to="EDN_SummaryOfDeferredRevenueLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfDeferredRevenueLineItems_lbl" xml:lang="en-US">SummaryOfDeferredRevenueLineItems [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_DeferredIncomeAxis" xlink:to="EDN_DeferredIncomeAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_DeferredIncomeAxis_2_lbl" xml:lang="en-US">DeferredIncomeAxis [Axis]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredIncomeClassifiedAsNoncurrent" xlink:to="ifrs-full_DeferredIncomeClassifiedAsNoncurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DeferredIncomeClassifiedAsNoncurrent_2_lbl" xml:lang="en-US">Noncurrent</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredIncomeClassifiedAsCurrent" xlink:to="ifrs-full_DeferredIncomeClassifiedAsCurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DeferredIncomeClassifiedAsCurrent_2_lbl" xml:lang="en-US">Current</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfBorrowingsTable" xlink:label="EDN_SummaryOfBorrowingsTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfBorrowingsTable" xlink:to="EDN_SummaryOfBorrowingsTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfBorrowingsTable_lbl" xml:lang="en-US">SummaryOfBorrowingsTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfBorrowingsLineItems" xlink:label="EDN_SummaryOfBorrowingsLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfBorrowingsLineItems" xlink:to="EDN_SummaryOfBorrowingsLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfBorrowingsLineItems_lbl" xml:lang="en-US">SummaryOfBorrowingsLineItems [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LongtermBorrowings" xlink:to="ifrs-full_LongtermBorrowings_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LongtermBorrowings_2_lbl" xml:lang="en-US">Non-current borrowings</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShorttermBorrowings" xlink:to="ifrs-full_ShorttermBorrowings_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ShorttermBorrowings_2_lbl" xml:lang="en-US">Current borrowings</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Borrowings" xlink:to="ifrs-full_Borrowings_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_Borrowings_2_lbl" xml:lang="en-US">Borrowings</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_BorrowingsDetails3Abstract" xlink:label="EDN_BorrowingsDetails3Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_BorrowingsDetails3Abstract" xlink:to="EDN_BorrowingsDetails3Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_BorrowingsDetails3Abstract_lbl" xml:lang="en-US">Borrowings</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Borrowings" xlink:to="ifrs-full_Borrowings_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_Borrowings_3_lbl" xml:lang="en-US">Borrowings, beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_InterestExpenseOnBorrowings" xlink:label="ifrs-full_InterestExpenseOnBorrowings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestExpenseOnBorrowings" xlink:to="ifrs-full_InterestExpenseOnBorrowings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_InterestExpenseOnBorrowings_lbl" xml:lang="en-US">Payment of borrowings' interest</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_RepurchaseOfCorporateNotesByTrust" xlink:label="EDN_RepurchaseOfCorporateNotesByTrust" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_RepurchaseOfCorporateNotesByTrust" xlink:to="EDN_RepurchaseOfCorporateNotesByTrust_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="EDN_RepurchaseOfCorporateNotesByTrust_lbl" xml:lang="en-US">Repurchase of Corporate Notes by the trust</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_PaidFromRepurchaseOfCorporateNotes" xlink:label="EDN_PaidFromRepurchaseOfCorporateNotes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_PaidFromRepurchaseOfCorporateNotes" xlink:to="EDN_PaidFromRepurchaseOfCorporateNotes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_PaidFromRepurchaseOfCorporateNotes_lbl" xml:lang="en-US">Paid from the repurchase of Corporate Notes</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_GainFromRepurchaseOfCorporateNotes" xlink:label="EDN_GainFromRepurchaseOfCorporateNotes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_GainFromRepurchaseOfCorporateNotes" xlink:to="EDN_GainFromRepurchaseOfCorporateNotes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_GainFromRepurchaseOfCorporateNotes_lbl" xml:lang="en-US">Gain from the repurchase of Corporate Notes</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ExchangeDifferenceAndInterestAccruedBorrowings" xlink:label="EDN_ExchangeDifferenceAndInterestAccruedBorrowings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ExchangeDifferenceAndInterestAccruedBorrowings" xlink:to="EDN_ExchangeDifferenceAndInterestAccruedBorrowings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_ExchangeDifferenceAndInterestAccruedBorrowings_lbl" xml:lang="en-US">Exchange difference and interest accrued</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ResultFromExposureToInflationOnBorrowings" xlink:label="EDN_ResultFromExposureToInflationOnBorrowings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ResultFromExposureToInflationOnBorrowings" xlink:to="EDN_ResultFromExposureToInflationOnBorrowings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_ResultFromExposureToInflationOnBorrowings_lbl" xml:lang="en-US">Result from exposure to inflation</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Borrowings" xlink:to="ifrs-full_Borrowings_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_Borrowings_4_lbl" xml:lang="en-US">Borrowings, ending</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_CorporateNoteProgram" xlink:label="EDN_CorporateNoteProgram" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_CorporateNoteProgram" xlink:to="EDN_CorporateNoteProgram_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="EDN_CorporateNoteProgram_lbl" xml:lang="en-US">Deb structure, beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_CorporateNoteDebtRepurchase" xlink:label="EDN_CorporateNoteDebtRepurchase" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_CorporateNoteDebtRepurchase" xlink:to="EDN_CorporateNoteDebtRepurchase_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_CorporateNoteDebtRepurchase_lbl" xml:lang="en-US">Debt repurchase</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_CorporateNoteProgram" xlink:to="EDN_CorporateNoteProgram_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="EDN_CorporateNoteProgram_2_lbl" xml:lang="en-US">Deb structure, ending</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_RateCorporateNote" xlink:label="EDN_RateCorporateNote" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_RateCorporateNote" xlink:to="EDN_RateCorporateNote_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_RateCorporateNote_lbl" xml:lang="en-US">Rate</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_CorporateNoteYearOfMaturity" xlink:label="EDN_CorporateNoteYearOfMaturity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_CorporateNoteYearOfMaturity" xlink:to="EDN_CorporateNoteYearOfMaturity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_CorporateNoteYearOfMaturity_lbl" xml:lang="en-US">Year of Maturity</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_BorrowingsDetailsNarrativeAbstract" xlink:label="EDN_BorrowingsDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_BorrowingsDetailsNarrativeAbstract" xlink:to="EDN_BorrowingsDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_BorrowingsDetailsNarrativeAbstract_lbl" xml:lang="en-US">Borrowings</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LongtermBorrowings" xlink:to="ifrs-full_LongtermBorrowings_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LongtermBorrowings_3_lbl" xml:lang="en-US">Noncurrent borrowings</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfSalariesAndSocialSecurityTaxesPayableTable" xlink:label="EDN_SummaryOfSalariesAndSocialSecurityTaxesPayableTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfSalariesAndSocialSecurityTaxesPayableTable" xlink:to="EDN_SummaryOfSalariesAndSocialSecurityTaxesPayableTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfSalariesAndSocialSecurityTaxesPayableTable_lbl" xml:lang="en-US">SummaryOfSalariesAndSocialSecurityTaxesPayableTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfSalariesAndSocialSecurityTaxesPayableLineItems" xlink:label="EDN_SummaryOfSalariesAndSocialSecurityTaxesPayableLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfSalariesAndSocialSecurityTaxesPayableLineItems" xlink:to="EDN_SummaryOfSalariesAndSocialSecurityTaxesPayableLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfSalariesAndSocialSecurityTaxesPayableLineItems_lbl" xml:lang="en-US">SummaryOfSalariesAndSocialSecurityTaxesPayableLineItems [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SalariesAndSocialSecurityTaxesAxis" xlink:to="EDN_SalariesAndSocialSecurityTaxesAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_SalariesAndSocialSecurityTaxesAxis_2_lbl" xml:lang="en-US">SalariesAndSocialSecurityTaxesAxis [Axis]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" xlink:to="ifrs-full_NoncurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NoncurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax_2_lbl" xml:lang="en-US">Noncurrent</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" xlink:to="ifrs-full_CurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax_2_lbl" xml:lang="en-US">Current</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SalariesAndSocialSecurityTaxes" xlink:label="EDN_SalariesAndSocialSecurityTaxes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SalariesAndSocialSecurityTaxes" xlink:to="EDN_SalariesAndSocialSecurityTaxes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_SalariesAndSocialSecurityTaxes_lbl" xml:lang="en-US">Salaries and social security taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SalariesAndSocialSecurityTaxesPayableDetailsNarrativeAbstract" xlink:label="EDN_SalariesAndSocialSecurityTaxesPayableDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SalariesAndSocialSecurityTaxesPayableDetailsNarrativeAbstract" xlink:to="EDN_SalariesAndSocialSecurityTaxesPayableDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_SalariesAndSocialSecurityTaxesPayableDetailsNarrativeAbstract_lbl" xml:lang="en-US">Salaries And Social Security Taxes Payable</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_CurrentFuturePaymentObligations" xlink:label="EDN_CurrentFuturePaymentObligations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_CurrentFuturePaymentObligations" xlink:to="EDN_CurrentFuturePaymentObligations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_CurrentFuturePaymentObligations_lbl" xml:lang="en-US">Current future payment obligations</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_NoncurrentFuturePaymentObligations" xlink:label="EDN_NoncurrentFuturePaymentObligations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_NoncurrentFuturePaymentObligations" xlink:to="EDN_NoncurrentFuturePaymentObligations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_NoncurrentFuturePaymentObligations_lbl" xml:lang="en-US">Noncurrent future payment obligations</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_CollectiveBargainingAgreementLiabilities" xlink:label="EDN_CollectiveBargainingAgreementLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_CollectiveBargainingAgreementLiabilities" xlink:to="EDN_CollectiveBargainingAgreementLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_CollectiveBargainingAgreementLiabilities_lbl" xml:lang="en-US">Collective bargaining liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NumberOfEmployees" xlink:label="ifrs-full_NumberOfEmployees" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfEmployees" xlink:to="ifrs-full_NumberOfEmployees_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfEmployees_lbl" xml:lang="en-US">Number of employees</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_BenefitPlansDetailsAbstract" xlink:label="EDN_BenefitPlansDetailsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_BenefitPlansDetailsAbstract" xlink:to="EDN_BenefitPlansDetailsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_BenefitPlansDetailsAbstract_lbl" xml:lang="en-US">Benefit Plans</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_AssetsLiabilitiesOfBenefitPlanNoncurrent" xlink:to="EDN_AssetsLiabilitiesOfBenefitPlanNoncurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_AssetsLiabilitiesOfBenefitPlanNoncurrent_2_lbl" xml:lang="en-US">Non-current</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_AssetsLiabilitiesOfBenefitPlanCurrent" xlink:to="EDN_AssetsLiabilitiesOfBenefitPlanCurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="EDN_AssetsLiabilitiesOfBenefitPlanCurrent_2_lbl" xml:lang="en-US">Current</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AssetsLiabilitiesOfBenefitPlan" xlink:label="ifrs-full_AssetsLiabilitiesOfBenefitPlan" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AssetsLiabilitiesOfBenefitPlan" xlink:to="ifrs-full_AssetsLiabilitiesOfBenefitPlan_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AssetsLiabilitiesOfBenefitPlan_lbl" xml:lang="en-US">Total benefit plans</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_BenefitPlansDetails1Abstract" xlink:label="EDN_BenefitPlansDetails1Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_BenefitPlansDetails1Abstract" xlink:to="EDN_BenefitPlansDetails1Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_BenefitPlansDetails1Abstract_lbl" xml:lang="en-US">Benefit Plans</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AssetsLiabilitiesOfBenefitPlan" xlink:to="ifrs-full_AssetsLiabilitiesOfBenefitPlan_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_AssetsLiabilitiesOfBenefitPlan_2_lbl" xml:lang="en-US">Benefit payment obligations at beginning of year</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Current service cost</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Interest cost</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Actuarial losses</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ResultFromExposureToInflationNetDefinedBenefitLiabilityAsset" xlink:label="EDN_ResultFromExposureToInflationNetDefinedBenefitLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ResultFromExposureToInflationNetDefinedBenefitLiabilityAsset" xlink:to="EDN_ResultFromExposureToInflationNetDefinedBenefitLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_ResultFromExposureToInflationNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Result from exposure to inflation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Benefits paid to participating employees</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AssetsLiabilitiesOfBenefitPlan" xlink:to="ifrs-full_AssetsLiabilitiesOfBenefitPlan_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_AssetsLiabilitiesOfBenefitPlan_3_lbl" xml:lang="en-US">Benefit payment obligations at year end</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_BenefitPlansDetails2Abstract" xlink:label="EDN_BenefitPlansDetails2Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_BenefitPlansDetails2Abstract" xlink:to="EDN_BenefitPlansDetails2Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_BenefitPlansDetails2Abstract_lbl" xml:lang="en-US">Benefit Plans</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset_2_lbl" xml:lang="en-US">Cost</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_2_lbl" xml:lang="en-US">Interest</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset_2_lbl" xml:lang="en-US">Actuarial results - Other comprehensive loss</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_BenefitPlanCharge" xlink:label="EDN_BenefitPlanCharge" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_BenefitPlanCharge" xlink:to="EDN_BenefitPlanCharge_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_BenefitPlanCharge_lbl" xml:lang="en-US">Benefit plan charge</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_BenefitPlansDetails3Abstract" xlink:label="EDN_BenefitPlansDetails3Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_BenefitPlansDetails3Abstract" xlink:to="EDN_BenefitPlansDetails3Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_BenefitPlansDetails3Abstract_lbl" xml:lang="en-US">Benefit Plans</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ActuarialAssumptionOfDiscountRates" xlink:label="ifrs-full_ActuarialAssumptionOfDiscountRates" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialAssumptionOfDiscountRates" xlink:to="ifrs-full_ActuarialAssumptionOfDiscountRates_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ActuarialAssumptionOfDiscountRates_lbl" xml:lang="en-US">Discount rate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" xlink:label="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" xlink:to="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases_lbl" xml:lang="en-US">Salary increase</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ActuarialAssumptionOfExpectedRatesOfInflation" xlink:label="ifrs-full_ActuarialAssumptionOfExpectedRatesOfInflation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialAssumptionOfExpectedRatesOfInflation" xlink:to="ifrs-full_ActuarialAssumptionOfExpectedRatesOfInflation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ActuarialAssumptionOfExpectedRatesOfInflation_lbl" xml:lang="en-US">Inflation</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfBenefitPlansTable" xlink:label="EDN_SummaryOfBenefitPlansTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfBenefitPlansTable" xlink:to="EDN_SummaryOfBenefitPlansTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfBenefitPlansTable_lbl" xml:lang="en-US">SummaryOfBenefitPlansTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfBenefitPlansLineItems" xlink:label="EDN_SummaryOfBenefitPlansLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfBenefitPlansLineItems" xlink:to="EDN_SummaryOfBenefitPlansLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfBenefitPlansLineItems_lbl" xml:lang="en-US">SummaryOfBenefitPlansLineItems [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_BenefitPlansSensitivityAnalysisObligation" xlink:label="EDN_BenefitPlansSensitivityAnalysisObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_BenefitPlansSensitivityAnalysisObligation" xlink:to="EDN_BenefitPlansSensitivityAnalysisObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_BenefitPlansSensitivityAnalysisObligation_lbl" xml:lang="en-US">Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption" xlink:label="ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption" xlink:to="ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption_lbl" xml:lang="en-US">Variation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption" xlink:label="ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption_lbl" xml:lang="en-US">Percent</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DefinedBenefitObligationAtPresentValue" xlink:label="ifrs-full_DefinedBenefitObligationAtPresentValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DefinedBenefitObligationAtPresentValue" xlink:to="ifrs-full_DefinedBenefitObligationAtPresentValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DefinedBenefitObligationAtPresentValue_lbl" xml:lang="en-US">Benefit payment obligations</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfIncomeTaxTable" xlink:label="EDN_SummaryOfIncomeTaxTable" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfIncomeTaxLineItems_lbl" xml:lang="en-US">SummaryOfIncomeTaxLineItems [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_DeferredTaxAssetsLiabilitiesAxis" xlink:to="EDN_DeferredTaxAssetsLiabilitiesAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_DeferredTaxAssetsLiabilitiesAxis_2_lbl" xml:lang="en-US">DeferredTaxAssetsLiabilitiesAxis [Axis]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_TaxLossCarryforwards" xlink:to="EDN_TaxLossCarryforwards_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_TaxLossCarryforwards_lbl" xml:lang="en-US">Tax loss carryforward</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_DeferredTaxAssetsInventories" xlink:label="EDN_DeferredTaxAssetsInventories" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_DeferredTaxAssetsInventories" xlink:to="EDN_DeferredTaxAssetsInventories_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_DeferredTaxAssetsInventories_lbl" xml:lang="en-US">Inventories</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_DeferredTaxAssetsTradeReceivablesAndOtherReceivables" xlink:label="EDN_DeferredTaxAssetsTradeReceivablesAndOtherReceivables" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_DeferredTaxAssetsTradeReceivablesAndOtherReceivables_lbl" xml:lang="en-US">Trade receivables and other receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_DeferredTaxAssetsTradePayablesAndOtherPayables" xlink:label="EDN_DeferredTaxAssetsTradePayablesAndOtherPayables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_DeferredTaxAssetsTradePayablesAndOtherPayables" xlink:to="EDN_DeferredTaxAssetsTradePayablesAndOtherPayables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_DeferredTaxAssetsTradePayablesAndOtherPayables_lbl" xml:lang="en-US">Trade payables and other payables</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_DeferredTaxAssetsSalariesAndSocialSecurityTaxesPayable" xlink:label="EDN_DeferredTaxAssetsSalariesAndSocialSecurityTaxesPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_DeferredTaxAssetsSalariesAndSocialSecurityTaxesPayable" xlink:to="EDN_DeferredTaxAssetsSalariesAndSocialSecurityTaxesPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_DeferredTaxAssetsSalariesAndSocialSecurityTaxesPayable_lbl" xml:lang="en-US">Salaries and social security taxes payable</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_DeferredTaxAssetsBenefitPlans" xlink:label="EDN_DeferredTaxAssetsBenefitPlans" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_DeferredTaxAssetsBenefitPlans" xlink:to="EDN_DeferredTaxAssetsBenefitPlans_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_DeferredTaxAssetsBenefitPlans_lbl" xml:lang="en-US">Benefit plans</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_DeferredTaxAssetsTaxLiabilities" xlink:label="EDN_DeferredTaxAssetsTaxLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_DeferredTaxAssetsTaxLiabilities" xlink:to="EDN_DeferredTaxAssetsTaxLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_DeferredTaxAssetsTaxLiabilities_lbl" xml:lang="en-US">Tax liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_DeferredTaxAssetsProvisions" xlink:label="EDN_DeferredTaxAssetsProvisions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_DeferredTaxAssetsProvisions" xlink:to="EDN_DeferredTaxAssetsProvisions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_DeferredTaxAssetsProvisions_lbl" xml:lang="en-US">Provisions</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_GrossDeferredTaxAssets" xlink:label="EDN_GrossDeferredTaxAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_GrossDeferredTaxAssets" xlink:to="EDN_GrossDeferredTaxAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_GrossDeferredTaxAssets_lbl" xml:lang="en-US">Deferred tax asset</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_DeferredTaxLiabilitiesPropertyPlantEquipment" xlink:label="EDN_DeferredTaxLiabilitiesPropertyPlantEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_DeferredTaxLiabilitiesPropertyPlantEquipment" xlink:to="EDN_DeferredTaxLiabilitiesPropertyPlantEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_DeferredTaxLiabilitiesPropertyPlantEquipment_lbl" xml:lang="en-US">Property, plant and equipment</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_DeferredTaxLiabilitiesFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:label="EDN_DeferredTaxLiabilitiesFinancialAssetsAtFairValueThroughProfitOrLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_DeferredTaxLiabilitiesFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:to="EDN_DeferredTaxLiabilitiesFinancialAssetsAtFairValueThroughProfitOrLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_DeferredTaxLiabilitiesFinancialAssetsAtFairValueThroughProfitOrLoss_lbl" xml:lang="en-US">Financial assets at fair value through profit or loss</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_DeferredTaxLiabilitiesBorrowings" xlink:label="EDN_DeferredTaxLiabilitiesBorrowings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_DeferredTaxLiabilitiesBorrowings" xlink:to="EDN_DeferredTaxLiabilitiesBorrowings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_DeferredTaxLiabilitiesBorrowings_lbl" xml:lang="en-US">Borrowings</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_GrossDeferredTaxLiabilities" xlink:label="EDN_GrossDeferredTaxLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_GrossDeferredTaxLiabilities" xlink:to="EDN_GrossDeferredTaxLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_GrossDeferredTaxLiabilities_lbl" xml:lang="en-US">Deferred tax liability</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NetDeferredTaxAssets" xlink:label="ifrs-full_NetDeferredTaxAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NetDeferredTaxAssets" xlink:to="ifrs-full_NetDeferredTaxAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_NetDeferredTaxAssets_lbl" xml:lang="en-US">Net deferred tax (liabilities) assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DeferredTaxAssets" xlink:label="ifrs-full_DeferredTaxAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxAssets" xlink:to="ifrs-full_DeferredTaxAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DeferredTaxAssets_lbl" xml:lang="en-US">Deferred tax asset</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NetDeferredTaxLiabilities" xlink:label="ifrs-full_NetDeferredTaxLiabilities" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_NetDeferredTaxLiabilities_lbl" xml:lang="en-US">Deferred tax liability</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NetDeferredTaxAssets" xlink:to="ifrs-full_NetDeferredTaxAssets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="ifrs-full_NetDeferredTaxAssets_2_lbl" xml:lang="en-US">Net deferred tax assets (liabilities)</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_IncomeTaxDetails2Abstract" xlink:label="EDN_IncomeTaxDetails2Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_IncomeTaxDetails2Abstract" xlink:to="EDN_IncomeTaxDetails2Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_IncomeTaxDetails2Abstract_lbl" xml:lang="en-US">Income Tax</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DeferredTaxExpenseIncome" xlink:label="ifrs-full_DeferredTaxExpenseIncome" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxExpenseIncome_lbl" xml:lang="en-US">Deferred tax</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentTaxExpenseIncome" xlink:label="ifrs-full_CurrentTaxExpenseIncome" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentTaxExpenseIncome_lbl" xml:lang="en-US">Current tax</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferences" xlink:label="ifrs-full_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferences" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferences_lbl" xml:lang="en-US">Difference between provision and tax return</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_IncomeTaxExpense" xlink:label="EDN_IncomeTaxExpense" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_IncomeTaxExpense_lbl" xml:lang="en-US">Income tax expense</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossBeforeTax" xlink:to="ifrs-full_ProfitLossBeforeTax_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLossBeforeTax_2_lbl" xml:lang="en-US">Profit for the year before taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ApplicableTaxRate" xlink:label="ifrs-full_ApplicableTaxRate" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ApplicableTaxRate_lbl" xml:lang="en-US">Applicable tax rate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TaxExpenseIncomeAtApplicableTaxRate" xlink:label="ifrs-full_TaxExpenseIncomeAtApplicableTaxRate" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TaxExpenseIncomeAtApplicableTaxRate_lbl" xml:lang="en-US">Loss for the year at the tax rate</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_GainFromInterestInJointVentures" xlink:label="EDN_GainFromInterestInJointVentures" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_GainFromInterestInJointVentures_lbl" xml:lang="en-US">Gain (loss) from interest in joint ventures</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_NontaxableIncome" xlink:label="EDN_NontaxableIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_NontaxableIncome" xlink:to="EDN_NontaxableIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_NontaxableIncome_lbl" xml:lang="en-US">Non-taxable income</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_IncomeTaxExpenseOther" xlink:label="EDN_IncomeTaxExpenseOther" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_IncomeTaxExpenseOther_lbl" xml:lang="en-US">Gain on net monetary position and others</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ProvisionTaxReturnDifference" xlink:label="EDN_ProvisionTaxReturnDifference" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ProvisionTaxReturnDifference" xlink:to="EDN_ProvisionTaxReturnDifference_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_ProvisionTaxReturnDifference_lbl" xml:lang="en-US">Difference between provision and tax return</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ChangeInIncomeTaxRate" xlink:label="EDN_ChangeInIncomeTaxRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ChangeInIncomeTaxRate" xlink:to="EDN_ChangeInIncomeTaxRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_ChangeInIncomeTaxRate_lbl" xml:lang="en-US">Change in the income tax rate</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:to="ifrs-full_IncomeTaxExpenseContinuingOperations_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations_2_lbl" xml:lang="en-US">Income tax expense</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_IncomeTaxDetails3Abstract" xlink:label="EDN_IncomeTaxDetails3Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_IncomeTaxDetails3Abstract" xlink:to="EDN_IncomeTaxDetails3Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_IncomeTaxDetails3Abstract_lbl" xml:lang="en-US">Income Tax</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_IncomeTaxProvision" xlink:label="EDN_IncomeTaxProvision" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_IncomeTaxProvision" xlink:to="EDN_IncomeTaxProvision_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_IncomeTaxProvision_lbl" xml:lang="en-US">Current</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_IncomeTaxProvisionNetOfTaxLossCarryforward" xlink:label="EDN_IncomeTaxProvisionNetOfTaxLossCarryforward" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_IncomeTaxProvisionNetOfTaxLossCarryforward_lbl" xml:lang="en-US">Total tax payable</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_TaxWithholdings" xlink:label="EDN_TaxWithholdings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_TaxWithholdings" xlink:to="EDN_TaxWithholdings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_TaxWithholdings_lbl" xml:lang="en-US">Tax withholdings</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTaxLiabilities" xlink:to="ifrs-full_CurrentTaxLiabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentTaxLiabilities_2_lbl" xml:lang="en-US">Income tax provision net</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfTaxLiabilitiesTable" xlink:label="EDN_SummaryOfTaxLiabilitiesTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfTaxLiabilitiesTable" xlink:to="EDN_SummaryOfTaxLiabilitiesTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfTaxLiabilitiesTable_lbl" xml:lang="en-US">SummaryOfTaxLiabilitiesTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfTaxLiabilitiesLineItems" xlink:label="EDN_SummaryOfTaxLiabilitiesLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfTaxLiabilitiesLineItems" xlink:to="EDN_SummaryOfTaxLiabilitiesLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfTaxLiabilitiesLineItems_lbl" xml:lang="en-US">SummaryOfTaxLiabilitiesLineItems [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTaxLiabilitiesCurrent" xlink:to="ifrs-full_CurrentTaxLiabilitiesCurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentTaxLiabilitiesCurrent_2_lbl" xml:lang="en-US">Current</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfLeasingsTable" xlink:label="EDN_SummaryOfLeasingsTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfLeasingsTable" xlink:to="EDN_SummaryOfLeasingsTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfLeasingsTable_lbl" xml:lang="en-US">SummaryOfLeasingsTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfLeasingsLineItems" xlink:label="EDN_SummaryOfLeasingsLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfLeasingsLineItems" xlink:to="EDN_SummaryOfLeasingsLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfLeasingsLineItems_lbl" xml:lang="en-US">SummaryOfLeasingsLineItems [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease" xlink:label="ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease" xlink:to="ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease_lbl" xml:lang="en-US">Total future minimum lease payments</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_LeasesDetails1Abstract" xlink:label="EDN_LeasesDetails1Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_LeasesDetails1Abstract" xlink:to="EDN_LeasesDetails1Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_LeasesDetails1Abstract_lbl" xml:lang="en-US">Leases</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LeaseAndSubleasePaymentsRecognisedAsExpense" xlink:label="ifrs-full_LeaseAndSubleasePaymentsRecognisedAsExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LeaseAndSubleasePaymentsRecognisedAsExpense" xlink:to="ifrs-full_LeaseAndSubleasePaymentsRecognisedAsExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LeaseAndSubleasePaymentsRecognisedAsExpense_lbl" xml:lang="en-US">Total lease expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ExpectedFutureMinimumSubleasePaymentsReceivableUnderNoncancellableSubleasesClassifiedAsOperatingLease" xlink:label="ifrs-full_ExpectedFutureMinimumSubleasePaymentsReceivableUnderNoncancellableSubleasesClassifiedAsOperatingLease" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ExpectedFutureMinimumSubleasePaymentsReceivableUnderNoncancellableSubleasesClassifiedAsOperatingLease" xlink:to="ifrs-full_ExpectedFutureMinimumSubleasePaymentsReceivableUnderNoncancellableSubleasesClassifiedAsOperatingLease_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ExpectedFutureMinimumSubleasePaymentsReceivableUnderNoncancellableSubleasesClassifiedAsOperatingLease_lbl" xml:lang="en-US">Total future minimum lease collections</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_LeasesDetails3Abstract" xlink:label="EDN_LeasesDetails3Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_LeasesDetails3Abstract" xlink:to="EDN_LeasesDetails3Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_LeasesDetails3Abstract_lbl" xml:lang="en-US">Leases</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ContingentRentsRecognisedAsIncome" xlink:label="ifrs-full_ContingentRentsRecognisedAsIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ContingentRentsRecognisedAsIncome" xlink:to="ifrs-full_ContingentRentsRecognisedAsIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ContingentRentsRecognisedAsIncome_lbl" xml:lang="en-US">Total lease income</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfProvisionsTable" xlink:label="EDN_SummaryOfProvisionsTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfProvisionsTable" xlink:to="EDN_SummaryOfProvisionsTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfProvisionsTable_lbl" xml:lang="en-US">SummaryOfProvisionsTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfProvisionsLineItems" xlink:label="EDN_SummaryOfProvisionsLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfProvisionsLineItems" xlink:to="EDN_SummaryOfProvisionsLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfProvisionsLineItems_lbl" xml:lang="en-US">SummaryOfProvisionsLineItems [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Provisions" xlink:to="ifrs-full_Provisions_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_Provisions_2_lbl" xml:lang="en-US">Provisions, beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_IncreasesProvisions" xlink:label="EDN_IncreasesProvisions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_IncreasesProvisions" xlink:to="EDN_IncreasesProvisions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_IncreasesProvisions_lbl" xml:lang="en-US">Increases</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_DecreasesProvisions" xlink:label="EDN_DecreasesProvisions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_DecreasesProvisions" xlink:to="EDN_DecreasesProvisions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_DecreasesProvisions_lbl" xml:lang="en-US">Decreases</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ResultFromExposureToInflationProvisions" xlink:label="EDN_ResultFromExposureToInflationProvisions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ResultFromExposureToInflationProvisions" xlink:to="EDN_ResultFromExposureToInflationProvisions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_ResultFromExposureToInflationProvisions_lbl" xml:lang="en-US">Result from exposure to inflation</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Provisions" xlink:to="ifrs-full_Provisions_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_Provisions_3_lbl" xml:lang="en-US">Provisions, ending</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfRevenueFromSalesTable" xlink:label="EDN_SummaryOfRevenueFromSalesTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfRevenueFromSalesTable" xlink:to="EDN_SummaryOfRevenueFromSalesTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfRevenueFromSalesTable_lbl" xml:lang="en-US">SummaryOfRevenueFromSalesTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfRevenueFromSalesLineItems" xlink:label="EDN_SummaryOfRevenueFromSalesLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfRevenueFromSalesLineItems" xlink:to="EDN_SummaryOfRevenueFromSalesLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfRevenueFromSalesLineItems_lbl" xml:lang="en-US">SummaryOfRevenueFromSalesLineItems [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_RevenueAxis" xlink:to="EDN_RevenueAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_RevenueAxis_2_lbl" xml:lang="en-US">RevenueAxis [Axis]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Revenue" xlink:to="ifrs-full_Revenue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_Revenue_2_lbl" xml:lang="en-US">Revenue from sales</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfExpensesByNatureTable" xlink:label="EDN_SummaryOfExpensesByNatureTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfExpensesByNatureTable" xlink:to="EDN_SummaryOfExpensesByNatureTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfExpensesByNatureTable_lbl" xml:lang="en-US">SummaryOfExpensesByNatureTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfExpensesByNatureLineItems" xlink:label="EDN_SummaryOfExpensesByNatureLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfExpensesByNatureLineItems" xlink:to="EDN_SummaryOfExpensesByNatureLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfExpensesByNatureLineItems_lbl" xml:lang="en-US">SummaryOfExpensesByNatureLineItems [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ExpensesByNatureAxis" xlink:to="EDN_ExpensesByNatureAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_ExpensesByNatureAxis_2_lbl" xml:lang="en-US">ExpensesByNatureAxis [Axis]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DistributionAndAdministrativeExpense" xlink:to="ifrs-full_DistributionAndAdministrativeExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DistributionAndAdministrativeExpense_2_lbl" xml:lang="en-US">Transmission and distribution expenses</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SalesAndMarketingExpense" xlink:to="ifrs-full_SalesAndMarketingExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SalesAndMarketingExpense_2_lbl" xml:lang="en-US">Selling expenses</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdministrativeExpense" xlink:to="ifrs-full_AdministrativeExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdministrativeExpense_2_lbl" xml:lang="en-US">Administrative expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ExpenseByNature" xlink:label="ifrs-full_ExpenseByNature" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ExpenseByNature" xlink:to="ifrs-full_ExpenseByNature_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ExpenseByNature_lbl" xml:lang="en-US">Expenses by nature</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ExpensesByNatureDetailsNarrativeAbstract" xlink:label="EDN_ExpensesByNatureDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ExpensesByNatureDetailsNarrativeAbstract" xlink:to="EDN_ExpensesByNatureDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_ExpensesByNatureDetailsNarrativeAbstract_lbl" xml:lang="en-US">Expenses By Nature</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_ExpensesCapitalised" xlink:label="EDN_ExpensesCapitalised" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ExpensesCapitalised" xlink:to="EDN_ExpensesCapitalised_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_ExpensesCapitalised_lbl" xml:lang="en-US">Expenses capitalized in property, plant and equipment</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfOtherOperatingExpensesNetTable" xlink:label="EDN_SummaryOfOtherOperatingExpensesNetTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfOtherOperatingExpensesNetTable" xlink:to="EDN_SummaryOfOtherOperatingExpensesNetTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfOtherOperatingExpensesNetTable_lbl" xml:lang="en-US">SummaryOfOtherOperatingExpensesNetTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfOtherOperatingExpensesNetLineItems" xlink:label="EDN_SummaryOfOtherOperatingExpensesNetLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfOtherOperatingExpensesNetLineItems" xlink:to="EDN_SummaryOfOtherOperatingExpensesNetLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfOtherOperatingExpensesNetLineItems_lbl" xml:lang="en-US">SummaryOfOtherOperatingExpensesNetLineItems [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_OperatingIncomeExpenseAxis" xlink:to="EDN_OperatingIncomeExpenseAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_OperatingIncomeExpenseAxis_2_lbl" xml:lang="en-US">OperatingIncomeExpenseAxis [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_OperatingIncomeOther" xlink:label="EDN_OperatingIncomeOther" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_OperatingIncomeOther" xlink:to="EDN_OperatingIncomeOther_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_OperatingIncomeOther_lbl" xml:lang="en-US">Other operating income</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_OperatingExpenseOther" xlink:label="EDN_OperatingExpenseOther" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_OperatingExpenseOther" xlink:to="EDN_OperatingExpenseOther_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_OperatingExpenseOther_lbl" xml:lang="en-US">Other operating expense</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfNetFinancialExpenseTable" xlink:label="EDN_SummaryOfNetFinancialExpenseTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfNetFinancialExpenseTable" xlink:to="EDN_SummaryOfNetFinancialExpenseTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfNetFinancialExpenseTable_lbl" xml:lang="en-US">SummaryOfNetFinancialExpenseTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfNetFinancialExpenseLineItems" xlink:label="EDN_SummaryOfNetFinancialExpenseLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfNetFinancialExpenseLineItems" xlink:to="EDN_SummaryOfNetFinancialExpenseLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfNetFinancialExpenseLineItems_lbl" xml:lang="en-US">SummaryOfNetFinancialExpenseLineItems [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_FinancialIncomeExpenseAxis" xlink:to="EDN_FinancialIncomeExpenseAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_FinancialIncomeExpenseAxis_2_lbl" xml:lang="en-US">FinancialIncomeExpenseAxis [Axis]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="EDN_OtherFinancialResults_2_lbl" xml:lang="en-US">Other financial expense</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_BasicAndDilutedEarningsPerShareDetailsAbstract" xlink:to="EDN_BasicAndDilutedEarningsPerShareDetailsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_BasicAndDilutedEarningsPerShareDetailsAbstract_lbl" xml:lang="en-US">Basic And Diluted Earnings Per Share</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLoss" xlink:to="ifrs-full_ProfitLoss_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ProfitLoss_3_lbl" xml:lang="en-US">Profit (Loss) for the period attributable to the owners of the Company</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustedWeightedAverageShares" xlink:label="ifrs-full_AdjustedWeightedAverageShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustedWeightedAverageShares" xlink:to="ifrs-full_AdjustedWeightedAverageShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustedWeightedAverageShares_lbl" xml:lang="en-US">Weighted average number of common shares outstanding</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_BasicAndDilutedEarningsLossPerShare_2_lbl" xml:lang="en-US">Basic and diluted profit (loss) earnings per share - in pesos</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_SummaryOfRelatedpartyTransactionsTable" xlink:label="EDN_SummaryOfRelatedpartyTransactionsTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfRelatedpartyTransactionsTable" xlink:to="EDN_SummaryOfRelatedpartyTransactionsTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfRelatedpartyTransactionsTable_lbl" xml:lang="en-US">SummaryOfRelatedpartyTransactionsTable [Table]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_SummaryOfRelatedpartyTransactionsLineItems" xlink:to="EDN_SummaryOfRelatedpartyTransactionsLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_SummaryOfRelatedpartyTransactionsLineItems_lbl" xml:lang="en-US">SummaryOfRelatedpartyTransactionsLineItems [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_IncomeFromRelatedParties" xlink:label="EDN_IncomeFromRelatedParties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_IncomeFromRelatedParties" xlink:to="EDN_IncomeFromRelatedParties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_IncomeFromRelatedParties_lbl" xml:lang="en-US">Related-party income</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_RelatedPartiesExpenses" xlink:label="EDN_RelatedPartiesExpenses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_RelatedPartiesExpenses" xlink:to="EDN_RelatedPartiesExpenses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_RelatedPartiesExpenses_lbl" xml:lang="en-US">Related-party expense</link:label>
      <link:loc xlink:type="locator" xlink:href="edn-20181231.xsd#EDN_RelatedpartyTransactionsDetails2Abstract" xlink:label="EDN_RelatedpartyTransactionsDetails2Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_RelatedpartyTransactionsDetails2Abstract" xlink:to="EDN_RelatedpartyTransactionsDetails2Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EDN_RelatedpartyTransactionsDetails2Abstract_lbl" xml:lang="en-US">Related-party Transactions</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DirectorsRemunerationExpense" xlink:label="ifrs-full_DirectorsRemunerationExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DirectorsRemunerationExpense" xlink:to="ifrs-full_DirectorsRemunerationExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DirectorsRemunerationExpense_lbl" xml:lang="en-US">Key Management personnel's remuneration - Salaries</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NoncurrentReceivablesDueFromRelatedParties" xlink:label="ifrs-full_NoncurrentReceivablesDueFromRelatedParties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentReceivablesDueFromRelatedParties" xlink:to="ifrs-full_NoncurrentReceivablesDueFromRelatedParties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentReceivablesDueFromRelatedParties_lbl" xml:lang="en-US">Other receivables - Noncurrent</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties" xlink:label="ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties_lbl" xml:lang="en-US">Other receivables - Current</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_MoneyMarketFundFairValueProfitLossMember" xlink:to="EDN_MoneyMarketFundFairValueProfitLossMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_MoneyMarketFundFairValueProfitLossMember_2_lbl" xml:lang="en-US">MoneyMarketFundFairValueProfitLossMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_OtherMember" xlink:to="EDN_OtherMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_OtherMember_2_lbl" xml:lang="en-US">OtherMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_TradePayables1Member" xlink:to="EDN_TradePayables1Member_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_TradePayables1Member_2_lbl" xml:lang="en-US">TradePayables1Member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_TradePayables2Member" xlink:to="EDN_TradePayables2Member_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_TradePayables2Member_2_lbl" xml:lang="en-US">TradePayables2Member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_TradePayables3Member" xlink:to="EDN_TradePayables3Member_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_TradePayables3Member_2_lbl" xml:lang="en-US">TradePayables3Member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_CashAndEquivalents1Member" xlink:to="EDN_CashAndEquivalents1Member_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_CashAndEquivalents1Member_2_lbl" xml:lang="en-US">CashAndEquivalents1Member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_ChangesInFairValueFinancialAssetsMember" xlink:to="EDN_ChangesInFairValueFinancialAssetsMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_ChangesInFairValueFinancialAssetsMember_2_lbl" xml:lang="en-US">ChangesInFairValueFinancialAssetsMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_FinancialInstrumentsTotalMember" xlink:to="EDN_FinancialInstrumentsTotalMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_FinancialInstrumentsTotalMember_2_lbl" xml:lang="en-US">FinancialInstrumentsTotalMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_RelatedPartiesOtherPayablesMember" xlink:to="EDN_RelatedPartiesOtherPayablesMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_RelatedPartiesOtherPayablesMember_2_lbl" xml:lang="en-US">RelatedPartiesOtherPayablesMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_PESA2Member" xlink:to="EDN_PESA2Member_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_PESA2Member_2_lbl" xml:lang="en-US">PESA2Member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_CashAndCashEquivalents1Member" xlink:to="EDN_CashAndCashEquivalents1Member_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_CashAndCashEquivalents1Member_2_lbl" xml:lang="en-US">CashAndCashEquivalents1Member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_PESAMember" xlink:to="EDN_PESAMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_PESAMember_2_lbl" xml:lang="en-US">PESAMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:to="ifrs-full_NoncurrentFinancialAssetsAtFairValueThroughProfitOrLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentFinancialAssetsAtFairValueThroughProfitOrLoss_2_lbl" xml:lang="en-US">Non-current financial assets at fair value through profit or loss</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentAssets" xlink:to="ifrs-full_NoncurrentAssets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentAssets_2_lbl" xml:lang="en-US">Non-current assets [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherCurrentReceivables" xlink:to="ifrs-full_TradeAndOtherCurrentReceivables_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeAndOtherCurrentReceivables_2_lbl" xml:lang="en-US">Trade and other current receivables</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:to="ifrs-full_CurrentFinancialAssetsAtFairValueThroughProfitOrLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentFinancialAssetsAtFairValueThroughProfitOrLoss_2_lbl" xml:lang="en-US">Current financial assets at fair value through profit or loss</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAndCashEquivalents" xlink:to="ifrs-full_CashAndCashEquivalents_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashAndCashEquivalents_2_lbl" xml:lang="en-US">Cash and cash equivalents [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssets" xlink:to="ifrs-full_CurrentAssets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentAssets_2_lbl" xml:lang="en-US">Current assets [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Assets" xlink:to="ifrs-full_Assets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Assets_2_lbl" xml:lang="en-US">Assets [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TreasuryShares" xlink:to="ifrs-full_TreasuryShares_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TreasuryShares_2_lbl" xml:lang="en-US">Treasury shares</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_CostTreasuryShares" xlink:to="EDN_CostTreasuryShares_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_CostTreasuryShares_2_lbl" xml:lang="en-US">CostTreasuryShares</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentPayables" xlink:to="ifrs-full_NoncurrentPayables_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentPayables_3_lbl" xml:lang="en-US">Trade and other non-current payables</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="ifrs-full_NoncurrentLiabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentLiabilities_2_lbl" xml:lang="en-US">Non-current liabilities [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherCurrentPayables" xlink:to="ifrs-full_TradeAndOtherCurrentPayables_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeAndOtherCurrentPayables_3_lbl" xml:lang="en-US">Trade and other current payables</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentPayables" xlink:to="ifrs-full_OtherCurrentPayables_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherCurrentPayables_3_lbl" xml:lang="en-US">Other current payables</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentDerivativeFinancialLiabilities" xlink:to="ifrs-full_CurrentDerivativeFinancialLiabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentDerivativeFinancialLiabilities_2_lbl" xml:lang="en-US">Current derivative financial liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredIncomeClassifiedAsCurrent" xlink:to="ifrs-full_DeferredIncomeClassifiedAsCurrent_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredIncomeClassifiedAsCurrent_3_lbl" xml:lang="en-US">Deferred income classified as current</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" xlink:to="ifrs-full_CurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax_3_lbl" xml:lang="en-US">Current payables on social security and taxes other than income tax</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EDN_AssetsLiabilitiesOfBenefitPlanCurrent" xlink:to="EDN_AssetsLiabilitiesOfBenefitPlanCurrent_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EDN_AssetsLiabilitiesOfBenefitPlanCurrent_3_lbl" xml:lang="en-US">AssetsLiabilitiesOfBenefitPlanCurrent</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTaxLiabilitiesCurrent" xlink:to="ifrs-full_CurrentTaxLiabilitiesCurrent_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentTaxLiabilitiesCurrent_3_lbl" xml:lang="en-US">Current tax liabilities, current</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentProvisions" xlink:to="ifrs-full_CurrentProvisions_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentProvisions_2_lbl" xml:lang="en-US">Current provisions</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ifrs-full_CurrentLiabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentLiabilities_2_lbl" xml:lang="en-US">Current liabilities [Default Label]</link:label>
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>24
<FILENAME>edn-20181231_pre.xml
<DESCRIPTION>XBRL PRESENTATION FILE
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
<title></title>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6751211920">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr><th class="th" colspan="2">
<div>Dec. 31, 2018 </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DisclosureOfDocumentAndEntityInformationLineItems', window );"><strong>DisclosureOfDocumentAndEntityInformationLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">EDENOR<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001395213<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">20-F<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 31,  2018<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Is Entity a Well-known Seasoned Issuer?</a></td>
<td class="text">No<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Is Entity a Voluntary Filer?</a></td>
<td class="text">No<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Is Entity's Reporting Status Current?</a></td>
<td class="text">No<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Accelerated Filer<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityShellCompany', window );">Entity Shell Company</a></td>
<td class="text">false<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">906,455,100<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">FY<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2018<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis=EDN_ClassAIssuedCapitalMember', window );">Class A Common Stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DisclosureOfDocumentAndEntityInformationLineItems', window );"><strong>DisclosureOfDocumentAndEntityInformationLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">462,292,111<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis=EDN_ClassBIssuedCapitalMember', window );">Class B Common Stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DisclosureOfDocumentAndEntityInformationLineItems', window );"><strong>DisclosureOfDocumentAndEntityInformationLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">442,210,385<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis=EDN_ClassCIssuedCapitalMember', window );">Class C Common Stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DisclosureOfDocumentAndEntityInformationLineItems', window );"><strong>DisclosureOfDocumentAndEntityInformationLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">1,952,604<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Includes 23,385,028 and 7,794,168 treasury shares as of December 31, 2018 and 2017, respectively.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Relates to the Employee Stock Ownership Program Class C shares that have not been transferred.</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated), (5) Smaller Reporting Accelerated Filer or (6) Smaller Reporting Company and Large Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityShellCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if company meets the shell company criteria: a company with no or nominal operations, and with no or nominal assets or assets consisting solely of cash and cash equivalents.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityShellCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityVoluntaryFilers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis=EDN_ClassAIssuedCapitalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis=EDN_ClassAIssuedCapitalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis=EDN_ClassBIssuedCapitalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis=EDN_ClassBIssuedCapitalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis=EDN_ClassCIssuedCapitalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis=EDN_ClassCIssuedCapitalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6752070704">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Statement of Financial Position - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsAbstract', window );"><strong>Non-current assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">$ 62,474,843<span></span>
</td>
<td class="nump">$ 57,060,187<span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInJointVentures', window );">Interest in joint ventures</a></td>
<td class="nump">8,844<span></span>
</td>
<td class="nump">10,693<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivables', window );">Other receivables</a></td>
<td class="nump">800,741<span></span>
</td>
<td class="nump">62,676<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentFinancialAssetsAtFairValueThroughProfitOrLoss', window );">Financial assets at fair value through profit or loss</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssets', window );">Total non-current assets</a></td>
<td class="nump">63,284,428<span></span>
</td>
<td class="nump">57,133,556<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssetsAbstract', window );"><strong>Current assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Inventories</a></td>
<td class="nump">1,259,799<span></span>
</td>
<td class="nump">649,580<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_CurrentReceivables', window );">Other receivables</a></td>
<td class="nump">242,117<span></span>
</td>
<td class="nump">296,219<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentReceivables', window );">Trade receivables</a></td>
<td class="nump">7,587,906<span></span>
</td>
<td class="nump">8,385,237<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentFinancialAssetsAtFairValueThroughProfitOrLoss', window );">Financial assets at fair value through profit or loss</a></td>
<td class="nump">3,381,550<span></span>
</td>
<td class="nump">4,278,008<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentFinancialAssetsAtAmortisedCost', window );">Financial assets at amortized cost</a></td>
<td class="nump">1,208,770<span></span>
</td>
<td class="nump">16,978<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">27,608<span></span>
</td>
<td class="num">(375,345)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssets', window );">Total current assets</a></td>
<td class="nump">13,707,750<span></span>
</td>
<td class="nump">13,748,371<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">TOTAL ASSETS</a></td>
<td class="nump">76,992,178<span></span>
</td>
<td class="nump">70,881,927<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ShareCapitalAndReserveAttributableToOwnersOfCompanyAbstract', window );"><strong>Share capital and reserve attributable to the owners of the Company</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">Share capital</a></td>
<td class="nump">883,342<span></span>
</td>
<td class="nump">898,661<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AdjustmentToIssuedCapital', window );">Adjustment to share capital</a></td>
<td class="nump">17,065,577<span></span>
</td>
<td class="nump">17,224,397<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionalPaidinCapital', window );">Additional paid-in capital</a></td>
<td class="nump">240,621<span></span>
</td>
<td class="nump">229,921<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TreasuryShares', window );">Treasury stock</a></td>
<td class="nump">23,113<span></span>
</td>
<td class="nump">7,794<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AdjustmentToTreasuryShares', window );">Adjustment to treasury stock</a></td>
<td class="nump">225,551<span></span>
</td>
<td class="nump">66,731<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_CostTreasuryShares', window );">Cost treasury stock</a></td>
<td class="num">(1,068,784)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_StatutoryReserve', window );">Legal reserve</a></td>
<td class="nump">152,766<span></span>
</td>
<td class="nump">152,766<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OptionalReserve', window );">Optional reserve</a></td>
<td class="nump">367,058<span></span>
</td>
<td class="nump">367,058<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReserves', window );">Other reserve</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AccumulatedOtherComprehensiveIncome', window );">Other comprehensive loss</a></td>
<td class="num">(136,877)<span></span>
</td>
<td class="num">(132,930)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RetainedEarnings', window );">Accumulated losses</a></td>
<td class="nump">13,216,605<span></span>
</td>
<td class="nump">8,979,321<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">TOTAL EQUITY</a></td>
<td class="nump">30,968,972<span></span>
</td>
<td class="nump">27,793,719<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilitiesAbstract', window );"><strong>Non-current liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayables', window );">Trade payables</a></td>
<td class="nump">286,217<span></span>
</td>
<td class="nump">355,706<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPayables', window );">Other payables</a></td>
<td class="nump">7,624,145<span></span>
</td>
<td class="nump">8,909,968<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Borrowings</a></td>
<td class="nump">7,192,467<span></span>
</td>
<td class="nump">6,189,294<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredIncomeClassifiedAsNoncurrent', window );">Deferred revenue</a></td>
<td class="nump">275,437<span></span>
</td>
<td class="nump">287,384<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax', window );">Salaries and social security payable</a></td>
<td class="nump">162,737<span></span>
</td>
<td class="nump">176,679<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AssetsLiabilitiesOfBenefitPlanNoncurrent', window );">Benefit plans</a></td>
<td class="nump">385,098<span></span>
</td>
<td class="nump">477,765<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liability</a></td>
<td class="nump">8,048,308<span></span>
</td>
<td class="nump">7,290,150<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxLiabilitiesNoncurrent', window );">Tax liabilities</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Provisions', window );">Provisions</a></td>
<td class="nump">1,070,150<span></span>
</td>
<td class="nump">883,119<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilities', window );">Total non-current liabilities</a></td>
<td class="nump">25,044,559<span></span>
</td>
<td class="nump">24,570,065<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesAbstract', window );"><strong>Current liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade payables</a></td>
<td class="nump">14,608,977<span></span>
</td>
<td class="nump">13,577,520<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentPayables', window );">Other payables</a></td>
<td class="nump">1,922,039<span></span>
</td>
<td class="nump">546,915<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShorttermBorrowings', window );">Borrowings</a></td>
<td class="nump">1,077,453<span></span>
</td>
<td class="nump">105,139<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialLiabilities', window );">Derivative financial instruments</a></td>
<td class="nump">1,035<span></span>
</td>
<td class="nump">291<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredIncomeClassifiedAsCurrent', window );">Deferred revenue</a></td>
<td class="nump">5,346<span></span>
</td>
<td class="nump">4,961<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax', window );">Salaries and social security payable</a></td>
<td class="nump">1,742,626<span></span>
</td>
<td class="nump">1,801,492<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AssetsLiabilitiesOfBenefitPlanCurrent', window );">Benefit plans</a></td>
<td class="nump">32,365<span></span>
</td>
<td class="nump">46,375<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxLiabilities', window );">Tax payable</a></td>
<td class="nump">617,326<span></span>
</td>
<td class="nump">689,091<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxLiabilitiesCurrent', window );">Tax liabilities</a></td>
<td class="nump">784,045<span></span>
</td>
<td class="nump">1,555,501<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentProvisions', window );">Provisions</a></td>
<td class="nump">187,435<span></span>
</td>
<td class="nump">190,858<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilities', window );">Total current liabilities</a></td>
<td class="nump">20,978,647<span></span>
</td>
<td class="nump">18,518,143<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">TOTAL LIABILITIES</a></td>
<td class="nump">46,023,206<span></span>
</td>
<td class="nump">43,088,208<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAndLiabilities', window );">TOTAL LIABILITIES AND EQUITY</a></td>
<td class="nump">$ 76,992,178<span></span>
</td>
<td class="nump">$ 70,881,927<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_AdjustmentToIssuedCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_AdjustmentToIssuedCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_AdjustmentToTreasuryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_AdjustmentToTreasuryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_AssetsLiabilitiesOfBenefitPlanCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_AssetsLiabilitiesOfBenefitPlanCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_AssetsLiabilitiesOfBenefitPlanNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_AssetsLiabilitiesOfBenefitPlanNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_CostTreasuryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_CostTreasuryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_CurrentReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_CurrentReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_OptionalReserve">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_OptionalReserve</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_ShareCapitalAndReserveAttributableToOwnersOfCompanyAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_ShareCapitalAndReserveAttributableToOwnersOfCompanyAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AccumulatedOtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of accumulated items of income and expense (including reclassification adjustments) that are not recognised in profit or loss as required or permitted by other IFRSs. [Refer: IFRSs [member]; Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AccumulatedOtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionalPaidinCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount received or receivable from the issuance of the entity's shares in excess of nominal value and amounts received from other transactions involving the entity's stock or stockholders.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionalPaidinCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of resources: (a) controlled by the entity as a result of past events; and (b) from which future economic benefits are expected to flow to the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that the entity (a) expects to realise or intends to sell or consume in its normal operating cycle; (b) holds primarily for the purpose of trading; (c) expects to realise within twelve months after the reporting period; or (d) classifies as cash or cash equivalents (as defined in IAS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. [Refer: Assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B12_b_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentDerivativeFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current derivative financial liabilities. [Refer: Derivative financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentDerivativeFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentFinancialAssetsAtAmortisedCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current financial assets measured at amortised cost. [Refer: Financial assets at amortised cost]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 8<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_8_f&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentFinancialAssetsAtAmortisedCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentFinancialAssetsAtFairValueThroughProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current financial assets measured at fair value through profit or loss. [Refer: Financial assets at fair value through profit or loss]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 8<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_8_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentFinancialAssetsAtFairValueThroughProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that: (a) the entity expects to settle in its normal operating cycle; (b) the entity holds primarily for the purpose of trading; (c) are due to be settled within twelve months after the reporting period; or (d) the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B12_b_iii&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 69<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current payables on social security and taxes other than incomes tax. [Refer: Payables on social security and taxes other than income tax]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current provisions. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph l<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_l&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current tax for current and prior periods to the extent unpaid. Current tax is the amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph n<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_n&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current amount of current tax liabilities. [Refer: Current tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph n<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_n&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxLiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current amount of current tax liabilities. [Refer: Current tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph n<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_n&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxLiabilitiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredIncomeClassifiedAsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred income classified as current. [Refer: Deferred income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredIncomeClassifiedAsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredIncomeClassifiedAsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred income classified as non-current. [Refer: Deferred income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredIncomeClassifiedAsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes payable in future periods in respect of taxable temporary differences. [Refer: Temporary differences [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAndLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of the entity's equity and liabilities. [Refer: Equity; Liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAndLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Inventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2018-01-01<br> -Paragraph 36<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=2&amp;date=2018-03-01&amp;anchor=para_36_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Inventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InvestmentsInJointVentures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of investments in joint ventures in an entity's separate financial statements. [Refer: Joint ventures [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2018-03-01&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InvestmentsInJointVentures</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IssuedCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value of capital issued.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IssuedCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of present obligations of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that do not meet the definition of current assets. [Refer: Current assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B12_b_ii&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentFinancialAssetsAtFairValueThroughProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current financial assets measured at fair value through profit or loss. [Refer: Financial assets at fair value through profit or loss]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 8<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_8_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentFinancialAssetsAtFairValueThroughProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that do not meet the definition of current liabilities. [Refer: Current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B12_b_iv&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 69<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current trade payables and non-current other payables. [Refer: Other non-current payables; Non-current trade payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph k<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_k&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current payables on social security and taxes other than incomes tax. [Refer: Payables on social security and taxes other than income tax]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current trade receivables and non-current other receivables. [Refer: Non-current trade receivables; Other non-current receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_h&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current payables that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherReserves">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing reserves within equity, not including retained earnings. [Refer: Retained earnings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherReserves</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Provisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities of uncertain timing or amount.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph l<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_l&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Provisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RetainedEarnings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing the entity's cumulative undistributed earnings or deficit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph IG6<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_IG6&amp;doctype=Implementation%20Guidance<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RetainedEarnings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShorttermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShorttermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_StatutoryReserve">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing reserves created based on legal requirements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_StatutoryReserve</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade payables and current other payables. [Refer: Current trade payables; Other current payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph k<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_k&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables and current other receivables. [Refer: Current trade receivables; Other current receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_h&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of trade payables and other payables. [Refer: Trade payables; Other payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph k<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_k&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TreasuryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>An entity&#8217;s own equity instruments, held by the entity or other members of the consolidated group.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 32<br> -IssueDate 2018-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=32&amp;date=2018-03-01&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TreasuryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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<TYPE>XML
<SEQUENCE>27
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6751749568">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Statement of Comprehensive Income/(Loss) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeStatementAbstract', window );"><strong>Profit or loss [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Revenue</a></td>
<td class="nump">$ 55,953,649<span></span>
</td>
<td class="nump">$ 39,602,868<span></span>
</td>
<td class="nump">$ 25,826,759<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfPurchasedEnergySold', window );">Electric power purchases</a></td>
<td class="num">(31,875,655)<span></span>
</td>
<td class="num">(20,820,281)<span></span>
</td>
<td class="num">(11,989,634)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_RevenueSubtotal', window );">Subtotal</a></td>
<td class="nump">24,077,994<span></span>
</td>
<td class="nump">18,782,587<span></span>
</td>
<td class="nump">13,837,125<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DistributionAndAdministrativeExpense', window );">Transmission and distribution expenses</a></td>
<td class="num">(10,912,722)<span></span>
</td>
<td class="num">(9,247,065)<span></span>
</td>
<td class="num">(13,263,857)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossProfit', window );">Gross gain</a></td>
<td class="nump">13,165,272<span></span>
</td>
<td class="nump">9,535,522<span></span>
</td>
<td class="nump">573,268<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SalesAndMarketingExpense', window );">Selling expenses</a></td>
<td class="num">(5,032,681)<span></span>
</td>
<td class="num">(3,567,838)<span></span>
</td>
<td class="num">(3,379,261)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administrative expenses</a></td>
<td class="num">(2,872,127)<span></span>
</td>
<td class="num">(2,504,506)<span></span>
</td>
<td class="num">(2,288,037)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherOperatingIncomeExpense', window );">Other operating expense, net</a></td>
<td class="num">(1,320,810)<span></span>
</td>
<td class="num">(1,102,692)<span></span>
</td>
<td class="num">(913,015)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Gain from interest in joint ventures</a></td>
<td class="nump">1,602<span></span>
</td>
<td class="nump">10,052<span></span>
</td>
<td class="nump">6<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromContinuingOperations', window );">Operating profit (loss) before income from provisional remedies, higer costs recognition and SE Resolution N&#176; 32/15</a></td>
<td class="nump">3,941,256<span></span>
</td>
<td class="nump">2,370,538<span></span>
</td>
<td class="num">(6,007,039)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_RecognitionOfIncomeProvisionalRemedies', window );">Recognition of income - provisional remedies - MINEM Note 2016-04484723</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">2,074,170<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_IncomeRecognitionOnAccount', window );">Income recognition on account of the RTI - SEE Resolution N&#176; 32/15</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">958,289<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_HigherCostRecognition', window );">Higher cost recognition - SEE Resolution N&#176; 250/13 and subsequent Notes</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">185,436<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating profit (loss)</a></td>
<td class="nump">3,941,256<span></span>
</td>
<td class="nump">2,370,538<span></span>
</td>
<td class="num">(2,789,144)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Financial income</a></td>
<td class="nump">671,783<span></span>
</td>
<td class="nump">453,804<span></span>
</td>
<td class="nump">384,593<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Financial expenses</a></td>
<td class="num">(4,976,719)<span></span>
</td>
<td class="num">(2,570,256)<span></span>
</td>
<td class="num">(2,589,227)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OtherFinancialResults', window );">Other financial results</a></td>
<td class="num">(1,965,320)<span></span>
</td>
<td class="num">(168,468)<span></span>
</td>
<td class="num">(87,303)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FinanceIncomeExpenseNet', window );">Net financial expense</a></td>
<td class="num">(6,270,256)<span></span>
</td>
<td class="num">(2,284,920)<span></span>
</td>
<td class="num">(2,291,937)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnNetMonetaryPosition', window );">Gain on net monetary position</a></td>
<td class="nump">8,503,862<span></span>
</td>
<td class="nump">5,505,073<span></span>
</td>
<td class="nump">5,469,122<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">Profit before taxes</a></td>
<td class="nump">6,174,862<span></span>
</td>
<td class="nump">5,590,691<span></span>
</td>
<td class="nump">388,041<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Income tax</a></td>
<td class="num">(1,877,396)<span></span>
</td>
<td class="num">(510,056)<span></span>
</td>
<td class="num">(147,270)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit for the year</a></td>
<td class="nump">4,297,466<span></span>
</td>
<td class="nump">5,080,635<span></span>
</td>
<td class="nump">240,771<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTaxAbstract', window );"><strong>Other comprehensive income: Items that will not be reclassified to profit or loss</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans', window );">Results related to benefit plans</a></td>
<td class="num">(5,638)<span></span>
</td>
<td class="nump">22,219<span></span>
</td>
<td class="nump">14,404<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome', window );">Tax effect of actuarial loss profit on benefit plans</a></td>
<td class="nump">1,691<span></span>
</td>
<td class="num">(7,216)<span></span>
</td>
<td class="num">(5,041)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Total other comprehensive results</a></td>
<td class="num">(3,947)<span></span>
</td>
<td class="nump">15,003<span></span>
</td>
<td class="nump">9,363<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToAbstract', window );"><strong>Comprehensive income for the year attributable to:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToOwnersOfParent', window );">Owners of the parent</a></td>
<td class="nump">4,293,519<span></span>
</td>
<td class="nump">5,095,638<span></span>
</td>
<td class="nump">250,134<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Comprehensive profit for the year</a></td>
<td class="nump">$ 4,293,519<span></span>
</td>
<td class="nump">$ 5,095,638<span></span>
</td>
<td class="nump">$ 250,134<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BasicAndDilutedEarningsPerShareAbstract', window );"><strong>Basic and diluted earnings profit per share:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BasicAndDilutedEarningsLossPerShare', window );">Basic and diluted earnings profit per share</a></td>
<td class="nump">$ 4.83<span></span>
</td>
<td class="nump">$ 5.66<span></span>
</td>
<td class="nump">$ 0.27<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_FinanceIncomeExpenseNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_FinanceIncomeExpenseNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_HigherCostRecognition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_HigherCostRecognition</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_IncomeRecognitionOnAccount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_IncomeRecognitionOnAccount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_OtherFinancialResults">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_OtherFinancialResults</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_RecognitionOfIncomeProvisionalRemedies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_RecognitionOfIncomeProvisionalRemedies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_RevenueSubtotal">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_RevenueSubtotal</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for gain (loss) on disposals investments in subsidiaries, joint ventures and associates to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Associates [member]; Joint ventures [member]; Subsidiaries [member]; Investments in subsidiaries, joint ventures and associates; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses that the entity classifies as being administrative.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2018-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2018-03-01&amp;anchor=para_35_b_vi&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BasicAndDilutedEarningsLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of earnings per share when the basic and diluted measurements are equal. [Refer: Basic earnings (loss) per share; Diluted earnings (loss) per share]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BasicAndDilutedEarningsLossPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BasicAndDilutedEarningsPerShareAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BasicAndDilutedEarningsPerShareAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTaxAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTaxAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ix<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B12_b_ix&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81A<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81A_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CostOfPurchasedEnergySold">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of purchased energy that was sold during the period and recognised as an expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CostOfPurchasedEnergySold</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DistributionAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense relating to distribution costs and administrative expenses. [Refer: Administrative expenses; Distribution costs]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DistributionAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of costs associated with financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 82<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_82_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income associated with interest and other financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnNetMonetaryPosition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) representing the difference resulting from the restatement of non-monetary assets, owners' equity and items in the statement of comprehensive income and the adjustment of index linked assets and liabilities in hyperinflationary reporting.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 29<br> -IssueDate 2018-01-01<br> -Paragraph 9<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=29&amp;date=2018-03-01&amp;anchor=para_9&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnNetMonetaryPosition</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GrossProfit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue less cost of sales. [Refer: Cost of sales; Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GrossProfit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeStatementAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeStatementAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2018-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2018-03-01&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income tax relating to amounts recognised in other comprehensive income in relation to remeasurements of defined benefit plans. [Refer: Other comprehensive income; Reserve of remeasurements of defined benefit plans; Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph ab<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_ab&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 90<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_90&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income and expense (including reclassification adjustments) that is not recognised in profit or loss as required or permitted by IFRSs. [Refer: IFRSs [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B12_b_viii&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81A<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81A_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, before tax, related to gains (losses) on remeasurements of defined benefit plans, which comprise actuarial gains and losses; the return on plan assets, excluding amounts included in net interest on the net defined benefit liability (asset); and any change in the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability (asset). [Refer: Other comprehensive income, before tax; Defined benefit plans [member]; Plan assets [member]; Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 91<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_91_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherOperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of operating income (expense) that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherOperatingIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2018-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2018-03-02&amp;anchor=para_39L_e&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2021-01-01<br> -Name IFRS<br> -Number 17<br> -IssueDate 2018-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=17&amp;date=2018-03-01&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing and discontinued operations attributable to owners of the parent. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81B<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81B_a_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) before tax expense or income. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2018-01-01<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=5&amp;date=2018-03-01&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossFromContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing operations. [Refer: Continuing operations [member]; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B12_b_vi&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossFromContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossFromOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from operating activities of the entity. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 32<br> -IssueDate 2018-01-01<br> -Paragraph IE33<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=32&amp;date=2018-03-01&amp;anchor=para_IE33&amp;doctype=Illustrative%20Examples<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossFromOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Revenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The income arising in the course of an entity's ordinary activities. Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 32<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2018-01-01<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=5&amp;date=2018-03-01&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SalesAndMarketingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense relating to the marketing and selling of goods or services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SalesAndMarketingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>28
<FILENAME>R4.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6751795792">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Statement of Changes in Equity - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Share Capital</div></th>
<th class="th"><div>Adjustment to Share Capital</div></th>
<th class="th"><div>Treasury Stock</div></th>
<th class="th"><div>Adjustment to Treasury Stock</div></th>
<th class="th"><div>Additional Paid in Capital</div></th>
<th class="th"><div>Cost Treasury Stock</div></th>
<th class="th"><div>Legal Reserve</div></th>
<th class="th"><div>Optional Reserve</div></th>
<th class="th"><div>Other Reserve</div></th>
<th class="th"><div>Other Comprehensive Loss</div></th>
<th class="th"><div>Accumulated Income</div></th>
<th class="th"><div>Total</div></th>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Beginning balance at Dec. 31, 2015</a></td>
<td class="nump">$ 897,043<span></span>
</td>
<td class="nump">$ 17,220,537<span></span>
</td>
<td class="nump">$ 9,412<span></span>
</td>
<td class="nump">$ 70,591<span></span>
</td>
<td class="nump">$ 183,604<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="num">$ (157,296)<span></span>
</td>
<td class="nump">$ 4,177,739<span></span>
</td>
<td class="nump">$ 22,401,630<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransferToStatutoryReserve', window );">Ordinary and Extraordinary Shareholders' Meeting</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">152,766<span></span>
</td>
<td class="nump">367,058<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(519,824)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OtherReserveConstitution', window );">Increase of Other reserve constitution - Share-bases compensation plan</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">32,833<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">32,833<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfTreasuryShares', window );">Acquisition of own shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit for the year</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">240,771<span></span>
</td>
<td class="nump">240,771<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OtherComprehensiveResults', window );">Other comprehensive results for the year</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">9,363<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">9,363<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Ending balance at Dec. 31, 2016</a></td>
<td class="nump">897,043<span></span>
</td>
<td class="nump">17,220,537<span></span>
</td>
<td class="nump">9,412<span></span>
</td>
<td class="nump">70,591<span></span>
</td>
<td class="nump">183,604<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">152,766<span></span>
</td>
<td class="nump">367,058<span></span>
</td>
<td class="nump">32,833<span></span>
</td>
<td class="num">(147,933)<span></span>
</td>
<td class="nump">3,898,686<span></span>
</td>
<td class="nump">22,684,597<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OtherReserveConstitution', window );">Increase of Other reserve constitution - Share-bases compensation plan</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">13,484<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">13,484<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_PaymentOfOtherReserveConstitution', window );">Payment of Other reserve constitution - Share-bases compensation plan</a></td>
<td class="nump">1,618<span></span>
</td>
<td class="nump">3,860<span></span>
</td>
<td class="num">(1,618)<span></span>
</td>
<td class="num">(3,860)<span></span>
</td>
<td class="nump">46,317<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(46,317)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfTreasuryShares', window );">Acquisition of own shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit for the year</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">5,080,635<span></span>
</td>
<td class="nump">5,080,635<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OtherComprehensiveResults', window );">Other comprehensive results for the year</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">15,003<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">15,003<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Ending balance at Dec. 31, 2017</a></td>
<td class="nump">898,661<span></span>
</td>
<td class="nump">17,224,397<span></span>
</td>
<td class="nump">7,794<span></span>
</td>
<td class="nump">66,731<span></span>
</td>
<td class="nump">229,921<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">152,766<span></span>
</td>
<td class="nump">367,058<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(132,930)<span></span>
</td>
<td class="nump">8,979,321<span></span>
</td>
<td class="nump">27,793,719<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInAccountingEstimate', window );">Change of accounting standard - Adjustment by model of expected losses IFRS 9</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(60,182)<span></span>
</td>
<td class="num">(60,182)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_RestatedEquity', window );">Beginning balance</a></td>
<td class="nump">898,661<span></span>
</td>
<td class="nump">17,224,397<span></span>
</td>
<td class="nump">7,794<span></span>
</td>
<td class="nump">66,731<span></span>
</td>
<td class="nump">229,921<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">152,766<span></span>
</td>
<td class="nump">367,058<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(132,930)<span></span>
</td>
<td class="nump">8,919,139<span></span>
</td>
<td class="nump">27,733,537<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OtherReserveConstitution', window );">Increase of Other reserve constitution - Share-bases compensation plan</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">10,700<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">10,700<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_PaymentOfOtherReserveConstitution', window );">Payment of Other reserve constitution - Share-bases compensation plan</a></td>
<td class="nump">272<span></span>
</td>
<td class="nump">299<span></span>
</td>
<td class="num">(272)<span></span>
</td>
<td class="num">(299)<span></span>
</td>
<td class="nump">10,700<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(10,700)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfTreasuryShares', window );">Acquisition of own shares</a></td>
<td class="num">(15,591)<span></span>
</td>
<td class="num">(159,119)<span></span>
</td>
<td class="nump">15,591<span></span>
</td>
<td class="nump">159,119<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(1,068,784)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(1,068,784)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit for the year</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">4,297,466<span></span>
</td>
<td class="nump">4,297,466<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OtherComprehensiveResults', window );">Other comprehensive results for the year</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(3,947)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(3,947)<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Ending balance at Dec. 31, 2018</a></td>
<td class="nump">$ 883,342<span></span>
</td>
<td class="nump">$ 17,065,577<span></span>
</td>
<td class="nump">$ 23,113<span></span>
</td>
<td class="nump">$ 225,551<span></span>
</td>
<td class="nump">$ 240,621<span></span>
</td>
<td class="num">$ (1,068,784)<span></span>
</td>
<td class="nump">$ 152,766<span></span>
</td>
<td class="nump">$ 367,058<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="num">$ (136,877)<span></span>
</td>
<td class="nump">$ 13,216,605<span></span>
</td>
<td class="nump">$ 30,968,972<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_OtherComprehensiveResults">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_OtherReserveConstitution">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_OtherReserveConstitution</td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_PaymentOfOtherReserveConstitution">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_PaymentOfOtherReserveConstitution</td>
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<td><strong> Period Type:</strong></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_RestatedEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_RestatedEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInAccountingEstimate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in an accounting estimate that has an effect in the current period or is expected to have an effect in future periods.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 39<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_39&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInAccountingEstimate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughTransferToStatutoryReserve">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from transfers to a statutory reserve. [Refer: Statutory reserve]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughTransferToStatutoryReserve</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2018-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2018-03-02&amp;anchor=para_39L_e&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2021-01-01<br> -Name IFRS<br> -Number 17<br> -IssueDate 2018-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=17&amp;date=2018-03-01&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfTreasuryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease in equity resulting from the purchase of treasury shares. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfTreasuryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6752202688">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Statements of Cash Flows - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract', window );"><strong>Cash flows from operating activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit for the year</a></td>
<td class="nump">$ 4,297,466<span></span>
</td>
<td class="nump">$ 5,080,635<span></span>
</td>
<td class="nump">$ 240,771<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForReconcileProfitLossAbstract', window );"><strong>Adjustments to reconcile net (loss) profit to net cash flows from operating activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation of property, plants and equipments</a></td>
<td class="nump">2,561,499<span></span>
</td>
<td class="nump">2,148,089<span></span>
</td>
<td class="nump">2,147,241<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment', window );">Loss on disposals of property, plants and equipments</a></td>
<td class="nump">134,455<span></span>
</td>
<td class="nump">49,824<span></span>
</td>
<td class="nump">244,456<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestIncomeOnImpairedFinancialAssetsAccrued', window );">Net accrued interest</a></td>
<td class="nump">4,296,427<span></span>
</td>
<td class="nump">2,113,569<span></span>
</td>
<td class="nump">2,198,026<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax', window );">Exchange difference</a></td>
<td class="nump">2,629,966<span></span>
</td>
<td class="nump">564,056<span></span>
</td>
<td class="nump">911,819<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncomeTaxExpense', window );">Income tax</a></td>
<td class="nump">1,877,396<span></span>
</td>
<td class="nump">510,056<span></span>
</td>
<td class="nump">147,270<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AllowanceForImpairmentOfTradeAndOtherReceivables', window );">Allowance for the impairment of trade and other receivables, net of recovery</a></td>
<td class="nump">977,503<span></span>
</td>
<td class="nump">391,615<span></span>
</td>
<td class="nump">433,371<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AdjustmentToPresentValueOfReceivables', window );">Adjustment to present value of receivables</a></td>
<td class="nump">327<span></span>
</td>
<td class="nump">431<span></span>
</td>
<td class="num">(5,749)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ProvisionForContingencies', window );">Provision for contingencies</a></td>
<td class="nump">724,097<span></span>
</td>
<td class="nump">542,364<span></span>
</td>
<td class="nump">301,808<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInFinancialAssets', window );">Changes in fair value of financial assets</a></td>
<td class="num">(703,123)<span></span>
</td>
<td class="num">(437,577)<span></span>
</td>
<td class="num">(891,773)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AccrualOfBenefitPlans', window );">Accrual of benefit plans</a></td>
<td class="nump">112,208<span></span>
</td>
<td class="nump">169,454<span></span>
</td>
<td class="nump">194,232<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Gain from interest in joint ventures</a></td>
<td class="num">(1,602)<span></span>
</td>
<td class="num">(10,052)<span></span>
</td>
<td class="num">(6)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_HigherCostRecognition', window );">Higher cost recognition - SEE Resolution 250/13 and subsequent Notes</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(185,436)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_IncomeRecognitionOnAccount', window );">Income recognition on account of the RTI - SE Resolution 32/15</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(958,289)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_RecognitionOfIncomeProvisionalRemedies', window );">Recognition of income - provisional remedies - MINEM Note 2016-04484723</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(2,074,170)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_NetGainFromRepurchaseOfCorporateBonds', window );">Net gain from the repurchase of Corporate Bonds</a></td>
<td class="num">(4,539)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(90)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_IncomeFromCustomerContributions', window );">Income from non-reimbursable customer contributions</a></td>
<td class="num">(5,574)<span></span>
</td>
<td class="num">(4,372)<span></span>
</td>
<td class="num">(1,520)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OtherReserveConstitutionShareBasesCompensationPlan', window );">Other reserve constitution - Share bases compensation plan</a></td>
<td class="nump">10,700<span></span>
</td>
<td class="nump">11,469<span></span>
</td>
<td class="nump">32,833<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_GainsOnNetMonetaryPosition', window );">Gain on net monetary position</a></td>
<td class="num">(8,503,862)<span></span>
</td>
<td class="num">(5,505,073)<span></span>
</td>
<td class="num">(5,469,122)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ChangesInOperatingAssetsLiabilitiesAbstract', window );"><strong>Changes in operating assets and liabilities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable', window );">Increase in trade receivables</a></td>
<td class="num">(2,131,406)<span></span>
</td>
<td class="num">(2,623,696)<span></span>
</td>
<td class="num">(5,503,081)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables', window );">Decrease in other receivables</a></td>
<td class="nump">833,953<span></span>
</td>
<td class="nump">28,093<span></span>
</td>
<td class="nump">1,967,981<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInInventories', window );">Increase in inventories</a></td>
<td class="num">(819,875)<span></span>
</td>
<td class="num">(530,114)<span></span>
</td>
<td class="num">(283,022)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncreaseDecreaseInDeferredIncome', window );">Increase in deferred revenue</a></td>
<td class="nump">88,368<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">86,859<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable', window );">Increase in trade payables</a></td>
<td class="nump">1,242,870<span></span>
</td>
<td class="nump">4,887,145<span></span>
</td>
<td class="nump">4,853,944<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_IncreaseDecreaseSalariesAndSocialSecurityPayable', window );">Increase in salaries and social security payable</a></td>
<td class="nump">565,657<span></span>
</td>
<td class="nump">314,806<span></span>
</td>
<td class="nump">579,828<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInNetAssetsAvailableForBenefits', window );">Decrease in benefit plans</a></td>
<td class="num">(55,354)<span></span>
</td>
<td class="num">(56,573)<span></span>
</td>
<td class="num">(57,013)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset', window );">(Decrease) Increase in tax liabilities</a></td>
<td class="num">(515,651)<span></span>
</td>
<td class="num">(366,667)<span></span>
</td>
<td class="nump">1,832,418<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables', window );">Increase in other payables</a></td>
<td class="nump">3,220,527<span></span>
</td>
<td class="nump">438,201<span></span>
</td>
<td class="nump">4,327,303<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ChangesInOtherProvisions', window );">Decrease in provisions</a></td>
<td class="num">(325,247)<span></span>
</td>
<td class="num">(58,934)<span></span>
</td>
<td class="num">(95,930)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities', window );">Payment of Tax payable</a></td>
<td class="num">(886,154)<span></span>
</td>
<td class="num">(390,763)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperatingActivities', window );">Net cash flows generated by operating activities</a></td>
<td class="nump">9,621,032<span></span>
</td>
<td class="nump">7,265,986<span></span>
</td>
<td class="nump">4,974,959<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract', window );"><strong>Cash flows from investing activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities', window );">Payment of property, plants and equipments</a></td>
<td class="num">(8,269,359)<span></span>
</td>
<td class="num">(7,897,106)<span></span>
</td>
<td class="num">(4,232,239)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_CollectionOfFinancialAssets', window );">Net collection of Financial assets</a></td>
<td class="num">(2,344,945)<span></span>
</td>
<td class="num">(1,013,532)<span></span>
</td>
<td class="nump">27,103<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_RedemptionNetOfMoneyMarketFunds', window );">Redemption net of money market funds</a></td>
<td class="nump">2,312,229<span></span>
</td>
<td class="nump">348,233<span></span>
</td>
<td class="nump">109,182<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_MutuumGrantedToThirdParties', window );">Mutuum granted to third parties</a></td>
<td class="num">(114,889)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_CollectionOfReceivablesFromSaleOfSubsidiaries', window );">Collection of receivables from sale of subsidiaries</a></td>
<td class="nump">88,529<span></span>
</td>
<td class="nump">53,622<span></span>
</td>
<td class="nump">23,974<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInInvestingActivities', window );">Net cash flows used in investing activities</a></td>
<td class="num">(8,328,435)<span></span>
</td>
<td class="num">(8,508,783)<span></span>
</td>
<td class="num">(4,071,980)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract', window );"><strong>Cash flows from financing activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from borrowings</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">1,285,946<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestPaidClassifiedAsFinancingActivities', window );">Payment of interests</a></td>
<td class="num">(652,667)<span></span>
</td>
<td class="num">(418,494)<span></span>
</td>
<td class="num">(516,799)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Payment of redemption on corporate notes</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(420,778)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_RepurchaseOfCorporateNotes', window );">Repurchase of corporate notes</a></td>
<td class="num">(375,520)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(9,818)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfTreasuryShares', window );">Acquisition of own shares</a></td>
<td class="num">(1,068,784)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInFinancingActivities', window );">Net cash flows (used in) generated by financing activities</a></td>
<td class="num">(2,096,971)<span></span>
</td>
<td class="nump">867,452<span></span>
</td>
<td class="num">(947,395)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges', window );">Decrease in cash and cash equivalents</a></td>
<td class="num">(804,374)<span></span>
</td>
<td class="num">(375,345)<span></span>
</td>
<td class="num">(44,416)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition', window );">Cash and cash equivalents at the beginning of year</a></td>
<td class="nump">122,349<span></span>
</td>
<td class="nump">476,451<span></span>
</td>
<td class="nump">237,619<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents', window );">Exchange differences in cash and cash equivalents</a></td>
<td class="nump">155,985<span></span>
</td>
<td class="num">(62)<span></span>
</td>
<td class="num">(8,967)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ResultFromExposureToInflation', window );">Result from exposure to inflation</a></td>
<td class="nump">553,648<span></span>
</td>
<td class="nump">21,305<span></span>
</td>
<td class="nump">292,215<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents', window );">Decrease in cash and cash equivalents</a></td>
<td class="num">(804,374)<span></span>
</td>
<td class="num">(375,345)<span></span>
</td>
<td class="num">(44,416)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition', window );">Cash and cash equivalents at the end of the year</a></td>
<td class="nump">27,608<span></span>
</td>
<td class="nump">122,349<span></span>
</td>
<td class="nump">476,451<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionalInformationAbstract', window );"><strong>Supplemental cash flows information: Non-cash activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AcquisitionsOfPropertyPlantAndEquipmentThroughIncreasedTradePayables', window );">Acquisitions of property, plant and equipment through increased trade payables</a></td>
<td class="num">(677,207)<span></span>
</td>
<td class="num">(585,692)<span></span>
</td>
<td class="num">(379,146)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DecreaseOfPropertyPlantAndEquipmentThroughIncreasedOtherReceivables', window );">Decrease of property, plant and equipment through increased other receivables</a></td>
<td class="nump">$ 439,300<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_AccrualOfBenefitPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_AccrualOfBenefitPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_AcquisitionsOfPropertyPlantAndEquipmentThroughIncreasedTradePayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_AcquisitionsOfPropertyPlantAndEquipmentThroughIncreasedTradePayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_AdjustmentToPresentValueOfReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_AdjustmentToPresentValueOfReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_AllowanceForImpairmentOfTradeAndOtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_AllowanceForImpairmentOfTradeAndOtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_ChangesInOperatingAssetsLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_ChangesInOperatingAssetsLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_CollectionOfFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_CollectionOfFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_CollectionOfReceivablesFromSaleOfSubsidiaries">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_CollectionOfReceivablesFromSaleOfSubsidiaries</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_DecreaseOfPropertyPlantAndEquipmentThroughIncreasedOtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_DecreaseOfPropertyPlantAndEquipmentThroughIncreasedOtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_GainsOnNetMonetaryPosition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_GainsOnNetMonetaryPosition</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_HigherCostRecognition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_HigherCostRecognition</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_IncomeFromCustomerContributions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_IncomeFromCustomerContributions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_IncomeRecognitionOnAccount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_IncomeRecognitionOnAccount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_IncreaseDecreaseSalariesAndSocialSecurityPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_IncreaseDecreaseSalariesAndSocialSecurityPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_MutuumGrantedToThirdParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_MutuumGrantedToThirdParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_NetGainFromRepurchaseOfCorporateBonds">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_NetGainFromRepurchaseOfCorporateBonds</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_OtherReserveConstitutionShareBasesCompensationPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_OtherReserveConstitutionShareBasesCompensationPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_ProvisionForContingencies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_ProvisionForContingencies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_RecognitionOfIncomeProvisionalRemedies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_RecognitionOfIncomeProvisionalRemedies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_RedemptionNetOfMoneyMarketFunds">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_RedemptionNetOfMoneyMarketFunds</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_RepurchaseOfCorporateNotes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_RepurchaseOfCorporateNotes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_ResultFromExposureToInflation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_ResultFromExposureToInflation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionalInformationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionalInformationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in inventories to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Inventories; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in other operating receivables to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in trade accounts receivable to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for gain (loss) on disposals investments in subsidiaries, joint ventures and associates to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Associates [member]; Joint ventures [member]; Subsidiaries [member]; Investments in subsidiaries, joint ventures and associates; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for gain (loss) on disposals of property, plant and equipment to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss); Property, plant and equipment; Disposals, property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncomeTaxExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for income tax expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 35<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_35&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncomeTaxExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncreaseDecreaseInDeferredIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in deferred income to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Deferred income; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncreaseDecreaseInDeferredIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in other operating payables to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in trade accounts payable to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForReconcileProfitLossAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForReconcileProfitLossAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash and cash equivalents in the statement of cash flows when different from the amount of cash and cash equivalents in the statement of financial position. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) financing activities, which are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) investing activities, which are the acquisition and disposal of long-term assets and other investments not included in cash equivalents.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) operating activities, which are the principal revenue-producing activities of the entity and other activities that are not investing or financing activities. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ChangesInOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in other provisions. [Refer: Other provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2018-01-01<br> -Paragraph 84<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=37&amp;date=2018-03-01&amp;anchor=para_84&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ChangesInOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation of property, plant and equipment. [Refer: Depreciation and amortisation expense; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause vii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_73_e_vii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 75<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_75_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The effect of exchange rate changes on cash and cash equivalents held or due in a foreign currency. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_28&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) recognised in other comprehensive income on exchange differences on the translation of financial statements of foreign operations, before tax. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 91<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_91_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for income taxes paid, classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 35<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_35&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in cash and cash equivalents. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in cash and cash equivalents before the effect of exchange rate changes on cash and cash equivalents held in foreign currencies. [Refer: Cash and cash equivalents; Effect of exchange rate changes on cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in a deferred tax liability (asset). [Refer: Deferred tax liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in financial assets. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 35H<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_35H&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 35I<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_35I&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInNetAssetsAvailableForBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in net assets available for benefits. Net assets available for benefits are assets of a retirement benefit plan less liabilities other than the actuarial present value of promised retirement benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2018-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2018-03-01&amp;anchor=para_35_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInNetAssetsAvailableForBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestIncomeOnImpairedFinancialAssetsAccrued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income arising from interest on impaired financial assets accrued after impairment using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. [Refer: Interest income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2021-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_20_d&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestIncomeOnImpairedFinancialAssetsAccrued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestPaidClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for interest paid, classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestPaidClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from borrowings obtained. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 17<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_17_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2018-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2018-03-02&amp;anchor=para_39L_e&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2021-01-01<br> -Name IFRS<br> -Number 17<br> -IssueDate 2018-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=17&amp;date=2018-03-01&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchases of property, plant and equipment, classified as investing activities. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 16<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_16_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfTreasuryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease in equity resulting from the purchase of treasury shares. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 17<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_17_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6738819104">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>1. General information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_GeneralInformationAbstract', window );"><strong>General Information</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory', window );">General information</a></td>
<td class="text"><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 35.45pt"><b>History
and development of the Company</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>edenor</b> was
organized on July 21, 1992 by Executive Order No. 714/92 in connection with the privatization and concession process of the distribution
and sale of electric power carried out by SEGBA.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">By means of an
International Public Bidding, the PEN awarded 51% of the Company&#8217;s capital stock, represented by the Class &#34;A&#34; shares,
to the bid made by EASA, the parent company of <b>edenor</b> at that time. The award as well as the transfer contract were approved
on August 24, 1992 by Executive Order No. 1,507/92 of the PEN.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On September 1,
1992, EASA took over the operations of <b>edenor</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The corporate purpose
of <b>edenor</b> is to engage in the distribution and sale of electricity within the concession area. Furthermore, among other
activities, the Company may subscribe or acquire shares of other electricity distribution companies, subject to the approval of
the regulatory agency, assign the use of the network to provide electricity transmission or other voice, data and image transmission
services, and render advisory, training, maintenance, consulting, and management services and know-how related to the distribution
of electricity both in Argentina and abroad. These activities may be conducted directly by <b>edenor</b> or through subsidiaries
or related companies. In addition, the Company may act as trustee of trusts created under Argentine laws.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>The Company&#8217;s
economic and financial situation</b>&#9;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">One of the main
milestone events in 2017 was the return to the regulatory framework, thanks to which the RTI and the new electricity rate schedules,
which have been almost entirely implemented since February 2018, have materialized.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In that context,
the Company&#8217;s Board of Directors is optimistic that the effects caused by the application of the aforementioned RTI will
make it possible to gradually restore the Company&#8217;s economic and financial position; being confident that the new electricity
rates will result in the Company&#8217;s operating once again under a regulatory framework with clear and precise rules, which
will make it possible to not only cover the operation costs, afford the investment plans and meet debt interest payments, but also
deal with the impact of the different variables that affect the Company&#8217;s business.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">As of December
31, 2018, the Company&#8217;s comprehensive income amounts to a profit of $ 4.2 billion, whereas the working capital totals $ 7.3
billion&#8211; deficit-, which includes the amount owed to CAMMESA for $ 11.9 billion (principal plus interest accrued as of December
31, 2018).</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company&#8217;s
equity and negative working capital reflects the deteriorated financial and cash position the Company still has as a consequence
of the Federal Government&#8217;s delay in the compliance with certain obligations under the Adjustment Agreement, which are contingent
on specific negotiations and regulatory changes to be applied by the different governmental bodies. Additionally, the increase
in operating costs during the fiscal year, as a consequence of the country&#8217;s macroeconomic context, made the Company intensify
its efforts to be able to absorb them and comply with the execution of the investment plan and the carrying out of the essential
operation and maintenance works necessary to maintain the provision of the public service, object of the concession, in a satisfactory
manner in terms of quality and safety.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The issues pending
resolution at the date of issuance of these financial statements are, among others, the following:</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

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<td style="width: 56.7pt"></td><td style="width: 21.3pt"><font style="font-size: 8pt">i)</font></td><td style="text-align: justify"><font style="font-size: 8pt">the treatment to be given to the funds received from the Federal Government
through the loans for consumption (mutuums) agreements entered into with CAMMESA for the fulfillment of the Extraordinary Investment
Plan, granted to cover the insufficiency of the FOCEDE&#8217;s funds; </font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 78pt; text-align: justify; text-indent: -21.3pt">&#160;</p>

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<td style="width: 56.7pt"></td><td style="width: 21.3pt"><font style="font-size: 8pt">ii)</font></td><td style="text-align: justify"><font style="font-size: 8pt">the conditions for the settlement of the balance outstanding with
CAMMESA at the date of issuance of SEE Resolution No. 32/15;</font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 78pt; text-align: justify; text-indent: -21.3pt">&#160;</p>

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<td style="width: 56.7pt"></td><td style="width: 21.3pt"><font style="font-size: 8pt">iii)</font></td><td style="text-align: justify"><font style="font-size: 8pt">the treatment to be given to the Penalties and Discounts determined
by the ENRE under the terms of the Adjustment Agreement not complied with by the Federal Government, whose payment/crediting is
pending.</font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In this regard,
the Company and the Governmental Secretariat of Energy are negotiating the signing of an agreement for the regularization of the
previously mentioned pending issues. All that within the framework of the transfer of Concession Holders to the jurisdiction of
the Province and the City of Buenos Aires described in Note 2.h.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for general information about financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 51<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_51&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6738788080">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>2. Regulatory framework<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_RegulatoryFrameworkAbstract', window );"><strong>Regulatory Framework</strong></a></td>
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<tr class="ro">
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<td style="width: 49.65pt"></td><td style="width: 18pt"><font style="font-size: 8pt"><b>a)</b></font></td><td style="text-align: justify"><font style="font-size: 8pt"><b>General</b></font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The ENRE is empowered
to control the quality levels of the technical product and service, the commercial service and the compliance with public safety
regulations, as provided for in the Concession Agreement. If the Distribution Company fails to comply with the obligations assumed,
the ENRE may apply the penalties stipulated in the aforementioned Agreement.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 35.45pt"></td><td style="width: 14.2pt"><font style="font-size: 8pt"><b>b)</b></font></td><td style="text-align: justify"><font style="font-size: 8pt"><b>Concession</b></font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The term of the
concession is 95 years, which may be extended for an additional maximum period of 10 years. The term of the concession is divided
into management periods: a first period of 15 years and subsequent periods of 10 years each. At the end of each management period,
the Class &#8220;A&#8221; shares representing 51% of the share capital of <b>edenor</b>, currently held by PESA, must be offered
for sale through a public bidding. If PESA makes the highest bid, it will continue to hold the Class &#8220;A&#8221; shares, and
no further disbursements will be necessary. On the contrary, if PESA is not the highest bidder, then the bidder who makes the highest
bid shall pay PESA the amount of the bid in accordance with the conditions of the public bidding. The proceeds from the sale of
the Class &#8220;A&#8221; shares will be delivered to PESA after deducting any amounts receivable to which the Grantor of the concession
may be entitled. The first management period ended at the conclusion of the tariff period commenced on February 1, 2017.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company has
the exclusive right to render electric power distribution and sales services within the concession area to all the customers who
are not authorized to obtain their power supply from the MEM, thus being obliged to supply all the electric power that may be required
in due time and in accordance with the established quality levels. In addition, the Company must allow free access to its facilities
to any MEM agents whenever required, under the terms of the Concession.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">No specific fee
must be paid by the Company under the Concession Agreement during the term of the concession.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On January 6,
2002, the PEN enacted Law No. 25,561 whereby adjustment clauses in dollars, as well as any other indexation mechanisms stipulated
in the contracts entered into by the Federal Public Administration, including those related to public utilities, were declared
null and void as from such date. The resulting prices and rates were converted into Argentine pesos at a rate of 1 peso per US
dollar.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In this context,
the Company is subject to compliance with the terms of its Concession Agreement and the provisions of the regulatory framework
comprised of National Laws Nos. 14,772, 15,336 and 24,065, Resolutions and Regulatory and supplementary standards issued by the
different entities with authority over the matter. Thus, the Company is responsible for the provision of the public service of
electricity distribution and sale with a satisfactory quality level, complying for such purpose with the requirements set forth
in the aforementioned concession agreement and regulatory framework.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Failure to comply
with the established guidelines will result in the application of fines, based on the economic damage suffered by the customer
when the service is provided in an unsatisfactory manner, the amounts of which will be determined in accordance with the methodology
stipulated in the above-mentioned agreement. The ENRE is the authority in charge of controlling strict compliance with the pre-established
guidelines.&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 35.45pt"></td><td style="width: 14.2pt"><font style="font-size: 8pt"><b>c)</b></font></td><td style="text-align: justify"><font style="font-size: 8pt"><b>Electricity rate situation</b></font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On January 31,
2017, the ENRE issued Resolution No. 63/17, pursuant to which it determined the definitive Electricity Rate Schedules, the review
of costs, the required quality levels, and all the other rights and obligations that are to be applied and complied with by the
Company as from February 1, 2017.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The aforementioned
Resolution stated that the ENRE, as instructed by the MINEM, were to limit the increase in the VAD resulting from the RTI process
and applicable as from February 1, 2017, to a maximum of 42% vis-&#225;-vis the VAD in effect at the date of issuance of the aforementioned
resolution, with the remaining value of the new VAD being applied in two stages, the first of them in November 2017 and the second
and last one in February 2018.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Furthermore, on
November 30, 2017, by means of Resolution No. 603/17, the ENRE approved the CPD values, applicable as from December 1, 2017, and
retroactively to consumption recorded in the months of August through November 2017. That amount totaled $ 753.9 million and was
billed in two installments, December 2017 and January 2018. Additionally, the Electricity Rate Schedule&#8217;s values, applicable
as from December 1, 2017, were approved.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On January 31,
2018, the ENRE issued Resolution No. 33/18, whereby it approves the CPD values relating to the July 2017-December 2017 period,
which were in the order of 11.99%, the values of the 48 monthly installment to be applied in accordance with the provisions of
ENRE Resolution No. 329/17 which were deferred in the year 2017, and the electricity rate schedule to be applied to consumption
recorded as from February 1, 2018. Additionally, it is informed that the average electricity rate value amounts to $2.4627/kwh.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Furthermore, on
July 31, 2018, the ENRE issued Resolution No. 208/18, whereby it approves, as from August 1, 2018, the CPD relating to the January-June
2018 period, to be applied 7.93% as of August 1, 2018, and 6.51% in six (6) consecutive monthly installments as of February 1,
2019. The CPD amounted to 15.85%. Moreover, the above-mentioned resolution sets the system of caps for the social tariff as well
as the values that the Company shall apply to determine and credit discount amounts onto the power bills of the consumers affected
by deficiencies in the quality of the technical product and/or the quality of the technical and commercial service as from the
first control day of the September 2018-February 2019 six-month period. Additionally, it is informed that the average electricity
rate value amounts to $2.9871/kWh.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Finally, according
to section 4 of SE Resolution No. 366/18, passed on December 27, 2018, SE Resolution 1091/17 was repealed, thus eliminating the
energy-savings discount for the residential tariff charged to customers framed or not under the social tariff as from January 1,
2019. With regard to the social tariff discounts, they will be assumed by the Governments of the Province of Buenos Aires and the
City of Buenos Aires in accordance with the provisions of the 2019 Federal Budget Law.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><br style="clear: both" />
</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 49.65pt"></td><td style="width: 18pt"><font style="font-size: 8pt"><b>d)</b></font></td><td style="text-align: justify"><font style="font-size: 8pt"><b>Framework agreement </b></font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On January 10,
1994, the Company, together with Edesur S.A., the Federal Government and the Government of the Province of Buenos Aires entered
into the so-called Framework Agreement, whose purpose was to establish the guidelines under which the Company was to supply electricity
to low-income areas and shantytowns. In October 2003, the so-called New Framework Agreement was signed with the aim of setting
the bases and general guidelines based on which the Federal and the Provincial Governments&#8217; economic contribution for the
electricity supplied by the two Distribution Companies to the different shantytowns would take place and be coordinated. After
successive extensions of the agreement&#8217;s term, the latest extension was in effect until September 30, 2017.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">At the date of
these financial statements, the Company is negotiating with the Federal Government the signing of a new extension for the period
elapsed from October 1, 2017 through December 31, 2018, and the payment of the electricity supplied during such period; therefore,
no revenue for this concept has been recognized.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Additionally,
and as a consequence of the transfer of jurisdiction over the public service of electricity distribution from the Federal Government
to the Province of Buenos Aires and to the City of Buenos Aires provided for by Law 27,467, the Company will be required, when
the transfer takes place, to undertake a review, with the new Grantors of the Concession, of the treatment to be given to low-income
areas and shantytowns&#8217; consumption of electricity as from January 1, 2019. In this framework, the Government of the Province
of Buenos Aires enacted Law No. 15,078 on General Budget, which establishes that the aforementioned consumption shall be borne
by the referred to province&#8217;s Municipalities and approved by the regulatory entities or local authorities having jurisdiction
in each area.&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 49.65pt"></td><td style="width: 18pt"><font style="font-size: 8pt"><b>e)</b></font></td><td style="text-align: justify"><font style="font-size: 8pt"><b>Penalties</b></font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The ENRE is empowered
to control the quality levels of the technical product and service, the commercial service and the compliance with public safety
regulations, as provided for in the Concession Agreement. If the Distribution Company fails to comply with the obligations assumed,
the ENRE may apply the penalties stipulated in the aforementioned Agreement.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">As of December
31, 2018 and 2017, the Company has recognized in its financial statements the penalties accrued, whether imposed or not yet issued
by the ENRE, relating to the control periods elapsed as of those dates.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Furthermore, ENRE
Resolution No. 63/17, Note 2.c).III, has set out the control procedures, the service quality assessment methodologies, and the
penalty system, applicable as from February 1, 2017, for the 2017 &#8211; 2021 period.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.4pt">Additionally, by
means of Note No. 125,248 dated March 29, 2017, the ENRE sets the new penalty determination and adjustment mechanisms in relation
to the control procedures, the service quality assessment methodologies, and the penalty system applicable as from February 1,
2017 for the 2017 &#8211; 2021 period set by ENRE Resolution No. 63/17, providing for the following:</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 37.7pt"></td><td style="width: 18pt"><font style="font-size: 8pt">i)</font></td><td style="text-align: justify"><font style="font-size: 8pt">Penalty values shall be determined on the basis of the kWh value,
the average electricity rate, the cost of energy not supplied or other economic parameter at the value in effect at the first day
of the control period or the value in effect at the date of the penalizable event for penalties arising from specific events.</font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 55.7pt; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 37.7pt"></td><td style="width: 18pt"><font style="font-size: 8pt">ii)</font></td><td style="text-align: justify"><font style="font-size: 8pt">For all the events that occurred during the transition period (the
period between the signing of the Adjustment Agreement and the effective date of the RTI) for which a penalty has not been imposed,
penalties shall be adjusted by the IPC used by the BCRA to produce the ITCRM for the month prior to the end of the control period
or that for the month prior to the date of occurrence of the penalizable event for penalties arising from specific events, until
the date on which the penalty is imposed. This mechanism is also applicable to the concepts penalized after April 15, 2016 (ENRE
Note No. 120,151) and until the effective date of the RTI. This adjustment will be part of the penalty principal amount.</font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 55.7pt; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 37.7pt"></td><td style="width: 18pt"><font style="font-size: 8pt">iii)</font></td><td style="text-align: justify"><font style="font-size: 8pt">Unpaid penalties will accrue interest at the BNA lending rate for
thirty-day discount transactions from the date of the resolution to the date of actual payment, as interest on late payment. In
the case of penalties relating to Customer service, the calculated amount shall be increased by 50%.</font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 55.7pt; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 37.7pt"></td><td style="width: 18pt"><font style="font-size: 8pt">iv)</font></td><td style="text-align: justify"><font style="font-size: 8pt">Penalties subsequent to February 1, 2017 will be valued at the Kwh
value or the cost of energy not supplied of the first day of the control period or of the day on which the penalty is imposed for
penalties arising from specific events. Those concepts will not be adjusted by the IPC, applying the interest on late payment established
in iii) above. Moreover, an additional fine equivalent to twice the amount of the penalty will be determined if payment is not
made in due time and proper form.</font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In the ENRE&#8217;s
opinion many of the penalties imposed in kWh must be valued at the date of occurrence of the penalizable event; these modifications
have been quantified and recognized as of December 31, 2018.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In accordance with
the provisions of Sub-Appendix XVI to ENRE Resolution No. 63/17, the Company is required to submit in a term of 60 calendar days
the calculation of global indicators, interruptions for which force majeure had been alleged, the calculation of individual indicators,
and will determine the related discounts, crediting the amounts thereof within 10 business days. In turn, the ENRE will examine
the information submitted by the Company, and in the event that the crediting of such discounts were not verified will impose a
fine, payable to the Federal Government, equivalent to twice the value that should have been recorded. At the date of these financial
statements, the Company has complied with the provisions of the aforementioned Resolution in relation to the six-month period ended
August 31, 2018.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Furthermore, in
different resolutions concerning penalties relating to the Quality of the Commercial and Technical Service, the Regulatory Entity
has provided for the application of increases and adjustments, applying for such purpose a criterion different from the one applied
by the Company. In this regard, the ENRE implemented an automatic penalty mechanism in order that the discounts on account of deviations
from the established limits may be credited to customers within a term of 60 days as from the end of the six-month control period.</p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In fiscal year
2018, the ENRE regulated and/or issued new penalty procedures, to wit:</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Wingdings">&#252;</font><font style="font: 7pt Times New Roman, Times, Serif">&#160;
</font><font style="font: 8pt Times New Roman, Times, Serif">ENRE Resolution No. 118/18: It regulated the Compensation
for extraordinary service provision interruptions.</font></p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Wingdings">&#252;</font><font style="font: 7pt Times New Roman, Times, Serif">&#160;
</font><font style="font: 8pt Times New Roman, Times, Serif">ENRE Resolution No. 170/18: It regulated the Penalty
System for Deviations from the Investment Plan, a procedure whereby real investments are assessed by comparison with the annual
investment plan submitted by the Company, and the investment plan carried out for the 5-year rate period is assessed as against
the Five-year period plan proposed in the RTI.</font></p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Wingdings">&#252;</font><font style="font: 7pt Times New Roman, Times, Serif">&#160;
</font><font style="font: 8pt Times New Roman, Times, Serif">ENRE Resolution No. 198/18: New Supplementary Penalty
System of Technical Service Quality, which penalizes deviations &#186;from quality parameters at feeder level.</font></p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Wingdings">&#252;</font><font style="font: 7pt Times New Roman, Times, Serif">&#160;
</font><font style="font: 8pt Times New Roman, Times, Serif">ENRE Resolution N&#176; 91/18: Through the filing
of charges, the ENRE informs <b>edenor</b> about the penalty system to be applied for failure to comply with meter-reading and
billing time periods.&#160;</font></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The effects of
these resolutions were quantified by the Company and recognized as of December 31, 2018.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 49.65pt"></td><td style="width: 18pt"><font style="font-size: 8pt"><b>f)</b></font></td><td style="text-align: justify"><font style="font-size: 8pt"><b>Restriction on the transfer of the Company&#8217;s common shares</b></font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The by-laws provide
that Class &#8220;A&#8221; shareholders may transfer their shares only with the prior approval of the ENRE. The ENRE must communicate
its decision within 90 days upon submission of the request for such approval, otherwise the transfer will be deemed approved.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Furthermore, Caja
de Valores S.A. (the Public Register Office), which keeps the Share Register of the shares, is entitled (as stated in the by-laws)
to reject such entries which, at its criterion, do not comply with the rules for the transfer of common shares included in (i)
the Business Organizations Law, (ii) the Concession Agreement and (iii) the By-laws.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In addition, the
Class &#8220;A&#8221; shares will be pledged during the entire term of the concession as collateral to secure the performance of
the obligations assumed under the Concession Agreement.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 7.1pt 0 35.45pt; text-align: justify"><b>Other restrictions:</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 7.1pt 0 0; text-align: justify; text-indent: 35.45pt"><b>&#160;</b></p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -21.25pt"><font style="font: 8pt Symbol">&#183;</font><font style="font: 7pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><font style="font: 8pt Times New Roman, Times, Serif">In connection with the issuance of Corporate Notes,
during the term thereof, PESA is required to be the beneficial owner and owner of record of not less than 51% of the Company&#8217;s
issued, voting and outstanding shares.</font></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -21.25pt">&#160;</p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -21.25pt"><font style="font: 8pt Symbol">&#183;</font><font style="font: 7pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><font style="font: 8pt Times New Roman, Times, Serif">In connection with the Adjustment Agreement signed
with the Grantor of the Concession and ratified by Executive Order No. 1,957/06, Section 10 stipulates that from the signing of
the agreement through the end of the Transition Period, the majority shareholders may not modify their ownership interest nor
sell their shares.</font></p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -21.25pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 49.65pt"></td><td style="width: 18pt"><font style="font-size: 8pt"><b>g)</b></font></td><td style="text-align: justify"><font style="font-size: 8pt"><b>Law on electricity dependent patients</b></font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On May 17, 2017,
Law No. 27,351 was passed, which guarantees the permanent and free of charge supply of electricity to those individuals who qualify
as dependent on power for reasons of health and require medical equipment necessary to avoid risks in their lives or health. The
law states that the account holder of the service or someone who lives with him/her (a cohabitant) that is registered as &#8220;Electricity
dependent for reasons of health&#8221; will be exempt from the payment of any and all connection fees and will benefit from a special
free of charge tariff treatment in the electric power supply service under national jurisdiction, which consists in the recognition
of the entire amount of the power bill.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">According to Executive
Order No. 740 of the PEN, dated September 20, 2017, the MINEM will be the Authority of Application of Law No. 27,351, whereas the
Ministry of Health will be responsible for determining the conditions necessary to be met for registration with the &#8220;Registry
of Electricity Dependent for Reasons of Health&#8221; and will issue the clarifying and supplementary regulations for the application
thereof.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On September 25,
2017, the National Ministry of Health issued Resolution No. 1,538-E/17, which creates the Registry of Electricity Dependent for
Reasons of Health (RECS), within the orbit of the National Ministry of Health, operating under the authority of the Undersecretariat
for the Management of Health Care Services.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#9;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">At the date of
issuance of these financial statements no further regulations have been issued concerning the Resolution mentioned in the preceding
paragraph.&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 49.65pt"></td><td style="width: 18pt"><font style="font-size: 8pt"><b>h)</b></font></td><td style="text-align: justify"><font style="font-size: 8pt"><b>Change of Jurisdiction</b></font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">By Law No. 27467,
2019 Federal budget of expenditures and resources, the Executive Power is instructed to promote such actions that may be necessary
in order for electricity distribution companies <b>edenor</b> and Edesur S.A. to become subject to the jurisdiction of the Province
of Buenos Aires and the City of Buenos Aires as from January 1, 2019.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 42.55pt"><br />
Upon completion of the aforementioned process, the ENRE will continue to exercise its functions and powers over all those issues
that are unrelated to the public service of electricity distribution.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In this regard,
on February 28, 2019, the Federal Government, the Province of Buenos Aires and the City of Buenos Aires entered into an agreement
for the transfer of the public service of electricity distribution, duly awarded to <b>edenor</b> under a concession by the Federal
Government, to the jurisdiction of the Province of Buenos Aires and the City of Buenos Aires. It is worth pointing out that the
Company has not been a party to such agreement, and, at the date of issuance of these financial statements is analyzing the scope
and effects therefrom.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p><span></span>
</td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6719436608">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>3. Basis of preparation<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_BasisOfPreparationAbstract', window );"><strong>Basis Of Preparation</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory', window );">Basis of preparation</a></td>
<td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The financial statements
for the year ended December 31, 2018 have been prepared in accordance with IFRS issued by the IASB and IFRIC interpretations, incorporated
by the CNV.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">These financial
statements were approved for issue by the Company&#8217;s Board of Directors on March 8, 2019.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>Restatement
of financial information </b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The financial statements
as of December 31, 2018, including the prior year&#8217;s figures, have been restated to reflect the changes in the general purchasing
power of the Company&#8217;s functional currency (the Argentine peso), in conformity with the provisions of both IAS 29 &#8220;Financial
reporting in hyperinflationary economies&#8221; and General Resolution No. 77718 of the National Securities Commission. As a result
thereof, the financial statements are stated in terms of the measuring unit current at the end of the reporting period.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">According to IAS
29, the restatement of financial statements is necessary when the functional currency of an entity is that of a hyperinflationary
economy. To define a state of hyperinflation, IAS 29 provides a series of guidelines, including but not limited to the following,
which consist of (i) analyzing the behavior of population, prices, interest rates and wages faced with the development of price
indexes and the loss of the currency&#8217;s purchasing power, and (ii) as a quantitative feature, which, in practice, is the mostly
considered condition, verifying whether the cumulative inflation rate over three years approaches or exceeds 100%.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Although in recent
years the general level of prices experienced a significant growth, the cumulative inflation rate over three years in Argentina
had remained below 100%. However, due to different macroeconomic factors, triennial inflation in 2018 surpassed that percentage,
while the federal government&#8217;s targets and other available projections indicate that this trend will not reverse in the
short term.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Therefore, according
to IAS 29, the Argentine economy should be regarded as highly inflationary as from July 1, 2018. The standard states that the adjustment
will be resumed from the date on which it was last made, February 2003. Moreover, on July 24, 2018, the FACPCE issued a communication
confirming that which has been previously mentioned. Additionally, it should be taken into account that on December 4, 2018 the
<i>Official Gazette</i> published Law 27,468 pursuant to which the provisions of Executive Order No. 664/03 of the PEN, which did
not allow for the filing of inflation-adjusted financial statements, are no longer in effect. This law states that the provisions
of section 62 of Business Organizations Law 19,550 -preparation of financial statements to reflect the effects of inflation- will
continue to apply, thus reinstating the adjustment for inflation. On December 28, the CNV, reaffirming the provisions of Law 27,468,
published Resolution No. 777/18 stating that issuing companies shall apply the restatement method of financial statements to reflect
the effects of inflation in conformity with IAS 29.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In order to not
only assess the aforementioned quantitative condition but also restate the financial statements, the CNV has stated that the series
of indexes to be used for the application of IAS 29 is that determined by the FACPCE. That series of indexes combines the IPC published
by the INDEC from January 2017 (base month: December 2016) with the IPIM published by the INDEC through that date, computing for
the months of November and December 2015 -in respect of which there is no available information from the INDEC on the development
of the IPIM-, the variation recorded in the IPC of the City of Buenos Aires.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Taking
into consideration the above-mentioned index, in the fiscal years ended December 2018,  2017, and 2016 the inflation rate
amounted to 47.66%, 24.79% and 40.9% respectively.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The effects of
the application of IAS 29 are summarized below:</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>Restatement
of the statement of financial position</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 35.45pt"></td><td style="width: 36pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">(i)</font></td><td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Monetary items (those
with a fixed nominal value in local currency) are not restated in as much as they are already expressed in terms of the measuring
unit current at the closing date of the reporting period.</font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 71.45pt; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 35.45pt"></td><td style="width: 36pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">(ii)</font></td><td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Non-monetary items carried
at historical cost or at the current value of a date prior to the end of the reporting period are restated using coefficients that
reflect the variation recorded in the general level of prices from the date of acquisition or revaluation to the closing date of
the reporting period. Depreciation charges of property, plant and equipment and amortization charges of intangible assets recognized
in profit or loss for the period, as well as any other consumption of non-monetary assets will be determined on the basis of the
new restated amounts.</font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 35.45pt"></td><td style="width: 36pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">(iii)</font></td><td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The restatement of non-monetary
assets in terms of the measuring unit current at the end of the reporting period without an equivalent adjustment for tax purposes,
gives rise to a taxable temporary difference and to the recognition of a deferred tax liability, deferred tax liability is recognized
for the temporary difference generated bythe restatement of the accounting bases of asset without any restatement of their tax
bases the debit entry of this deffered tax liability is a monetary loss.</font></td></tr></table>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in">&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in"><b>Restatement of the statement of profit
or loss and other comprehensive income</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

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<td style="width: 35.45pt"></td><td style="width: 35.45pt"><font style="font-size: 8pt">(i)</font></td><td style="text-align: justify"><font style="font-size: 8pt">Income and expenses are restated from the date when they were recorded,
except for those profit or loss items that reflect or include in their determination the consumption of assets carried at the purchasing
power of the currency as of a date prior to the recording of the consumption, which are restated based on the date when the asset
to which the item is related originated (for example, depreciation, impairment and other consumptions of assets valued at historical
cost).</font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>

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<td style="width: 35.45pt"></td><td style="width: 35.45pt"><font style="font-size: 8pt">(ii)</font></td><td style="text-align: justify"><font style="font-size: 8pt">The net gain from the maintenance of monetary assets and liabilities
is presented in a line item separately from the profit or loss for the year.</font></td></tr></table>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><b></b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>Restatement
of the statement of changes in equity</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 34.9pt"></td><td style="width: 36pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(i)</font></td><td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The components of equity,
except for reserved earnings and unappropriated retained earnings, have been restated from the dates on which they were contributed,
or on which they otherwise arose.</font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 34.9pt"></td><td style="width: 36pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(ii)</font></td><td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The restated unappropriated
retained earnings were determined by the difference between net assets restated at the date of transition and the other components
of opening equity expressed as indicated in the preceding headings.</font></td></tr></table>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 70.9pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
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at the date of transition indicated in (i) above, all components of equity are restated by applying the general price index from
the beginning of the period, and each variation of those components is restated from the date of contribution or the date on which
it otherwise arose.</font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>Restatement
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">IAS 29 requires
that all the items of this statement be restated in terms of the measuring unit current at the closing date of the reporting period.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The monetary gain
or loss generated by cash and cash equivalents is presented in the statement of cash flows separately from cash flows from operating,
investing and financing activities, as a specific item of the reconciliation between cash and cash equivalents at the beginning
and end of the period.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the basis used for the preparation of the financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6719417744">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>4. Accounting policies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AccountingPoliciesAbstract', window );"><strong>Accounting Policies</strong></a></td>
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<td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The main accounting
policies used in the preparation of these financial statements are detailed below.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

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<td style="width: 0"></td><td style="width: 49.65pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>Note</b></font></td><td style="text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>4.1
|</b></font><b><font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0">&#160;&#160; </font></b><b><font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.15pt">New
accounting standards, amendments and interpretations </font></b><b><font style="font: 8pt Times New Roman, Times, Serif">issued
by the IASB&#9;</font></b></td></tr></table>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company has
applied the following standards and/or amendments for the first time as from January 1, 2018:</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">- IFRS 15 &#34;Revenue
from contracts with customers&#34; (issued in May 2014 and amended in September 2015)</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">- IFRS 9 &#8220;Financial
instruments&#8221; (amended in July 2014)</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">- IFRS 2 &#8220;Share-based
payments&#8221; (amended in June 2016)</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">- IFRIC 22 &#8220;Foreign
currency transactions and Advanced consideration&#8221; (issued in December 2016)</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">- Annual improvements
to IFRSs &#8211; 2014-2016 Cycle (issued in December 2016)</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In the respective
accounting policies detail the main issues related to the initial application of IFRS 9 and IFRS 15. The application of the other
standards, amendments and interpretations generated no impact on either the Company&#8217;s results of operations and financial
position, or the accounting policies applicable as from January 1, 2018.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 20.25pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>Note</b></font></td><td style="text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>4.1.1
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">- IFRS 16 &#8220;Leases&#8221;:
On January 13, 2016, the IASB published IFRS 16, which replaces the current guidance in IAS 17. The standard defines a lease as
a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange
for consideration. The standard requires the recognition of a lease liability that reflects future lease payments and a &#8216;right-of-use
asset&#8217; for almost all lease contracts. This is a significant change compared to IAS 17 under which lessees were required
to make a distinction between a finance lease (reported on the balance sheet) and an operating lease (off balance sheet). IFRS
16 contains an optional exemption for certain short-term leases and leases of low-value assets; however, this exemption can only
be applied by lessees. IFRS 16 is effective for annual reporting periods beginning on or after January 1, 2019. The impact of the
application of the aforementioned standard estimated by the Company is not significant.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">- IFRS 17 &#8220;Insurance
Contracts&#8221;, issued in May 2017. It replaces IFRS 4 - an interim standard issued in 2004 that allowed entities to account
for insurance contracts using their local accounting requirements, resulting in multiple application approaches. IFRS 17 establishes
the principles for the recognition, measurement, presentation, and disclosure of insurance contracts, and applies to annual periods
beginning on or after January 1, 2021, with early adoption permitted if entities also apply IFRS 9 and IFRS 15. The Company is
currently analyzing the impact of the application of IFRS 17; nevertheless, it estimates that the application thereof will have
no impact on the Company&#8217;s results of operations or its financial position.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">- IFRIC 23 &#8220;Uncertainty
over income tax treatments&#8221;, issued in June 2017. It clarifies the application of IAS 12 where there is uncertainty over
income tax treatments. In accordance with the interpretation, an entity is required to reflect the impact of the uncertain tax
treatment using the method that best predicts the resolution of the uncertainty, using either the most likely amount method or
the expected value method. Additionally, the entity is required to assume that the tax authority will examine the uncertain treatments
and have full knowledge of all the related relevant information when assessing the tax treatment over income tax. The interpretation
is effective for annual periods beginning on or after January 1, 2019, although early adoption is permitted. The Company estimates
that the application of IFRIC 23 will have no impact on the Company&#8217;s results of operations or its financial position.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">- IAS 28 &#8220;Investments
in associates and joint ventures&#8221;, amended in October 2017. It clarifies that IFRS 9 applies to other financial instruments
in an associate or joint venture to which the equity method is not applied. The standard is effective for annual periods beginning
on or after January 1, 2019, although early adoption is permitted. The Company estimates that its application will have no impact
on the Company&#8217;s results of operations or its financial position.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">- IAS 19 &#8220;Employee
benefits&#8221;, amended in February 2018. It introduces changes to the measurement of past service cost and net interest in the
case of post-employment defined benefit plans that have suffered amendments, curtailments or settlements. It applies to amendments,
curtailments or settlements as from January 1, 2019.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company is
currently assessing the impact of these new standards and amendments.&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 20.25pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>Note</b></font></td><td style="text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>4.2
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Additions have
been valued at acquisition cost restated to reflect the effects of inflation, net of the related accumulated depreciation. Depreciation
has been calculated by applying the straight-line method over the remaining useful life of the assets, which was determined on
the basis of engineering studies.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Subsequent costs
(major maintenance and reconstruction costs) are either included in the value of the assets or recognized as a separate asset,
only if it is probable that the future benefits associated with the assets will flow to the Company, being it possible as well
that the costs of the assets may be measured reliably and the investment will improve the condition of the asset beyond its original
state. The other maintenance and repair expenses are recognized in profit or loss in the year in which they are incurred.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In accordance with
the Concession Agreement, the Company may not pledge the assets used in the provision of the public service nor grant any other
security interest thereon in favor of third parties, without prejudice to the Company&#8217;s right to freely dispose of those
assets which in the future may become inadequate or unnecessary for such purpose. This prohibition does not apply in the case of
security interests granted over an asset at the time of its acquisition and/or construction as collateral for payment of the purchase
and/or installation price.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The residual value
and the remaining useful lives of the assets are reviewed and adjusted, if appropriate, at the end of each fiscal year (reporting
period).</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#9;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Land is not depreciated.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Facilities in service:
between 30 and 50 years</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Furniture, tools
and equipment: between 5 and 20 years</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Construction in
process is valued based on the degree of completion and is recorded at cost restated to reflect the effects of inflation less any
impairment loss, if applicable. Cost includes expenses attributable to the construction, when they are part of the cost incurred
for the purposes of acquisition, construction or production of property, plant and equipment that require considerable time until
they are in condition to be used. These assets begin to be depreciated when they are in economic condition to be used.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Gains and losses
on the sale of Property, plant and equipment are calculated by comparing the price collected with the carrying amount of the asset,
and are recognized within Other operating expense or Other operating income in the Statement of Comprehensive Income.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The valuation of
property, plant and equipment, taken as a whole, does not exceed its recoverable value, which is measured as the higher of value
in use and fair value less costs to sell at the end of the year.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">At the date of
issuance of these financial statements there are no indicators of a potential impairment (Note 6.c).</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 20.25pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>Note</b></font></td><td style="text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>4.3
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The main conceptual
definitions are as follow:</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 42.55pt"></td><td style="width: 7.1pt"><font style="font-size: 8pt">i.</font></td><td style="text-align: justify"><font style="font-size: 8pt">A joint arrangement takes place among two or more parties when they
have joint control: joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions
about the relevant activities require the unanimous consent of the parties sharing control.</font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: -7.1pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 42.55pt"></td><td style="width: 7.1pt"><font style="font-size: 8pt">ii.</font></td><td style="text-align: justify"><font style="font-size: 8pt">A joint venture is a joint arrangement whereby the parties that have
joint control of the arrangement have rights to the net assets of the arrangement. Such parties are called joint venturers.</font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 42.55pt"></td><td style="width: 7.1pt"><font style="font-size: 8pt">iii.</font></td><td style="text-align: justify"><font style="font-size: 8pt">A joint operation is a joint arrangement whereby the parties that
have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement.
These parties are called joint operators.</font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company accounts
for its investment in joint ventures in accordance with the equity method. Under this method, the interest is initially recognized
at cost and subsequently adjusted by recognizing the Company&#8217;s share in the profit or loss obtained by the joint venture,
after acquisition date. The Company recognizes in profit or loss its share of the joint venture&#8217;s profit or loss and in other
comprehensive income its share of the joint venture&#8217;s other comprehensive income.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">When the Company
carries out transactions in the joint ventures, the unrealized gains and losses are eliminated in accordance with the percentage
interest held by the Company in the jointly controlled entity.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The joint ventures&#8217;
accounting policies have been modified and adapted, if applicable, to ensure consistency with the policies adopted by the Company.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Furthermore, taking
into account that the interests in joint ventures are not regarded as significant balances, the disclosures required under IFRS
12 have not been made.&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 20.25pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>Note</b></font></td><td style="text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>4.4
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 35.45pt"></td><td style="width: 21.25pt"><font style="font-size: 8pt"><b>a.</b></font></td><td style="text-align: justify"><font style="font-size: 8pt"><b>Revenue from sales</b></font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 7.65pt"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><i>Revenues from
contracts with customers (ENRE Resolutions No. 63/17, 603/17, 33/18, 208/18 and SE Resolution No. 366/18):</i></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company recognizes,
on a monthly basis, revenues from electricity distribution and commercialization as energy is distributed to each client based
on the applicable tariff and procedures established by the ENRE. Such revenue includes energy delivered, whether billed or unbilled,
at the end of each period. Revenues are not adjusted for the effect of financing components as sales&#8217; payments are not deferred
over time, which is consistent with market practice.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The current
remuneration scheme establishes certain limits to the increase in the VAD resulting from the tariff structure review process,
as well as a mechanism for monitoring the variation of CPD, which implies an increase in the compensation scheme for certain
cases; the Company recognizes related revenues only to the extent that it is highly probable that a significant reversal will
not occur and it is probable that the consideration will be collected regardless the period in which the energy is
distributed.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company
recognizes revenues related to energy supply to low-income areas and shantytowns, only to the extent that the Framework Agreement
with Argentine Nation and Province of Buenos Aires has been renewed for the period in which the service was rendered.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><i>Other
revenues from <font style="font-family: Times New Roman, Times, Serif">contracts with customers:</font></i></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company recognizes
other revenues from contracts with customers in relation to connection and reconnection services, rights of use on poles and transport
of energy to other distribution companies on a monthly basis as services are rendered based on the price established in each contract.
Revenues are not adjusted for the effect of financing components as sales&#8217; payments are not deferred over time, which is
consistent with market practice.&#160;</p>

<p style="margin: 0">&#160;</p>



<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 7.65pt"><b></b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 35.45pt"></td><td style="width: 21.25pt"><font style="font-size: 8pt"><b>b.</b></font></td><td style="text-align: justify"><font style="font-size: 8pt"><b>Interest income</b></font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Interest income
is recognized by applying the effective interest rate method. Interest income is recorded in the accounting on a time basis by
reference to the principal amount outstanding and the applicable effective rate.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Interest income
is recognized when it is probable that the economic benefits associated with the transaction will flow to the Company and the
amount of the transaction can be measured reliably.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 20.25pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>Note</b></font></td><td style="text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>4.5
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 35.45pt"></td><td style="width: 21.25pt"><font style="font-size: 8pt"><b>a.</b></font></td><td style="text-align: justify"><font style="font-size: 8pt"><b>Functional and presentation currency</b></font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The information
included in the financial statements is measured using the Company&#8217;s functional currency, which is the currency of the main
economic environment in which the entity operates. The financial statements are measured in pesos (legal currency in Argentina),
restated to reflect the effects of inflation (Note 3), which is also the presentation currency.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 35.45pt"></td><td style="width: 21.25pt"><font style="font-size: 8pt"><b>b.</b></font></td><td style="text-align: justify"><font style="font-size: 8pt"><b>Transactions and balances</b></font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Foreign currency
denominated transactions and balances are translated into the functional and presentation currency using the rates of exchange
prevailing at the date of the transactions or revaluation, respectively. The gains and losses generated by foreign currency exchange
differences resulting from each transaction and from the translation of monetary items valued in foreign currency at the end of
the year are recognized in the Statement of Income.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The foreign currency
exchange rates used are the bid price for monetary assets, the offer price for monetary liabilities, and the specific exchange
rate for foreign currency denominated transactions.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 20.25pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>Note</b></font></td><td style="text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>4.6
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt"><b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 35.45pt"></td><td style="width: 22.15pt"><font style="font-size: 8pt"><b>a.</b></font></td><td style="text-align: justify"><font style="font-size: 8pt"><b>Trade receivables</b></font></td></tr></table>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The receivables
arising from services billed to customers but not collected as well as those arising from services rendered but unbilled at the
closing date of each year are recognized at fair value and subsequently measured at amortized cost using the effective interest
rate method.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The receivables
from electricity supplied to low-income areas and shantytowns are recognized, also in line with revenue, when the Framework Agreement
has been renewed for the period in which the service was provided.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 35.45pt"></td><td style="width: 22.15pt"><font style="font-size: 8pt"><b>b.</b></font></td><td style="text-align: justify"><font style="font-size: 8pt"><b>Other receivables</b></font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The financial assets
included in other receivables are initially recognized at fair value (generally the original billing/settlement amount) and subsequently
measured at amortized cost, using the effective interest rate method, and when significant, adjusted by the time value of money.
The Company records impairment allowances when there is objective evidence that the Company will not be able to collect all the
amounts owed to it in accordance with the original terms of the receivables.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The rest of other
receivables are initially recognized at the amount paid.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 20.25pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>Note</b></font></td><td style="text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>4.7
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Inventories are
valued at the lower of acquisition cost restated to reflect the effects of inflation and net realizable value.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">They are valued
based on the purchase price, import duties (if applicable), and other taxes (that are not subsequently recovered by tax authorities),
and other costs directly attributable to the acquisition of those assets.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Cost is determined
by applying the weighted average price (WAP) method.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company has
classified inventories into current and non-current depending on whether they will be used for maintenance or capital expenditures
and on the period in which they are expected to be used. The non-current portion of inventories is disclosed in the &#8220;Property,
plant and equipment&#8221; account.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The valuation
of inventories, taken as a whole, does not exceed their recoverable value at the end of each year.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 20.25pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>Note</b></font></td><td style="text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>4.8
|</b></font><b><font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0">&#160;&#160;&#160;&#160;&#160;
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>










<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0; letter-spacing: -0.15pt"><b>Note</b></font></td><td style="text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0; letter-spacing: -0.15pt"><b>4.8.1
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company classifies
financial assets into the following categories: those measured at amortized cost and those subsequently measured at fair value.
This classification depends on whether the financial asset is an investment in a debt or an equity instrument. In order for a
financial asset to be measured at amortized cost, the two conditions described below must be met. All other financial assets are
measured at fair value. IFRS 9 requires that all investments in equity instruments be measured at fair value.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 35.45pt"></td><td style="width: 21.25pt"><font style="font-size: 8pt"><b>a.</b></font></td><td style="text-align: justify"><font style="font-size: 8pt"><b>Financial assets at amortized cost</b></font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Financial assets
are measured at amortized cost if the following conditions are met:</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 63.85pt"></td><td style="width: 14.15pt"><font style="font-size: 8pt">i.</font></td><td style="text-align: justify"><font style="font-size: 8pt">the objective of the Company&#8217;s business model is to hold the
assets to collect the contractual cash flows; and </font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 63.85pt"></td><td style="width: 14.15pt"><font style="font-size: 8pt">ii.</font></td><td style="text-align: justify"><font style="font-size: 8pt">the contractual terms give rise, on specified dates, to cash flows
that are solely payments of principal and interest on principal. </font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 35.45pt"></td><td style="width: 21.25pt"><font style="font-size: 8pt"><b>b.</b></font></td><td style="text-align: justify"><font style="font-size: 8pt"><b>Financial assets at fair value</b></font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">If any of the above-detailed
conditions is not met, financial assets are measured at fair value through profit or loss.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">All investments
in equity instruments are measured at fair value. For those investments that are not held for trading, the Company may irrevocably
elect at the time of their initial recognition to present the changes in the fair value in other comprehensive income. The Company&#8217;s
decision was to recognize the changes in fair value in profit or loss.<b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0; letter-spacing: -0.15pt"><b>Note</b></font></td><td style="text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0; letter-spacing: -0.15pt"><b>4.8.2
|</b></font><b><font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0; letter-spacing: -0.15pt">&#160;&#160;&#160;&#160;&#160;
</font></b><b><font style="font: 8pt Times New Roman, Times, Serif">Recognition and measurement</font></b></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The regular way
purchase or sale of financial assets is recognized on the trade date, i.e. the date on which the Company agrees to acquire or sell
the asset. Financial assets are derecognized when the rights to receive the cash flows from the investments have expired or been
transferred and the Company has transferred substantially all the risks and rewards of the ownership of the assets.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Financial assets
are initially recognized at fair value plus, in the case of financial assets not measured at fair value through profit or loss,
transaction costs that are directly attributable to the acquisition thereof.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The gains or losses
generated by investments in debt instruments that are subsequently measured at fair value and are not part of a hedging transaction
are recognized in profit or loss. Those generated by investments in debt instruments that are subsequently measured at amortized
cost and are not part of a hedging transaction are recognized in profit or loss when the financial asset is derecognized or impaired
and by means of the amortization process using the effective interest rate method.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company subsequently
measures all the investments in equity instruments at fair value. When it elects to present the changes in fair value in other
comprehensive income, such changes cannot be reclassified to profit or loss. Dividends arising from these investments are recognized
in profit or loss to the extent that they represent a return on the investment.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company reclassifies
financial assets if and only if its business model to manage financial assets is changed.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The expected losses,
according to the calculated coefficients, are detailed in Note 6.a.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><font style="letter-spacing: -0.15pt"><b>&#160;</b></font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0; letter-spacing: -0.15pt"><b>Note</b></font></td><td style="text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0; letter-spacing: -0.15pt"><b>4.8.3
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</font></b><b><font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.15pt">Impairment of financial
assets</font></b></td></tr></table>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">At the end of each
annual reporting period, the Company assesses whether there is objective evidence that the value of a financial asset or group
of financial assets measured at amortized cost is impaired. The value of a financial asset or group of financial assets is impaired,
and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred
after the initial recognition of the asset (a &#8220;loss event&#8221;), and that loss event (or events) has an impact on the estimated
future cash flows of the financial asset or group of financial assets that can be reliably measured.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Impairment tests
may include evidence that the debtors or group of debtors are undergoing significant financial difficulties, have defaulted on
interest or principal payments or made them after they had come due, the probability that they will enter bankruptcy or other financial
reorganization, and when observable data indicate that there is a measurable decrease in the estimated future cash flows, such
as changes in payment terms or in the economic conditions that correlate with defaults.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In the case of
financial assets measured at amortized cost, the amount of the impairment loss is measured as the difference between the asset&#8217;s
carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred)
discounted at the financial asset&#8217;s original effective interest rate. The asset&#8217;s carrying amount is reduced and the
amount of the impairment loss is recognized in the Statement of Income.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Although cash,
cash equivalents and financial assets measured at amortized cost are also subject to the impairment requirements of IFRS 9, the
identified impairment loss is not material.&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0; letter-spacing: -0.15pt"><b>Note</b></font></td><td style="text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0; letter-spacing: -0.15pt"><b>4.8.4
|</b></font><b><font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0; letter-spacing: -0.15pt">&#160;&#160;&#160;&#160;&#160;
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instruments</font></b></td></tr></table>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Financial assets
and liabilities are offset, and the net amount reported in the Statement of Financial Position, when there is a legally enforceable
right to offset the recognized amounts, and there is an intention to settle on a net basis, or realize the asset and settle the
liability simultaneously.&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 20.25pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>Note</b></font></td><td style="text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>4.9
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<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Derivative financial
instruments are initially recognized at fair value on the date on which the respective contract is signed. Subsequently to the
initial recognition, they are remeasured at their fair value. The method for recognizing the resulting loss or gain depends on
whether the derivative has been designated as a hedging instrument and, if that is the case, on the nature of the item being hedged.
As of December 31, 2018 and 2017, the economic impact of these transactions is recorded in the Other financial expense account
of the Statement of Comprehensive Income.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">During fiscal year
2018, the Company has not entered into futures contracts to buy US dollars.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">As of December
31, 2017, the economic impact of the transactions carried out in that fiscal year resulted in a loss of $ 21.1 million, which
is recorded in the Other financial expense account of the Statement of Comprehensive Income.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Cash and cash equivalents
include cash on hand, deposits held at call with banks and other short-term highly liquid investments with original maturities
of three months or less from their acquisition date, with significant low risk of change in value.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 46.35pt"></td><td style="width: 18pt"><font style="font-size: 8pt">i.</font></td><td style="text-align: justify"><font style="font-size: 8pt">Cash and banks in local currency: at nominal value.</font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 64.35pt; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 46.35pt"></td><td style="width: 18pt"><font style="font-size: 8pt">ii.</font></td><td style="text-align: justify"><font style="font-size: 8pt">Cash and banks in foreign currency: at the exchange rates in effect
at the end of the year.</font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 46.35pt"></td><td style="width: 18pt"><font style="font-size: 8pt">iii.</font></td><td style="text-align: justify"><font style="font-size: 8pt">Money market funds, which have been valued at the prevailing market
price at the end of the year. Those that do not qualify as cash equivalents are disclosed in the Financial assets at fair value
through profit or loss account.</font></td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 20.25pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>Note</b></font></td><td style="text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>4.11
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Changes in this
account have been accounted for in accordance with the corresponding legal or statutory regulations and the decisions adopted by
the shareholders&#8217; meetings.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 35.45pt"></td><td style="width: 21.25pt"><font style="font-size: 8pt"><b>a.</b></font></td><td style="text-align: justify"><font style="font-size: 8pt"><b>Share capital</b></font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Share capital represents
issued capital, which is comprised of the contributions committed and/or made by the shareholders, represented by shares, including
outstanding shares at nominal value, restated to reflect the effects of inflation as indicated in Note 3.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 35.45pt"></td><td style="width: 21.25pt"><font style="font-size: 8pt"><b>b.</b></font></td><td style="text-align: justify"><font style="font-size: 8pt"><b>Treasury stock</b></font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Treasury stock
account represents the nominal value of the Company&#8217;s own shares acquired by the Company, restated to reflect the effects
of inflation as indicated in Note 3.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify"><b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 35.45pt"></td><td style="width: 21.25pt"><font style="font-size: 8pt"><b>c.</b></font></td><td style="text-align: justify"><font style="font-size: 8pt"><b>Other comprehensive income </b></font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Represents recognition,
at the end of the year, of the actuarial losses associated with the Company&#8217;s employee benefit plans, restated to reflect
the effects of inflation as indicated in Note 3.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 35.45pt"></td><td style="width: 21.25pt"><font style="font-size: 8pt"><b>d.</b></font></td><td style="text-align: justify"><font style="font-size: 8pt"><b>Retained earnings</b></font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Retained earnings
are comprised of profits or accumulated losses with no specific appropriation. When positive, they may be distributed, if so decided
by the Shareholders&#8217; Meeting, to the extent that they are not subject to legal restrictions. Retained earnings are comprised
of previous year results that have not been distributed, amounts transferred from other comprehensive income and prior year adjustments
due to the application of accounting standards, restated to reflect the effects of inflation as indicated in Note 3.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 20.25pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>Note</b></font></td><td style="text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>4.12
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt"><b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.55in"></td><td style="width: 0.25in"><font style="font-size: 8pt"><b>a.</b></font></td><td style="text-align: justify"><font style="font-size: 8pt"><b>Trade payables</b></font></td></tr></table>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Trade payables
are payment obligations with suppliers for the purchase of goods and services in the ordinary course of business. Trade payables
are classified as current liabilities if payments fall due within one year or in a shorter period of time. Otherwise, they are
classified as non-current liabilities.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Trade payables
are initially recognized at fair value and subsequently measured at amortized cost using the effective interest rate method.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.55in"></td><td style="width: 0.25in"><font style="font-size: 8pt"><b>b.</b></font></td><td style="text-align: justify"><font style="font-size: 8pt"><b>Customer deposits</b></font></td></tr></table>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Customer deposits
are initially recognized at the amount received and subsequently measured at amortized cost using the effective interest rate method.</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In accordance with
the Concession Agreement, the Company is allowed to receive customer deposits in the following cases:</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 60pt"></td><td style="width: 18pt"><font style="font-size: 8pt">i.</font></td><td style="text-align: justify"><font style="font-size: 8pt">When the power supply is requested and the customer is unable to provide
evidence of his legal ownership of the premises; </font></td></tr></table>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 78pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 60pt"></td><td style="width: 18pt"><font style="font-size: 8pt">ii.</font></td><td style="text-align: justify"><font style="font-size: 8pt">When service has been suspended more than once in one-year period;</font></td></tr></table>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 78pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 60pt"></td><td style="width: 18pt"><font style="font-size: 8pt">iii.</font></td><td style="text-align: justify"><font style="font-size: 8pt">When the power supply is reconnected and the Company is able to verify
the illegal use of the service (fraud).</font></td></tr></table>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 78pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 60pt"></td><td style="width: 18pt"><font style="font-size: 8pt">iv.</font></td><td style="text-align: justify"><font style="font-size: 8pt">When the customer is undergoing liquidated bankruptcy or reorganization
proceedings.</font></td></tr></table>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company has decided
not to request customer deposits from residential tariff customers.</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Customer deposits
may be either paid in cash or through the customer&#8217;s bill and accrue monthly interest at a specific rate of BNA for each
customer category.</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">When the conditions
for which the Company is allowed to receive customer deposits no longer exist, the customer&#8217;s account is credited for the
principal amount plus any interest accrued thereon, after deducting, if appropriate, any amounts receivable which the Company has
with the customer.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.55in"></td><td style="width: 0.25in"><font style="font-size: 8pt"><b>c.</b></font></td><td style="text-align: justify"><font style="font-size: 8pt"><b>Customer contributions</b></font></td></tr></table>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><i>Refundable</i>:
The Company receives assets or facilities (or the cash necessary to acquire or build them) from certain customers for services
to be provided, based on individual agreements and the provisions of ENRE Resolution No. 215/12. These contributions are initially
recognized as trade payables at fair value with a contra-account in Property, plant and equipment, and subsequently measured at
amortized cost using the effective interest rate method.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify"><b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.55in"></td><td style="width: 0.25in"><font style="font-size: 8pt"><b>d.</b></font></td><td style="text-align: justify"><font style="font-size: 8pt"><b>Other payables</b></font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The rest of the
financial liabilities recorded in Other Payables, including the loans for consumption (mutuums) with CAMMESA, the Payment agreement
with the ENRE and the advances for the execution of works, are initially recognized at fair value and subsequently measured at
amortized cost.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The recorded liabilities
for the debts with the FOTAE, the penalties accrued, whether imposed or not yet issued by the ENRE (Note 2.e)), and other provisions
are the best estimate of the settlement value of the present obligation in the framework of IAS 37 provisions at the date of these
financial statements.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The balances of
ENRE Penalties and Discounts are adjusted in accordance with the regulatory framework applicable thereto and are based on the
Company&#8217;s estimate of the outcome of the renegotiation process described in Note 2, whereas the balances of the loans for
consumption (mutuums) are adjusted by a rate equivalent to the monthly average yield obtained by CAMMESA from its short-term investments.&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 20.25pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>Note</b></font></td><td style="text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>4.13
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Borrowings are
initially recognized at fair value, net of direct costs incurred in the transaction. Subsequently, they are measured at amortized
cost; any difference between the funds obtained (net of direct costs incurred in the transaction) and the amount to be paid at
maturity is recognized in profit or loss during the term of the borrowings using the effective interest rate method.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 20.25pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>Note</b></font></td><td style="text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>4.14
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revenue</font></b></td></tr></table>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><font style="font: 8pt Times New Roman, Times, Serif"><i>Non-refundable
customer contributions<font style="line-height: 115%">: </font></i><font style="line-height: 115%">The Company receives assets
or facilities (or the cash necessary to acquire or built them) from certain customers for services to be provided, based on individual
agreements. In accordance with IFRS 15 &#8220;Transfers of Assets from Customers&#8221;, the assets received are recognized by
the Company as Property, plant and equipment with a contra-account in deferred revenue, the accrual of which depends on the nature
of the identifiable services, in accordance with the following:</font></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: -21.3pt"><font style="font: 8pt Symbol">&#183;</font><font style="font: 7pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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accrued until such connection is completed;</font></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: -21.3pt"><font style="font: 8pt Symbol">&#183;</font><font style="font: 7pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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service: throughout the shorter of the useful life of the asset and the term for the provision of the service.<b>&#160;</b></font></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 20.25pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>Note</b></font></td><td style="text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>4.15
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 71.45pt; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Symbol">&#183;</font><font style="font: 7pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company operates
various benefit plans. Usually, benefit plans establish the amount of the benefit the employee will receive at the time of retirement,
generally based on one or more factors such as age, years of service and salary.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The liability recognized
in the Statement of Financial Position in respect of benefit plans is the present value of the benefit plan obligation at the closing
date of the year, together with the adjustments for past service costs and actuarial gains or losses. The benefit plan obligation
is calculated annually by independent actuaries in accordance with the projected unit credit method. The present value of the benefit
plan obligation is determined by discounting the estimated future cash outflows using actuarial assumptions about demographic and
financial variables that affect the determination of the amount of such benefits. The benefit plans are not funded.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The group&#8217;s
accounting policy for benefit plans is as follow:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 52.9pt"></td><td style="width: 18pt"><font style="font-size: 8pt"><b>a.</b></font></td><td style="text-align: justify"><font style="font-size: 8pt">Past service costs are recognized immediately in profit or loss, unless
the changes to the benefit plan are conditional on the employees&#8217; remaining in service for a specified period of time (the
vesting period). In this case, past service costs are amortized on a straight-line basis over the vesting period.</font></td></tr></table>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify">&#160;</p>

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changes in actuarial assumptions are recognized in other comprehensive income in the period in which they arise.</font></td></tr></table>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in">&#160;</p>

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<td style="width: 53.45pt"></td><td style="width: 18pt"><font style="font: 8pt Symbol">&#183;</font></td><td style="text-align: justify"><font style="font-size: 8pt"><b>The Company&#8217;s Share-based Compensation Plan</b></font></td></tr></table>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 71.45pt; text-align: justify">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company has
share-based compensation plans under which it receives services from some employees in exchange for the Company&#8217;s shares.
The fair value of the employee services received is recognized as an operating expense in the &#8220;Salaries and social security
taxes&#8221; line item. The total amount of the referred to expense is determined by reference to the fair value of the shares
granted.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">When the employees
provide the services before the shares are granted, the fair value at the grant date is estimated in order to recognize the respective
result.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>&#160;</b></p>

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<td style="width: 0"></td><td style="width: 20.25pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>Note</b></font></td><td style="text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>4.16
|</b></font><b><font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0">&#160;&#160; </font></b><b><font style="font: 8pt Times New Roman, Times, Serif">Income
tax </font></b></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The income tax
is recognized in profit or loss, other comprehensive income or in equity depending on the items from which it originates.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The deferred tax
is recognized, in accordance with the liability method, on the temporary differences arising between the tax base of assets and
liabilities and their carrying amounts in the statement of financial position. However, no deferred tax liability is recognized
if such difference arises from the initial recognition of goodwill, or from the initial recognition of an asset or liability other
than in a business combination, which at the time of the transaction affected neither the accounting nor the taxable profit.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The deferred tax
is determined using the tax rate that is in effect at the date of the financial statements and is expected to apply when the deferred
tax assets are realized or the deferred tax liabilities are settled.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Deferred tax assets
and liabilities are offset if the Company has a legally enforceable right to offset recognized amounts and when deferred tax assets
and liabilities relate to income tax levied by the same tax authority on the same taxable entity. Deferred tax assets and liabilities
are stated at their undiscounted value.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Deferred tax assets
are recognized only to the extent that it is probable that future taxable profits will be available against which the temporary
differences can be utilized.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 20.25pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>Note</b></font></td><td style="text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>4.17
|</b></font><b><font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0">&#160;&#160; </font></b><b><font style="font: 8pt Times New Roman, Times, Serif">Leases</font></b></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The leases in which
a significant portion of the risks and rewards of ownership is retained by the assignor are classified as operating. At present,
the Company only has leases contracts that are classified as operating.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The payments with
respect to operating leases are recognized as operating expenses in the Statement of Comprehensive Income on a straight-line basis
throughout the term of the assignment.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The leases in which
the Company does not transfer substantially all the risks and rewards of the ownership of the asset are classified as operating
leases.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The collections
with respect to operating leases are recognized as income in the Statement of Comprehensive Income on a straight-line basis throughout
the term of the assignment.&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 20.25pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>Note</b></font></td><td style="text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>4.18
|</b></font><b><font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0">&#160;&#160; </font></b><b><font style="font: 8pt Times New Roman, Times, Serif">Provisions
and contingencies</font></b></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Provisions have
been recognized in those cases in which the Company is faced with a present obligation, whether legal or constructive, that has
arisen as a result of a past event, whose settlement is expected to result in an outflow of resources, and the amount thereof can
be estimated reliably.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The amount recognized
as provisions is the best estimate of the expenditure required to settle the present obligation, at the end of the reporting year,
taking into account the corresponding risks and uncertainties. When a provision is measured using the estimated cash flow to settle
the present obligation, the carrying amount represents the present value of such cash flow. This present value is obtained by applying
a pre-tax discount rate that reflects market conditions, the time value of money and the specific risks of the obligation.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The provisions
included in liabilities have been recorded to face contingent situations that could result in future payment obligations. To estimate
the amount of provisions and the likelihood of an outflow of resources, the opinion of the Company&#8217;s legal advisors has been
taken into account.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 20.25pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>Note</b></font></td><td style="text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>4.19
|</b></font><b><font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0">&#160;&#160; </font></b><b><font style="font: 8pt Times New Roman, Times, Serif">Balances
with related parties</font></b></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Receivables and
payables with related parties are initially recognized at fair value and subsequently measured at amortized cost in accordance
with the terms agreed upon by the parties involved.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p><span></span>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6719415776">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>5. Financial risk management<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FinancialRiskManagementAbstract', window );"><strong>Financial Risk Management</strong></a></td>
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<td style="width: 0"></td><td style="width: 20.25pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>Note</b></font></td><td style="text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>5.1
|</b></font><b><font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0">&#160;&#160;&#160;&#160;&#160;
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<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company&#8217;s
activities and the market in which it operates expose the Company to a series of financial risks: market risk (including currency
risk, cash flows interest rate risk, fair value interest rate risk and price risk), credit risk and liquidity risk.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The management
of the financial risk is part of the Company&#8217;s overall policies, which focus on the unpredictability of the financial markets
and seek to minimize potential adverse effects on its financial performance. Financial risks are the risks derived from the financial
instruments to which the Company is exposed during or at the end of each year. The Company uses derivative instruments to hedge
exposure to certain risks whenever it deems appropriate in accordance with its internal risk management policy.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Risk management
is controlled by the Finance and Control Department, which identifies, evaluates and hedges financial risks. Risk management policies
and systems are periodically reviewed so that they can reflect the changes in the market&#8217;s conditions and the Company&#8217;s
activities.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">This section includes
a description of the main risks and uncertainties that could have a material adverse effect on the Company&#8217;s strategy, performance,
results of operations and financial position.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

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<td style="width: 42.55pt"></td><td style="width: 28.35pt"><font style="font-size: 8pt"><b><i>a.</i></b></font></td><td><font style="font-size: 8pt"><b><i>Market risks</i></b></font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 53.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 49.65pt"></td><td style="width: 21.25pt"><font style="font-size: 8pt">i.</font></td><td><font style="font-size: 8pt"><u>Currency risk </u></font></td></tr></table>

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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Currency risk is
the risk of fluctuation in the fair value or future cash flows of a financial instrument due to changes in foreign currency exchange
rates. The Company&#8217;s exposure to currency risk relates to the collection of its revenue in pesos, in conformity with regulated
electricity rates that are not indexed in relation to the US dollar, whereas a significant portion of its existing financial liabilities
is denominated in US dollars. Therefore, the Company is exposed to the risk of a loss resulting from a devaluation of the peso.
The Company may hedge its currency risk trying to enter into currency futures. At the date of issuance of these financial statements,
the Company has not hedged its exposure to the US dollar.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">If the Company
continued to be unable to effectively hedge all or a significant part of its exposure to currency risk, any devaluation of the
peso could significantly increase its debt service burden, which, in turn, could have a substantial adverse effect on its financial
and cash position (including its ability to repay its Corporate Notes) and the results of its operations. The exchange rates used
as of December 31, 2018 and 2017 are $ 37.70 and $ 18.65 per U.S.$., respectively.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

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12.31.17</td></tr>
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    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td></tr>
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    <td style="vertical-align: bottom">&#160;</td>
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    <td style="vertical-align: bottom">&#160;</td>
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<tr>
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<tr>
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<tr>
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<tr>
    <td style="font-weight: bold; vertical-align: bottom; text-align: left">CURRENT ASSETS</td>
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<tr>
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<tr style="vertical-align: bottom">
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<tr>
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    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;250</td>
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    <td style="vertical-align: middle; text-align: right; background-color: white">37.500</td>
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    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;9,375</td>
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    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,519</td></tr>
<tr>
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    <td style="vertical-align: middle; text-align: right; background-color: white">42.840</td>
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<tr style="vertical-align: bottom">
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<tr>
    <td style="font-weight: bold; vertical-align: bottom; text-align: left">TOTAL ASSETS</td>
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    <td style="vertical-align: bottom; text-align: center">&#160;</td>
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    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; background-color: white">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;112,276</td>
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    <td style="vertical-align: middle; text-align: center; background-color: white">&#160;</td>
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<tr>
    <td style="vertical-align: bottom">&#160;</td>
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    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: middle; text-align: center; background-color: white">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
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<tr>
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    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: middle; text-align: center; background-color: white">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td></tr>
<tr>
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    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: middle; text-align: center; background-color: white">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
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<tr>
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    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: center">USD</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;190,782</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: middle; text-align: right; background-color: white">37.700</td>
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    <td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,192,467</td>
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    <td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,189,294</td></tr>
<tr>
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    <td style="vertical-align: bottom; text-align: center">&#160;</td>
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    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;190,782</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: middle; text-align: center; background-color: white">&#160;</td>
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    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,192,467</td>
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    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,189,294</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom; text-align: left">CURRENT LIABILITIES</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: middle; text-align: center; background-color: white">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom">Trade payables</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: center">USD</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;17,519</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: middle; text-align: right; background-color: white">37.700</td>
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    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;660,459</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;386,504</td></tr>
<tr>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
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    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;93</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: middle; text-align: right; background-color: white">43.163</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,014</td>
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    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;9,248</td></tr>
<tr>
    <td style="vertical-align: bottom">&#160;</td>
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    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5</td>
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    <td style="vertical-align: middle; text-align: right; background-color: white">38.312</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;15,454</td></tr>
<tr>
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    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;68</td>
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    <td style="vertical-align: middle; text-align: right; background-color: white">4.346</td>
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    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;296</td>
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<tr>
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    <td style="vertical-align: bottom; text-align: center">USD</td>
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    <td style="vertical-align: middle; text-align: right; background-color: white">37.700</td>
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    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;105,139</td></tr>
<tr style="vertical-align: bottom">
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    <td>&#160;</td>
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    <td style="text-align: center">&#160;</td>
    <td style="text-align: right">&#160;</td>
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<tr>
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    <td style="vertical-align: bottom; text-align: center">&#160;</td>
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</table>


<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 35.45pt"></td><td style="width: 21.25pt"><font style="font-size: 8pt">(1)</font></td><td style="text-align: justify"><font style="font-size: 8pt">The exchange rates used are the BNA exchange rates in effect as of
December 31, 2018 for US Dollars (U.S.$.), Euros (EUR), Swiss Francs (CHF) and Norwegian Krones (NOK). </font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The table below
shows the Company&#8217;s exposure to currency risk resulting from the financial assets and liabilities denominated in a currency
other than the Company&#8217;s functional currency.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr>
    <td style="vertical-align: bottom; width: 54%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 22%">&#160;12.31.18&#160;</td>
    <td style="vertical-align: bottom; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 22%">&#160;12.31.17&#160;</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom; text-align: left">Net position Assets/(Liabilities)</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: center">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: center">&#160;</td></tr>
<tr>
    <td style="vertical-align: top">US dollar</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(4,720,028)</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(4,844,537)</td></tr>
<tr>
    <td style="vertical-align: top">Euro</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(4,014)</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(8,854)</td></tr>
<tr>
    <td style="vertical-align: top">Norwegian krone</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(296)</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(230)</td></tr>
<tr>
    <td style="vertical-align: top">Swiss franc</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(15,454)</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">Total&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(4,724,338)</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(4,869,075)</td></tr>
</table>


<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company estimates
that a 10% devaluation of the Argentine peso with respect to each foreign currency, with all the other variables remaining constant,
would give rise to the following decrease in the profit for the year:&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr>
    <td style="vertical-align: bottom; width: 54%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 22%">&#160;12.31.18&#160;</td>
    <td style="vertical-align: bottom; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 22%">&#160;12.31.17&#160;</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom; text-align: left">Net position Assets/(Liabilities)</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: center">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: center">&#160;</td></tr>
<tr>
    <td style="vertical-align: top">US dollar</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(472,003)</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(484,454)</td></tr>
<tr>
    <td style="vertical-align: top">Euro</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(401)</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(886)</td></tr>
<tr>
    <td style="vertical-align: top">Norwegian krone</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(30)</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(24)</td></tr>
<tr>
    <td style="vertical-align: top">Swiss franc</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1,546)</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: top">Decrease in the results of operations for the year</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(472,434)</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(486,910)</td></tr>
</table>


<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 49.65pt"></td><td style="width: 21.25pt"><font style="font-size: 8pt">i.</font></td><td><font style="font-size: 8pt"><u>Price risk</u></font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company&#8217;s
investments in listed equity instruments are susceptible to market price risk arising from the uncertainties concerning the future
value of these instruments. Due to the low significance of the investments in equity instruments in relation to the net asset/liability
position, the Company is not significantly exposed to the referred to instruments price risk.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Furthermore, the
Company is not exposed to commodity price risk.&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 7.1pt 0 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 49.65pt"></td><td style="width: 21.25pt"><font style="font-size: 8pt">ii.</font></td><td><font style="font-size: 8pt"><u>Interest rate risk </u></font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 7.1pt 0 0; text-align: justify; text-indent: 35.45pt"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Interest rate risk
is the risk of fluctuation in the fair value or cash flows of an instrument due to changes in market interest rates. The Company&#8217;s
exposure to interest rate risk is related mainly to the long-term debt obligations.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Indebtedness at
floating rates exposes the Company to interest rate risk on its cash flows. Indebtedness at fixed rates exposes the Company to
interest rate risk on the fair value of its liabilities. As of December 31, 2018 and 2017 -except for a loan applied for by the
Company and granted by ICBC Bank as from October 2017 for a three-year term at a six-month Libor rate plus an initial 2.75% spread,
which will be adjusted semi-annually by a quarter-point-, 100% of the loans were obtained at fixed interest rates. The Company&#8217;s
policy is to keep the largest percentage of its indebtedness in instruments that accrue interest at fixed rates.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company analyzes
its exposure to interest rate risk in a dynamic manner. Several scenarios are simulated taking into account the positions with
respect to refinancing, renewal of current positions, alternative financing and hedging. Based on these scenarios, the Company
calculates the impact on profit or loss of a specific change in interest rates. In each simulation, the same interest rate fluctuation
is used for all the currencies. Scenarios are only simulated for liabilities that represent the most relevant interest-bearing
positions.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The table below
shows the breakdown of the Company&#8217;s loans according to interest rate and the currency in which they are denominated:</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr>
    <td style="font-weight: bold; vertical-align: top; text-align: center; width: 54%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 22%">&#160;12.31.18&#160;</td>
    <td style="vertical-align: bottom; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 22%">&#160;12.31.17&#160;</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: top">Fixed rate:</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td></tr>
<tr>
    <td style="vertical-align: top; text-align: justify">US dollar</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,359,986</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,904,361</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">Subtotal loans at fixed rates</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,359,986</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,904,361</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">Floating rate:</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td></tr>
<tr>
    <td style="vertical-align: top; text-align: justify">US dollar</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,909,934</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,390,072</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: top">Subtotal loans at floating rates</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,909,934</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,390,072</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">Total loans&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,269,920</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,294,433</td></tr>
</table>


<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Based on the simulations
performed, a 1% increase in floating interest rates, with all the other variables remaining constant, would give rise to the following
decrease in the profit for the year:</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr>
    <td style="vertical-align: bottom; text-align: center; width: 54%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 22%">&#160;12.31.18&#160;</td>
    <td style="vertical-align: bottom; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 22%">&#160;12.31.17&#160;</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">Floating rate:</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td></tr>
<tr>
    <td style="vertical-align: top; text-align: justify">US dollar</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(4,241)</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(3,098)</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: top">Decrease in the results of operations for the year</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(4,241)</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(3,098)</td></tr>
</table>


<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Based on the simulations
performed, a 1% decrease in floating interest rates, with all the other variables remaining constant, would give rise to the following
increase in the profit for the year:</p>



<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr>
    <td style="vertical-align: bottom; text-align: center; width: 54%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 22%">&#160;12.31.18&#160;</td>
    <td style="vertical-align: bottom; text-align: center; width: 1%">&#160;</td>
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    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
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<tr>
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<tr>
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 42.55pt"></td><td style="width: 28.35pt"><font style="font-size: 8pt"><b><i>a.</i></b></font></td><td><font style="font-size: 8pt"><b><i>Credit risk</i></b></font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 7.1pt 0 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Credit risk is
the risk of a financial loss as a consequence of a counterparty&#8217;s failure to comply with the obligations assumed in a financial
instrument or commercial contract. The Company&#8217;s exposure to credit risk results from its operating (particularly from its
commercial receivables) and financial activities, including deposits in financial entities and other instruments.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Credit risk arises
from cash and cash equivalents, deposits with banks and financial entities and derivative financial instruments, as well as from
credit exposure to customers, included in outstanding balances of accounts receivable and committed transactions.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">With regard to
banks and financial entities, only those with high credit quality are accepted.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">With regard to
debtors, if no independent credit risk ratings are available, the Finance Department evaluates the debtors&#8217; credit quality,
past experience and other factors.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Individual credit
limits are established in accordance with the limits set by the Company&#8217;s CEO, on the basis of the internal or external ratings
approved by the Finance and Control Department.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company has
different procedures in place to reduce energy losses and allow for the collection of the balances owed by its customers. The Commercial
Department periodically monitors compliance with the above-mentioned procedures.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">One of the significant
items of delinquent balances is that related to the receivable amounts with Municipalities, in respect of which the Company either
applies different offsetting mechanisms against municipal taxes it collects in the name and to the order of those government bodies,
or implements debt refinancing plans, with the aim of reducing them.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">At each year-end,
the Company analyzes whether the recording of an impairment is necessary. As of December 31, 2018 and 2017, delinquent trade receivables
totaled approximately $ 2 billion and $ 1.5 billion, respectively. As of December 31, 2018 and 2017, the financial statements
included allowances for $ 901.3 million and $ 677.5 million, respectively.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The inability to
collect the accounts receivable in the future could have an adverse effect on the Company&#8217;s results of operations and its
financial position, which, in turn, could have an adverse effect on the Company&#8217;s ability to repay loans, including payment
of the Corporate Notes.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The balances of
the bills for electricity consumption of small-demand (T1), medium-demand (T2) and large-demand (T3) customers that remain unpaid
7 working days after the bills&#8217; first due dates are considered delinquent trade receivables. Additionally, the amounts related
to the Framework Agreement are not considered within delinquent balances.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company&#8217;s
maximum exposure to credit risk is based on the book value of each financial asset in the financial statements, after deducting
the corresponding allowances.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><b><i>&#160;</i></b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 42.55pt"></td><td style="width: 28.35pt"><font style="font-size: 8pt"><b><i>b.</i></b></font></td><td><font style="font-size: 8pt"><b><i>Liquidity risk</i></b></font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 7.1pt 0 0"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company monitors
the risk of a deficit in cash flows on a periodical basis. The Finance Department supervises the updated projections of the Company&#8217;s
liquidity requirements in order to ensure that there is enough cash to meet its operational needs, permanently maintaining sufficient
margin for undrawn credit lines so that the Company does not fail to comply with the indebtedness limits or covenants, if applicable,
of any line of credit. Such projections give consideration to the Company&#8217;s debt financing plans, compliance with covenants,
with internal balance sheet financial ratios objectives and, if applicable, with external regulations and legal requirements, such
as, restrictions on the use of foreign currency.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Cash surpluses
held by the Company and the balances in excess of the amounts required to manage working capital are invested in Money Market Funds
and/or time deposits that accrue interest, currency deposits and securities, choosing instruments with appropriate maturities or
sufficient liquidity to provide sufficient margin as determined in the aforementioned projections. As of December 31, 2018 and
2017, the Company&#8217;s current financial assets at fair value amount to $ 3.4 billion and $ 4.3 billion, respectively, which
are expected to generate immediate cash inflows to manage the liquidity risk.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The table below
includes an analysis of the Company&#8217;s non-derivative financial liabilities, which have been classified into maturity groupings
based on the remaining period between the closing date of the fiscal year and the contractual maturity date. Derivative financial
liabilities are included in the analysis if their contractual maturities are essential for an understanding of the timing of the
cash flows. The amounts disclosed in the table are the contractual undiscounted cash flows.&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr>
    <td style="font-weight: bold; vertical-align: top; text-align: justify; width: 27%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify; width: 1%">&#160;</td>
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    <td style="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&#160;</td>
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    <td style="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">&#160;From 1 to 2 years&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&#160;</td>
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    <td style="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&#160;</td>
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    <td style="font-weight: bold; vertical-align: top; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">&#160;Total&#160;</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">As of December 31, 2018</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom">Trade and other payables</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;12,407,373</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;9,082,933</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,760,794</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;82,491</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;99,953</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;24,433,544</td></tr>
<tr>
    <td style="vertical-align: bottom">Borrowings</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;684,469</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;684,469</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,676,569</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
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<tr>
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    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;12,407,373</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;9,082,933</td>
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    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,445,263</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;766,960</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,776,522</td>
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    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;33,479,051</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">As of December 31, 2017</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td></tr>
<tr>
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    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,950,249</td>
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    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,877,338</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,195,465</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;135,840</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;179,584</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;23,338,476</td></tr>
<tr>
    <td style="vertical-align: bottom">Borrowings</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
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    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;499,945</td>
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    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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<tr>
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    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;30,445,378</td></tr>
</table>


<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></p>



<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 20.25pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>Note</b></font></td><td style="text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>5.2
|</b></font><b><font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0">&#160;&#160;&#160;&#160;&#160;
</font></b><b><font style="font: 8pt Times New Roman, Times, Serif">Concentration risk factors</font></b></td></tr></table>

<p style="font: bold 8pt Times New Roman, Times, Serif; margin: 0 0 0 53.45pt; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 35.45pt"></td><td style="width: 18pt"><font style="font-size: 8pt">a.</font></td><td style="text-align: justify"><font style="font-size: 8pt">Related to customers</font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company&#8217;s
receivables derive primarily from the sale of electricity.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">No single customer
accounted for more than 10% of sales for the years ended December 31, 2018 and 2017. The collectibility of trade receivables balances
related to the Framework Agreement, which amount to $ 10.4 million and $ 231 million as of December 31, 2018 and 2017, respectively,
as disclosed in Note 2.d), is subject to compliance with the terms of such agreement.&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 35.45pt"></td><td style="width: 18pt"><font style="font-size: 8pt">b.</font></td><td style="text-align: justify"><font style="font-size: 8pt">Related to employees who are union members</font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">As of December
31, 2018, the Company&#8217;s employees are members of unions, Sindicato de Luz y Fuerza de Capital Federal (Electric Light and
Power Labor Union Federal Capital) and Asociaci&#243;n del Personal Superior de Empresas de Energ&#237;a (Association of Supervisory
Personnel of Energy Companies). These employees labor cost depends on negotiations between the Company and the unions; a sensitive
change in employment conditions generates a significant impact on the Company&#8217;s labor costs.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In November 2018,
the Company reached an agreement with the Sindicato de Luz y Fuerza on a total salary increase to be implemented in 5 tranches,
beginning in November 2018 and ending in October 2019. Each increase will be calculated on the basis of the previous month salary
and paid to the personnel represented by the union and providing services at the time of each payment. The agreed-upon increases
are as follow:</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 71.45pt; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Symbol">&#183;</font><font style="font: 7pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><font style="font: 8pt Times New Roman, Times, Serif">10%, applicable as from December 2018.</font></p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 71.45pt; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Symbol">&#183;</font><font style="font: 7pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><font style="font: 8pt Times New Roman, Times, Serif">8%, applicable as from February 2019.</font></p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 71.45pt; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Symbol">&#183;</font><font style="font: 7pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><font style="font: 8pt Times New Roman, Times, Serif">5%, applicable as from April 2019.</font></p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 71.45pt; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Symbol">&#183;</font><font style="font: 7pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><font style="font: 8pt Times New Roman, Times, Serif">5%, applicable as from July 2019. </font></p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 71.45pt; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Symbol">&#183;</font><font style="font: 7pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><font style="font: 8pt Times New Roman, Times, Serif">5%, applicable as from October 2019.</font></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Additionally, it
was agreed that the values of the Attendance Bonus, payable to those who have maintained perfect attendance for a full quarter,
or have a maximum of 2 absences over the period, would be adjusted as from November 2018.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">At present, the
Company continues negotiating with the Asociaci&#243;n del Personal Superior de Empresas de Energ&#237;a (APSEE), but no agreement
has been reached as of to date.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 20.25pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>Note</b></font></td><td style="text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>5.3
|</b></font><b><font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0">&#160;&#160;&#160;&#160;&#160;
</font></b><b><font style="font: 8pt Times New Roman, Times, Serif">Capital risk management</font></b></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 7.1pt 0 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company&#8217;s
objectives when managing capital are to safeguard its ability to continue as a going concern and to maintain an optimal capital
structure to reduce the cost of capital.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Consistent with
others in the industry, the Company monitors its capital on the basis of the gearing ratio. This ratio is calculated as net debt
divided by total capital. Net debt is calculated as total liabilities (current and non-current) less cash and cash equivalents.
Total capital is calculated as equity attributable to the owners as shown in the statement of financial position plus net debt.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify">As of December 31, 2018
and 2017, gearing ratios were as follow:</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center; width: 54%"></td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 22%">&#160;12.31.18&#160;</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 22%">&#160;12.31.17&#160;</td></tr>
<tr>
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    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;46,023,206</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;43,088,208</td></tr>
<tr>
    <td style="vertical-align: bottom">Less: cash and cash equivalents</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
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    <td style="vertical-align: bottom; text-align: right">&#160;</td>
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<tr>
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    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;42,614,048</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;38,687,851</td></tr>
<tr>
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    <td style="vertical-align: bottom; text-align: right">&#160;</td>
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    <td style="vertical-align: bottom; text-align: right">&#160;</td>
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<tr>
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    <td style="vertical-align: top; text-align: justify">&#160;</td>
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<tr>
    <td style="font-weight: bold; vertical-align: bottom">Gearing ratio</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
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    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right">58.19%</td></tr>
</table>


<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify"><b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 20.25pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>Note</b></font></td><td style="text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>5.4
|</b></font><b><font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0">&#160;&#160;&#160;&#160;&#160;
</font></b><b><font style="font: 8pt Times New Roman, Times, Serif">Regulatory risk factors</font></b></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Pursuant to caption
C of Section 37 of the Concession Agreement, the Grantor of the Concession may, without prejudice to other rights to which he is
entitled thereunder, foreclose on the collateral granted by the Company when the cumulative value of the penalties imposed to the
Company in the previous one-year period exceeds 20% of its annual billing, net of taxes and rates.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company&#8217;s
Management evaluates the development of this indicator on an annual basis. At the date of issuance of these financial statements,
there are no events of non-compliance by the Company that could lead to that situation.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 20.25pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>Note</b></font></td><td style="text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>5.5
|</b></font><b><font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0">&#160;&#160;&#160;&#160;&#160;
</font></b><b><font style="font: 8pt Times New Roman, Times, Serif">Fair value estimate</font></b></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 7.1pt 0 0; text-align: justify"><b>&#160;&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company classifies
the measurements of financial instruments at fair value using a fair value hierarchy that reflects the relevance of the variables
used to carry out such measurements. The fair value hierarchy has the following levels:</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt"><br />
&#183; <b>Level 1</b>: quoted prices (unadjusted) in active markets for identical assets or liabilities.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt"><br />
&#183; <b>Level 2</b>: inputs other than quoted prices included in level 1 that are observable for the asset or liability, either
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><br />
&#183; <b>Level 3</b>: inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs).</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The table below
shows the Company&#8217;s financial assets and liabilities measured at fair value as of December 31, 2018 and 2017:&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="width: 40%">&#160;</td>
    <td style="padding-left: 18px; font-weight: bold; text-align: left; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">&#160;LEVEL 1&#160;</td>
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    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">&#160;LEVEL 2&#160;</td>
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<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="padding-left: 18px; font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">At December 31, 2018</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">Assets</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td></tr>
<tr>
    <td style="font-style: italic; vertical-align: bottom">Financial assets at fair value through profit or loss:</td>
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    <td style="vertical-align: middle; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: middle; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: middle; text-align: right">&#160;</td>
    <td style="vertical-align: middle; text-align: right">&#160;</td>
    <td style="vertical-align: middle; text-align: right">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom">Government bonds</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,285,799</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,285,799</td></tr>
<tr>
    <td style="vertical-align: bottom">Money market funds</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;95,751</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;95,751</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">Total assets</td>
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    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,381,550</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,381,550</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">Liabilities</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom">Derivative financial instruments</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,035</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,035</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">Total liabilities</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,035</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,035</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">At December 31, 2017</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">Assets</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td></tr>
<tr>
    <td style="font-style: italic; vertical-align: bottom">Financial assets at fair value through profit or loss:</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: middle; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom">Government bonds</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,829,888</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,829,888</td></tr>
<tr>
    <td style="vertical-align: bottom">Money market funds</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,448,120</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,448,120</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">Total assets</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,278,008</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,278,008</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">Liabilities</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom">Derivative financial instruments</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;291</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;291</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">Total liabilities</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;291</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;291</td></tr>
</table>


<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;&#160;</p>



<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The value of the
financial instruments negotiated in active markets is based on the market quoted prices on the date of the statement of financial
position. A market is considered active when the quoted prices are regularly available through a stock exchange, broker, sector-specific
institution or regulatory body, and those prices reflect regular and current market transactions between parties that act in conditions
of mutual independence. The market quotation price used for the financial assets held by the Company is the current offer price.
These instruments are included in level 1.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The fair value
of financial instruments that are not negotiated in active markets is determined using valuation techniques. These valuation techniques
maximize the use of market observable information, when available, and rely as little as possible on specific estimates of the
Company. If all significant variables to establish the fair value of a financial instrument can be observed, the instrument is
included in level 2. These derivative financial instruments arise from the variation between the market prices at year-end or sale
thereof and the time of negotiation. The market value used is obtained from the &#8220;Transactions with securities&#8221; report
issued by Banco Mariva.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">When one or more
relevant variables used to determine the fair value cannot be observed in the market, the financial instrument is included in level
3. There are no financial instruments that are to be included in level 3.</p>



<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the entity's financial risk management practices and policies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6747420448">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>6. Critical accounting estimates and judgments<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_CriticalAccountingEstimatesAndJudgmentsAbstract', window );"><strong>Critical Accounting Estimates And Judgments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory', window );">Critical accounting estimates and judgments</a></td>
<td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The preparation
of the financial statements requires the Company&#8217;s Management to make estimates and assessments concerning the future, exercise
critical judgments and make assumptions that affect the application of the accounting policies and the reported amounts of assets
and liabilities and revenues and expenses.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">These estimates
and judgments are permanently evaluated and are based upon past experience and other factors that are reasonable under the existing
circumstances. Future actual results may differ from the estimates and assessments made at the date of preparation of these financial
statements.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The estimates that
have a significant risk of causing adjustments to the amounts of assets and liabilities during the next fiscal year are detailed
below:</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 35.45pt"></td><td style="width: 18pt"><font style="font-size: 8pt"><b>a.</b></font></td><td><font style="font-size: 8pt"><b>Impairment of financial assets</b></font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The allowance for
the impairment of accounts receivable is assessed based on the delinquent balance, which comprises all such debt arising from the
bills for electricity consumption of small-demand (T1), medium-demand (T2), and large-demand (T3) customers that remain unpaid
7 working days after their first due dates. The Company&#8217;s Management records an allowance applying to the delinquent balances
of each customer category an uncollectibility rate that is determined according to each customer category based on the historical
comparison of collections made.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Additionally, and
faced with temporary and/or exceptional situations, the Company&#8217;s Management may redefine the amount of the allowance, specifying
and supporting the criteria used in all the cases.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">As from January
1, 2018, the Company has applied the amended IFRS 9  with the allowed practical resources, without restating the
comparative periods.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company has
performed a review of the financial assets it currently measures and classifies at fair value through profit or loss or at amortized
cost and has concluded that they meet the conditions to maintain their classification; consequently, the initial adoption has not
affected the classification and measurement of the Company&#8217;s financial assets.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Furthermore, with
regard to the new hedge accounting model, the Company has not elected to designate any hedge relationship at the date of the initial
adoption of the amended IFRS 9 and, consequently, has generated no impact on the Company&#8217;s results of operations or its financial
position.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Finally, with
regard to the change in the methodology for calculating the impairment of financial assets based on expected credit losses, the
Company has applied the simplified approach of IFRS 9 for trade receivables and other receivables with similar risk characteristics.
In order to measure the expected credit losses, receivables are grouped by customer segment, and on the basis of the shared credit
risk characteristics and the number of days past the payment due date. The expected loss as of January 1, 2018 was determined
based on the following coefficients calculated for the number of days past the payment due date:</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td colspan="11" style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Number of days</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 29%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; text-align: center; width: 11%">0-30</td>
    <td style="text-align: center; width: 1%">&#160;</td>
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    <td style="text-align: center; width: 1%">&#160;</td>
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    <td style="text-align: center; width: 1%">&#160;</td>
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    <td style="text-align: center; width: 1%">&#160;</td>
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<tr>
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    <td style="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: center; border-top-color: Black; border-top-width: 0.5pt">8%</td>
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    <td style="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: center; border-top-color: Black; border-top-width: 0.5pt">12%</td>
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    <td style="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: center; border-top-color: Black; border-top-width: 0.5pt">19%</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: center; border-top-color: Black; border-top-width: 0.5pt">26%</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: center; border-top-color: Black; border-top-width: 0.5pt">59%</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: center; border-top-color: Black; border-top-width: 0.5pt">69%</td></tr>
</table>


<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">For such purpose,
the adjustments determined as of December 31, 2017 are as follow:&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; width: 67%; padding-bottom: 1pt">Amount of the provisions for impairment of the trade receivables<br />
at 12.31.2017 by IAS 39&#160;</td>
    <td style="text-align: left; width: 9%; padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left; width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="font-weight: bold; text-align: right; width: 23%; border-bottom: Black 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(458,853)</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt">Adjustment of expected losses IFRS 9</td>
    <td style="text-align: left; padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left; padding-bottom: 1pt">&#160;</td>
    <td style="text-align: right; border-bottom: Black 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(82,041)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Amount of the provisions for impairment of the trade receivables<br />
at 12.31.2017 by IAS 39</td>
    <td style="text-align: left; padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: left; padding-bottom: 2.5pt">&#160;</td>
    <td style="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(540,894)</td></tr>
</table>


<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></p>



<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The adjustment
determined as a result of the application of this new standard, net of its tax effect, amounts to $ 60.2 million, which is disclosed
within the &#8220;Unappropriated Retained Earnings&#8221; line item.&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 7.1pt 0 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Revenue is recognized
on an accrual basis upon delivery to customers, which includes the estimated amount of unbilled distribution of electricity at
the end of each year. The accounting policy for the recognition of estimated revenue is considered critical because it depends
on the amount of electricity effectively delivered to customers, which is valued on the basis of applicable tariffs. Unbilled
revenue is classified as current trade receivables.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 35.45pt"></td><td style="width: 21.25pt"><font style="font-size: 8pt"><b>c.</b></font></td><td style="text-align: justify; padding-right: 7.1pt"><font style="font-size: 8pt"><b>Impairment of long-lived assets</b></font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Long-lived assets
are tested for impairment at the lowest disaggregation level at which independent cash flows can be identified (cash generating
units, or CGU).</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company analyzes
the recoverability of its long-lived assets on a periodical basis or when events or changes in circumstances indicate that the
recoverable amount of assets, which is measured as the higher of value in use and fair value less costs to sell at the end of the
year, may be impaired.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">At the date of
issuance of these financial statements there are no indicators of a potential impairment.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 7.1pt 0 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">A degree of judgment
is required to determine the income tax provision inasmuch as the Company&#8217;s Management has to evaluate, on an ongoing basis,
the positions taken in tax returns in respect of situations in which the applicable tax regulation is subject to interpretation
and, whenever necessary, make provisions based on the amount expected to be paid to the tax authorities. When the final tax outcome
of these matters differs from the amounts initially recognized, such differences will impact on both the income tax and the deferred
tax provisions in the fiscal year in which such determination is made.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">There are many
transactions and calculations for which the ultimate tax determination is uncertain. The Company recognizes liabilities for eventual
tax claims based on estimates of whether additional taxes will be due in the future.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Deferred tax assets
are reviewed at each reporting date and reduced in accordance with the probability that the sufficient taxable base will be available
to allow for the total or partial recovery of these assets. Deferred tax assets and liabilities are not discounted. The realization
of deferred tax assets depends on the generation of future taxable income in the periods in which these temporary differences
become deductible. To make this assessment, the Company&#8217;s Management takes into consideration the scheduled reversal of
deferred tax liabilities, the projected future taxable income, the prevailing rates to be applied in each period, and tax planning
strategies.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>&#160;</b></p>

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<td style="width: 35.45pt"></td><td style="width: 21.25pt"><font style="font-size: 8pt"><b>e.</b></font></td><td style="text-align: justify; padding-right: 7.1pt"><font style="font-size: 8pt"><b>Benefit plans</b></font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 7.1pt 0 53.45pt; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The liability recognized
by the Company is the best estimate of the present value of the cash flows representing the benefit plan obligation at the closing
date of the year together with the adjustments for past service costs and actuarial losses. Cash flows are discounted using a rate
that contemplates actuarial ns about demographic and financial conditions that affect the determination of benefit plans. Such
estimate is based on actuarial calculations made by independent professionals in accordance with the projected unit credit method.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 35.45pt"></td><td style="width: 21.25pt"><font style="font-size: 8pt"><b>f.</b></font></td><td style="text-align: justify; padding-right: 7.1pt"><font style="font-size: 8pt"><b>ENRE penalties and discounts</b></font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 7.1pt 0 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company considers
its applicable accounting policy for the recognition of ENRE penalties and discounts critical because it depends on penalizable
events that are valued on the basis of the Management&#180;s best estimate of the expenditure required to settle the present obligation
at the date of these financial statements. The balances of ENRE penalties and discounts are adjusted in accordance with the regulatory
framework applicable thereto and have been estimated based on that which has been described in Note 2.e).</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 35.45pt"></td><td style="width: 21.25pt"><font style="font-size: 8pt"><b>g.</b></font></td><td style="text-align: justify; padding-right: 7.1pt"><font style="font-size: 8pt"><b>Contingencies and provisions for lawsuits</b></font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 7.1pt 0 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company is
a party to several complaints, lawsuits and other legal proceedings, including customer claims, in which a third party is seeking
payment for alleged damages, reimbursement for losses or compensation. The Company&#8217;s potential liability with respect to
such claims, lawsuits and legal proceedings may not be accurately estimated. The Company&#8217;s Management, with the assistance
of its legal advisors (attorneys), periodically analyzes the status of each significant matter and evaluates the Company&#8217;s
potential financial exposure. If the loss deriving from a complaint or legal proceeding is considered probable and the amount can
be reasonably estimated, a provision is recorded.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Provisions for
contingent losses represent a reasonable estimate of the losses that will be incurred, based on the information available to Management
at the date of the financial statements preparation, taking into account the Company&#8217;s litigation and settlement strategies.
These estimates are mainly made with the help of legal advisors. However, if the Management&#8217;s estimates proved wrong, the
current provisions could be inadequate and result in a charge to profits that could have a significant effect on the statements
of financial position, comprehensive income, changes in equity and cash flows.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>



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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of judgements that management has made in the process of applying the entity's accounting policies that have the most significant effect on amounts recognised in the financial statements along with information about the assumptions that the entity makes about the future, and other major sources of estimation uncertainty at the end of the reporting period, that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next year. [Refer: Carrying amount [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6719412416">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>7. Interest in joint venture<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_InterestInJointVentureAbstract', window );"><strong>Interest In Joint Venture</strong></a></td>
<td class="text">&#160;<span></span>
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    <td style="font-weight: bold; text-align: center">&#160;Percentage interest held&#160;&#160;</td>
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    <td>&#160;</td>
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    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 53%">&#160;in capital stock and votes&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 15%">&#160;</td>
    <td style="width: 2%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">12.31.18</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">12.31.17</td></tr>
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    <td style="text-align: center">&#160;SACME&#160;</td>
    <td style="text-align: center">50.00%</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,844</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;10,693</td></tr>
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</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of joint ventures. [Refer: Joint ventures [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2018-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2018-03-01&amp;anchor=para_17_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2018-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2018-03-01&amp;anchor=para_16_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B4<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B4_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6719391728">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>8. Contingent liabilities<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ContingentLiabilitiesAbstract', window );"><strong>Contingent Liabilities</strong></a></td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesExplanatory', window );">Contingent liabilities</a></td>
<td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company has
contingent liabilities and is a party to lawsuits that arise from the ordinary course of business. Based on the opinion of its
in-house and external legal advisors, the Company&#8217;s Management estimates that the outcome of the current contingencies and
lawsuits will not result in amounts that either exceed those of the recorded provisions or could be significant with respect to
the Company&#8217;s financial position or the results of its operations.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Furthermore, it
is worth mentioning that there exist contingent obligations and labor, civil and commercial complaints filed against the Company
related to legal actions for individual non-significant amounts, which as of December 31, 2018 total $ 1.3 billion, for which a
provision has been recorded.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">We detail below
the nature of the significant judicial proceedings in relation to which, as of December 31, 2018, the Company believes, based on
the opinion of its in-house and external legal advisors, there exist grounds for them not to be deemed probable:</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 20.15pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>Note</b></font></td><td><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>8.1 |</b></font><b><font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0">&#160;&#160;&#160;&#160;&#160;
</font></b><b><font style="font: 8pt Times New Roman, Times, Serif">Civil and commercial proceedings &#8211;
Consumer claims</font></b></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt 21.3pt; text-align: justify; text-indent: -14.2pt">- By
means of the action filed by Consumidores Financieros Asociaci&#243;n Civil para su Defensa, the following is claimed from the
Company:</p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Wingdings">&#216;</font><font style="font: 7pt Times New Roman, Times, Serif">&#160;
</font><font style="font: 8pt Times New Roman, Times, Serif">Reimbursement of the Value Added Tax (VAT) percentage
paid on the illegally &#8220;widened&#8221; taxable basis due to the incorporation of the FNEE. Distribution companies, the defendants,
had not paid this tax when CAMMESA invoiced them the electricity purchased for distribution purposes.</font></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Wingdings">&#216;</font><font style="font: 7pt Times New Roman, Times, Serif">&#160;
</font><font style="font: 8pt Times New Roman, Times, Serif">Reimbursement of part of the administrative surcharge
on &#8220;second due date&#8221;, in those cases in which payment was made within the time period authorized for such second deadline
(14 days) but without distinguishing the effective day of payment. </font></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Wingdings">&#216;</font><font style="font: 7pt Times New Roman, Times, Serif">&#160;
</font><font style="font: 8pt Times New Roman, Times, Serif">Application of the &#8220;borrowing rate&#8221;
in case of customer delay in complying with payment obligation, in accordance with the provisions of Law No. 26,361.</font></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On April 22, 2010,
the Company answered the complaint and filed a motion to dismiss for lack of standing (&#8220;<i>excepci&#243;n de falta de legitimaci&#243;n</i>&#8221;),
requesting, at such opportunity, that a summons be served upon the Federal Government, the AFIP and the ENRE as third-party defendants.
Notice of this was served upon the plaintiff. Although the plaintiff&#8217;s opposition to the requested summons had not yet been
resolved, the proceedings were brought to trial, in response to which <b>edenor</b> filed a motion for reversal with a supplementary
appeal. The Court hearing the case granted the motion filed by <b>edenor</b> and ordered that the Federal Government, the AFIP
and the ENRE be summoned as third-party defendants, which has already taken place. These proceedings have been joined to those
mentioned below. Without prejudice thereto, in the framework of the record of the proceedings, the case has been brought to trial.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">By means of the
action filed by Asociaci&#243;n de Defensa de derechos de clientes y consumidores (ADDUC) it is requested that the Company be ordered
by the Court to reduce or mitigate the default or late payment interest rates charged to customers who pay their bills after the
first due date, inasmuch as they violate section 31 of Law 24,240, ordering both the non application of pacts or accords that stipulate
the interest rates that are being applied to the users of electricity &#8211;their unconstitutional nature&#8211; as well as the
reimbursement of interest amounts illegally collected from the customers of the service from August 15, 2008 through the date on
which the defendant complies with the order to reduce interest. It is also requested that the VAT and any other taxes charged on
the portion of the surcharge illegally collected be reimbursed.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On November 11,
2011, the Company answered the complaint and filed a motion to dismiss for both lack of standing to sue (&#8220;<i>excepci&#243;n
de falta de legitimaci&#243;n activa</i>&#8221;) and the fact that the claims at issue were being litigated in another lawsuit
(&#8220;<i>excepci&#243;n de litispendencia</i>&#8221;), currently in process, requesting as well that a summons be served upon
the ENRE as a third-party defendant. Notice of these pleadings was served upon the plaintiff. Prior to rendering a decision on
the motion to dismiss, the Court ordered that the Court in Contentious and Administrative Federal Matters No. 2 &#8211; Clerk&#8217;s
Office No. 3 provide it with the proceedings &#8220;Consumidores Financieros Asociaci&#243;n Civil vs Edesur S.A. and Other defendants,
for breach of contract&#8221;. On April 8, 2014, the Court in Civil and Commercial Federal Matters No. 9 &#8211; Clerk&#8217;s
Office No. 17 admitted the motion to dismiss due to the fact that the claims at issue were being litigated in another lawsuit
(&#8220;<i>excepci&#243;n de litispendencia</i>&#8221;), and ordered that the proceedings be sent to Federal Court No. 2 &#8211;
Clerk&#8217;s Office No. 3 to be dealt with thereat, thus joining them to the case entitled &#8220;consumidores financieros vs
Edesur S.A. and other defendants, for breach of contract&#8221;. Apart from the fact that the proceedings have been received in
the Court that currently hears the case, which continues in process, no significant events have occurred. As indicated in caption
a) above, due to the joining of those proceedings to those herein described, these proceedings have been brought to trial.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 20.15pt">We detail
below the nature of the significant judicial proceedings instituted by the Company as of December 31, 2018, in relation to which
an inflow of economic benefits into the Company is deemed probable.&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 49.65pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>Note</b></font></td><td style="text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>8.2
|</b></font><b><font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0">&#160;&#160; </font></b><b><font style="font: 8pt Times New Roman, Times, Serif">Civil
and Commercial Proceedings for the Determination of a Claim &#8211; Judicial Annulment ENRE Resolution 32/11 </font></b></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt 21.3pt; text-align: justify; text-indent: -14.2pt">- The
Company seeks to obtain the judicial annulment of the ENRE&#8217;s Resolution that provided the following:</p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 57.3pt; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Wingdings">&#216;</font><font style="font: 7pt Times New Roman, Times, Serif">&#160;
</font><font style="font: 8pt Times New Roman, Times, Serif">That the Company be fined in the amount of $ 750
thousand due to its failure to comply with the obligations arising from Section 25, sub-sections a, f and g, of the Concession
Agreement and Section 27 of Law No. 24,065.</font></p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 57.3pt; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Wingdings">&#216;</font><font style="font: 7pt Times New Roman, Times, Serif">&#160;
</font><font style="font: 8pt Times New Roman, Times, Serif">That the Company be fined in the amount of $ 375
thousand due to its failure to comply with the obligations arising from Section 25 of the Concession Agreement and ENRE Resolution
No. 905/99.</font></p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt 57.3pt; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Wingdings">&#216;</font><font style="font: 7pt Times New Roman, Times, Serif">&#160;
</font><font style="font: 8pt Times New Roman, Times, Serif">That the Company be ordered to pay customers as
compensation for the power cuts suffered the following amounts: $ 180 to each small-demand residential customer (T1R) who suffered
power cuts that lasted more than 12 continuous hours, $ 350 to those who suffered power cuts that lasted more than 24 continuous
hours, and $ 450 to those who suffered power cuts that lasted more than 48 continuous hours. The resolution stated that such compensation
did not include damages to customer facilities and/or appliances, which were to be dealt with in accordance with a specific procedure.</font></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On July 8, 2011,
the Company requested that notice of the action be served upon the ENRE, which has effectively taken place. The proceedings are
&#8220;awaiting resolution&#8221; since the date on which the ENRE answered the notice served. Furthermore, on October 28, 2011,
the Company filed an appeal (&#8220;<i>Recurso de Queja por apelaci&#243;n denegada</i>&#8221;) to the CSJN requesting that the
appeal dismissed concerning the provisional relief sought and not granted be sustained. On April 24, 2013, the Company was notified
of Division I&#8217;s decision dated March 21, 2013, pursuant to which the appeal filed by <b>edenor</b> was declared formally
inadmissible. On May 3, 2013, the Company filed an ordinary appeal (&#8220;<i>Recurso Ordinario de Apelaci&#243;n</i>&#8221;) to
the CSJN. Additionally, on May 13, 2013, an extraordinary appeal (&#8220;<i>Recurso Extraordinario Federal</i>&#8221;) was also
filed to the same Court. On November 7, 2014, it was notified to the Company that Division I had rejected the ordinary appeal but
partially granted the extraordinary appeal, considering for the granting thereof the federal nature of the regulations being challenged
and rejecting it in relation to the arbitrariness raised by <b>edenor</b>. Therefore, and within the procedural term granted for
such purpose, the Company filed an appeal requesting that the extraordinary appeal dismissed be sustained (&#8220;<i>Recurso de
Queja por Rec. Extraordinario Denegado</i>&#8221;). As of the date of this report, no decision has yet been issued on this regard.
However, the course of these proceedings is currently suspended due to the fact that an &#8220;Agreement of parties&#8221; has
been entered into with the ENRE.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">At the closing
date of the year ended December 31, 2018, the Company made a provision for principal and interest accrued for an amount of $ 57.3
million within the Other non-current liabilities account.&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;<b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 49.65pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>Note</b></font></td><td style="text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>8.3
|</b></font><b><font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0">&#160;&#160; </font></b><b><font style="font: 8pt Times New Roman, Times, Serif">Civil
and Commercial Proceedings for the Determination of a Claim &#8211; Regulatory Liability Claim against the Federal Government</font></b></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On June 28, 2013,
the Company instituted these proceedings for the recognizance of a claim and the related leave to proceed in forma pauperis, both
pending in the Federal Court of Original Jurisdiction in Contentious and Administrative Federal Matters No. 11 &#8211; Clerk&#8217;s
Office No. 22, whose purpose is to sue for breach of contract due to the Federal Government&#8217;s failure to perform in accordance
with the terms of the &#8220;Agreement on the Renegotiation of the Concession Agreement&#8221; (&#8220;<i>Acta Acuerdo de Renegociaci&#243;n
del Contrato de Concesion</i>&#8221; &#8211; the &#8220;Adjustment Agreement&#8221;) entered into with the Company in 2006, and
for damages caused as a result of such breach.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On November 22,
2013, the Company amended the complaint so as to extend it and claim more damages as a consequence of the Federal Government&#8217;s
omission to perform the obligations under the aforementioned &#8220;Adjustment Agreement&#8221;. On February 3, 2015, the Court
hearing the case ordered that notice of the complaint be served to be answered within the time limit prescribed by law, which was
answered by the Federal Government in due time and in proper manner. Subsequently, <b>edenor</b> reported as new event, under the
terms of Section 365 of the CPCCN, the issuance by the SEE of Resolution No. 32/15. After notice was served, the Court rejected
the treatment thereof as an &#8220;event&#8221;, holding the Company liable for costs. The Company filed an appeal, which was admitted
&#8220;with a postponed effect&#8221; (i.e. the Appellate Court will grant or reject the appeal when deciding on the granting or
rejection of the appeal against final judgment). On October 16, 2015, the Attorney General&#8217;s Office requested to borrow the
records for a term of 20 days, which were returned on December 1, 2015, in order to control the work done by the state&#8217;s
attorneys. On December 4, 2015, the Company requested the suspension of the procedural time-limits under the terms of section 157
of the CPCCN, in accordance with the provisions of SEE Resolution No. 32/15, notice of which has been served upon the defendant.
On February 16, 2016, the Company reiterated the request due to the revocation of SEE Resolution No. 32/15. At the date of issuance
of this report, and by &#8220;agreement of the parties&#8221;, the procedural time-limits continue to be suspended.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Regarding the motion
to litigate in forma pauperis that was filed on July 2, 2013, the discovery period has ended and the period for the parties to
put forward their arguments on the merits of the evidence produced has begun. At the date of issuance of these financial statements,
the procedural time-limits in this incidental motion, as those in the main proceedings, continue to be suspended.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p><span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of contingent liabilities. [Refer: Contingent liabilities [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2018-01-01<br> -Paragraph 86<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=37&amp;date=2018-03-01&amp;anchor=para_86&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6738765280">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>9. Property, plant and equipment<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory', window );">Property, plant and equipment</a></td>
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<tr style="vertical-align: bottom">
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    <td style="font-weight: bold; text-align: center">&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,549,909</td></tr>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,211)</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(94,785)</td>
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<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: right">&#160;</td>
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    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
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    <td style="text-align: right">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;195,305</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;85,289,885</td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(12,171,436)</td>
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    <td style="text-align: right">&#160;</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(22,815,042)</td></tr>
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</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 70.9pt; text-indent: -14.2pt"><font style="font: 8pt Symbol">&#183;</font><font style="font: 7pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
</font><font style="font: 8pt Times New Roman, Times, Serif">During the year ended December 31, 2018, the Company
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<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 70.9pt; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
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    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">&#160;Substations&#160;</td>
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    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(178,241)</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(3,214,869)</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(10,386,483)</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
    <td>&#160;</td>
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    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
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    <td style="text-align: right">&#160;</td>
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    <td style="text-align: right">&#160;</td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;57,060,187</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: right">&#160;</td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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</table>


<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 70.9pt; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif"></font></p>



<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 70.9pt; text-indent: -14.2pt"><font style="font: 8pt Symbol">&#183;</font><font style="font: 7pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
</font><font style="font: 8pt Times New Roman, Times, Serif">During the year ended December 31, 2017, the Company
capitalized as direct own costs $ 869.7 million.</font></p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 70.9pt; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 70.9pt; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>



<p style="margin-top: 0; margin-bottom: 0"></p>

<p style="margin-top: 0; margin-bottom: 0"></p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=sect_Disclosure&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory</td>
</tr>
<tr>
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<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipmentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipmentAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6747337872">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>10. Financial instruments<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FinancialInstrumentsAbstract', window );"><strong>Financial Instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsExplanatory', window );">Financial instruments</a></td>
<td class="text"><p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>Note
10.1 |</b></font><b><font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0">&#160;&#160;&#160;&#160;&#160;
</font></b><b><font style="font: 8pt Times New Roman, Times, Serif">Financial instruments by category</font></b></p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><b>&#160;</b></p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><b></b></p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; width: 40%">&#160;</td>
    <td style="font-weight: bold; text-align: left; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">&#160;Financial assets at amortized cost&#160;</td>
    <td style="text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">&#160;Financial assets at fair value through profit or loss&#160;</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">&#160;Non-financial assets&#160;</td>
    <td style="text-align: left; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">&#160;Total&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">&#160;As of December 31, 2018&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">&#160;Assets&#160;&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>Trade receivables</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,587,906</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,587,906</td></tr>
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    <td>Other receivables</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;954,407</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;88,451</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,042,858</td></tr>
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    <td style="font-style: italic">Cash and cash equivalents&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td></tr>
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    <td>&#160;&#160;&#160;&#160;&#160;Cash and Banks</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;27,608</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;27,608</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-style: italic">Financial assets at fair value through profit or loss:</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom">&#160;&#160;&#160;&#160;&#160;Government bonds</td>
    <td style="vertical-align: middle; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,285,799</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,285,799</td></tr>
<tr>
    <td style="vertical-align: bottom">&#160;&#160;&#160;&#160;&#160;Derivative financial instruments</td>
    <td style="vertical-align: middle; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td></tr>
<tr>
    <td style="vertical-align: bottom">&#160;&#160;&#160;&#160;&#160;Money market funds</td>
    <td style="vertical-align: middle; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;95,751</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;95,751</td></tr>
<tr>
    <td style="font-style: italic; vertical-align: bottom">Financial assets at amortized cost:</td>
    <td style="vertical-align: middle; text-align: left">&#160;</td>
    <td style="vertical-align: middle; text-align: right">&#160;</td>
    <td style="vertical-align: middle; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: middle; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: middle; text-align: right">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom">&#160;&#160;&#160;&#160;&#160;Time deposits</td>
    <td style="vertical-align: middle; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,208,770</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,208,770</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">&#160;Total&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;9,778,691</td>
    <td style="text-align: right">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,381,550</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;88,451</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;13,248,692</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">&#160;As of December 31, 2017&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">&#160;Assets&#160;&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>Trade receivables</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,385,237</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,385,237</td></tr>
<tr style="vertical-align: bottom">
    <td>Other receivables</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;249,780</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;88,667</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;20,448</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;358,895</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-style: italic">Cash and cash equivalents&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;120,053</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;120,053</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;&#160;&#160;&#160;&#160;Checks to be deposited</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,296</td>
    <td style="text-align: right">&#160;</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,296</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;&#160;&#160;&#160;&#160;Money market funds</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td></tr>
<tr>
    <td style="font-style: italic; vertical-align: bottom">Financial assets at fair value through profit or loss:</td>
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    <td style="vertical-align: bottom; text-align: right">&#160;</td>
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    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: middle; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: middle; text-align: right">&#160;</td></tr>
<tr>
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    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,829,888</td>
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    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,829,888</td></tr>
<tr>
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    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,448,120</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,448,120</td></tr>
<tr>
    <td style="font-style: italic; vertical-align: bottom">Financial assets at fair value</td>
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    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
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<tr>
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    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;16,978</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;16,978</td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td>
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</table>

<p style="margin: 0">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; width: 40%">&#160;</td>
    <td style="font-weight: bold; text-align: left; width: 1%">&#160;</td>
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    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">&#160;Financial liabilities at fair value through profit or loss&#160;</td>
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    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">&#160;Non-financial liabilities&#160;</td>
    <td style="font-weight: bold; text-align: left; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">&#160;Total&#160;</td></tr>
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    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td></tr>
<tr>
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    <td style="font-weight: bold; vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: left">&#160;</td></tr>
<tr>
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    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;14,895,194</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;14,895,194</td></tr>
<tr>
    <td style="vertical-align: bottom; text-align: left">&#160;Other payables&#160;</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;317,439</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;9,228,745</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;9,546,184</td></tr>
<tr>
    <td style="vertical-align: bottom; text-align: left">&#160;Borrowings&#160;</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,269,920</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,269,920</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom; text-align: left">&#160;Total&#160;&#160;</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;23,482,553</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;9,228,745</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;32,711,298</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">&#160;As of December 31, 2017&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom; text-align: left">&#160;Liabilities&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: left">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom; text-align: left">&#160;Trade payables&#160;</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;13,933,226</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;13,933,226</td></tr>
<tr>
    <td style="vertical-align: bottom; text-align: left">&#160;Other payables&#160;</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;490,188</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,966,695</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;9,456,883</td></tr>
<tr>
    <td style="vertical-align: bottom; text-align: left">&#160;Borrowings&#160;</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,294,433</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,294,433</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom; text-align: left">&#160;Total&#160;&#160;</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;20,717,847</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,966,695</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;29,684,542</td></tr>
</table>


<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Financial instruments
categories have been determined based on IFRS 9.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The income, expenses,
gains and losses resulting from each category of financial instruments are as follow:</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; width: 46%">&#160;</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 17%">&#160;Financial assets at amortized cost&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="text-align: left">Interest income&#160;</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;671,783</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;671,783</td></tr>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,886,396</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,886,396</td></tr>
<tr style="vertical-align: bottom">
    <td>Bank fees and expenses</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(8,509)</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(8,509)</td></tr>
<tr style="vertical-align: bottom">
    <td>Changes in fair value of financial assets</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;746,532</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;746,532</td></tr>
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    <td style="text-align: right; padding-bottom: 1pt">&#160;</td>
    <td style="text-align: right; border-bottom: Black 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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<tr style="vertical-align: bottom">
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    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;746,532</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,275,875</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">As of December 31, 2017</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Interest income&#160;</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;453,804</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;453,804</td></tr>
<tr style="vertical-align: bottom">
    <td>Exchange differences</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;229,100</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;229,100</td></tr>
<tr style="vertical-align: bottom">
    <td>Bank fees and expenses</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,883)</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,883)</td></tr>
<tr style="vertical-align: bottom">
    <td>Changes in fair value of financial assets</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;474,896</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;474,896</td></tr>
<tr style="vertical-align: bottom">
    <td>Adjustment to present value&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(431)</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; border-bottom: Black 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(431)</td></tr>
<tr style="vertical-align: bottom">
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    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;679,590</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;474,896</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,154,486</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">As of December 31, 2016</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Interest income&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;362,558</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;362,558</td></tr>
<tr style="vertical-align: bottom">
    <td>Exchange differences</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;178,191</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,830</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;184,021</td></tr>
<tr style="vertical-align: bottom">
    <td>Bank fees and expenses</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(5,928)</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(5,928)</td></tr>
<tr style="vertical-align: bottom">
    <td>Changes in fair value of financial assets</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;781,486</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;781,486</td></tr>
<tr style="vertical-align: bottom">
    <td>Adjustment to present value&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(485)</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,799</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; border-bottom: Black 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,314</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">Total&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;534,336</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;793,115</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,327,451</td></tr>
</table>


<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; width: 46%">&#160;</td>
    <td style="font-weight: bold; text-align: left; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 17%">&#160;Financial liabilities at amortized cost&#160;</td>
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    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 17%">&#160;Financial liabilities at fair value through profit or loss&#160;</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>Interest expense</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(4,968,210)</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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<tr style="vertical-align: bottom">
    <td style="background-color: white">Other financial results</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(86,098)</td>
    <td style="text-align: right">&#160;</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(86,098)</td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(5,496,362)</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(5,496,362)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">&#160;Total&#160;&#160;</td>
    <td style="text-align: left">&#160;</td>
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    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(10,550,670)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
    <td>Interest expense</td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 70.9pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>Note</b></font></td><td style="text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0"><b>10.2
|</b></font><b><font style="font: 7pt Times New Roman, Times, Serif; color: #0070C0">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font></b><b><font style="font: 8pt Times New Roman, Times, Serif">Credit quality of financial assets</font></b></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The credit quality
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<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><b><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></b></p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="text-align: left; width: 58%">&#160;</td>
    <td style="text-align: left; width: 1%">&#160;</td>
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    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%; vertical-align: bottom">&#160;12.31.17&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: right">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;480,237</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;339,740</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;Group 3 (iii)&#160;&#160;&#160;</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;669,169</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;558,013</td></tr>
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-style: italic; text-align: left">&#160;(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Relates to customers with debt to become due&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="3" style="font-style: italic; text-align: left">&#160;(ii)&#160;&#160;&#160;&#160;&#160; Relates to customers with past due debt from 0 to 3 months.&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="3" style="font-style: italic; text-align: left">&#160;(iii)&#160;&#160;&#160;&#160;&#160;Relates to customers with past due debt from 3 to 12 months.&#160;</td>
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    <td style="text-align: left">&#160;</td></tr>
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<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in">&#160;</p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">At the Statement
of Financial Position date, the maximum exposure to credit risk is the carrying amount of these financial assets.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>



<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><b><font style="font: 8pt Times New Roman, Times, Serif"></font></b></p><span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_FinancialInstrumentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for financial instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Section Scope<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=sect_Scope&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6719417744">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>11. Other receivables<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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    <td style="vertical-align: bottom">Related parties</td>
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    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,662</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,015</td></tr>
<tr style="vertical-align: bottom">
    <td>Advances to suppliers</td>
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    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;765,595</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">Total Non-current</td>
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    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;800,741</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;62,676</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">Current:</td>
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    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>Prepaid expenses</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,312</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,362</td></tr>
<tr style="vertical-align: bottom">
    <td>Advances to suppliers</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;81,440</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;9,791</td></tr>
<tr style="vertical-align: bottom">
    <td>Advances to personnel</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,700</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,293</td></tr>
<tr style="vertical-align: bottom">
    <td>Security deposits</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;16,695</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;15,249</td></tr>
<tr style="vertical-align: bottom">
    <td>Financial credit&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;58,425</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;17,159</td></tr>
<tr style="vertical-align: bottom">
    <td>Receivables from electric activities</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;98,390</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;169,157</td></tr>
<tr>
    <td style="vertical-align: bottom">Related parties</td>
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    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,946</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,614</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="3" style="text-align: left">Guarantee deposits on derivative financial<br />
instruments</td>
    <td style="text-align: left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;88,667</td></tr>
<tr style="vertical-align: bottom">
    <td>Judicial deposits</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;30,482</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;23,795</td></tr>
<tr style="vertical-align: bottom">
    <td>Credit with SBS Bank Company&#160;&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;25,000</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td></tr>
<tr style="vertical-align: bottom">
    <td>Other</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;24</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2</td></tr>
<tr style="vertical-align: bottom">
    <td>Allowance for the impairment of other receivables</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(77,297)</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(39,870)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">Total Current</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;242,117</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;296,219</td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 40pt">The carrying amount
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: 40pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 40pt">The other non-current
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: 40pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: 40pt">The roll forward of the allowance
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-indent: 40pt">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr>
    <td style="font-weight: bold; vertical-align: top; width: 46%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; width: 6%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; width: 1%; text-align: center">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">&#160;12.31.18&#160;</td>
    <td style="vertical-align: bottom; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">&#160;12.31.17&#160;</td>
    <td style="vertical-align: bottom; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">&#160;12.31.16&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom">Balance at beginning of year</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;39,870</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;63,940</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;32,712</td></tr>
<tr>
    <td style="vertical-align: bottom">Increase</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;61,467</td>
    <td style="vertical-align: middle; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;45,032</td></tr>
<tr>
    <td style="vertical-align: bottom">Result from exposure to inflation</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(24,040)</td>
    <td style="vertical-align: middle; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(12,704)</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(13,804)</td></tr>
<tr>
    <td style="vertical-align: bottom">Recovery</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(11,366)</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">Balance at end of the period</td>
    <td style="font-weight: bold; vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;77,297</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;39,870</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;63,940</td></tr>
</table>


<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-indent: 40pt"></p>



<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The aging analysis
of these other receivables is as follows:</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr>
    <td style="font-weight: bold; vertical-align: top; width: 55%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; width: 7%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">&#160;12.31.18&#160;</td>
    <td style="vertical-align: bottom; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">&#160;12.31.17&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom">Without expiry date</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="padding-left: 9px; vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;48,358</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="padding-left: 9px; vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;39,526</td></tr>
<tr>
    <td style="vertical-align: bottom">Past due</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="padding-left: 9px; vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;34,854</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="padding-left: 9px; vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;129,288</td></tr>
<tr>
    <td style="vertical-align: bottom">Up to 3 months&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="padding-left: 9px; vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;130,564</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="padding-left: 9px; vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;110,759</td></tr>
<tr>
    <td style="vertical-align: bottom">From 3 to 6 months&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="padding-left: 9px; vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;20,415</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="padding-left: 9px; vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,418</td></tr>
<tr>
    <td style="vertical-align: bottom">From 6 to 9 months&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="padding-left: 9px; vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,881</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="padding-left: 9px; vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,198</td></tr>
<tr>
    <td style="vertical-align: bottom">From 9 to 12 months&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="padding-left: 9px; vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,045</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="padding-left: 9px; vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,030</td></tr>
<tr>
    <td style="vertical-align: bottom">More than 12 months&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="padding-left: 9px; vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;800,741</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="padding-left: 9px; vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;62,676</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">Total other receivables</td>
    <td style="font-weight: bold; vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,042,858</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;358,895</td></tr>
</table>


<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">At the Statement
of Financial Position date, the maximum exposure to credit risk is the carrying amount of each class of other receivables.&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The carrying amount
of the Company&#8217;s other receivables is denominated in Argentine pesos.</p>



<p style="margin-top: 0; margin-bottom: 0"></p><span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6738741952">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>12. Trade receivables<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_TradeReceivablesAbstract', window );"><strong>Trade Receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory', window );">Trade receivables</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="text-align: left; width: 55%">&#160;</td>
    <td style="font-weight: bold; text-align: center; width: 7%">&#160;</td>
    <td style="text-align: left; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">&#160;12.31.18&#160;</td>
    <td style="text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">&#160;12.31.17&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">Current:</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>Sales of electricity - Billed&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,622,701</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,359,990</td></tr>
<tr style="vertical-align: bottom">
    <td>Sales of electricity &#8211; Unbilled</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,735,956</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,404,135</td></tr>
<tr style="vertical-align: bottom">
    <td>Framework Agreement</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;10,377</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;230,953</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Fee payable for the expansion of the transportation and others</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;22,969</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;33,952</td></tr>
<tr style="vertical-align: bottom">
    <td>Receivables in litigation</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;97,158</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;33,736</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Allowance for the impairment of trade receivables</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(901,255)</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(677,529)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">Total Current</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,587,906</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,385,237</td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 14.15pt 0 0; text-align: justify; text-indent: 35.45pt">The carrying
amount of the Company&#8217;s trade receivables approximates their fair value.</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The roll forward
of the allowance for the impairment of trade receivables is as follows:&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr>
    <td style="font-weight: bold; vertical-align: top; width: 46%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; width: 6%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; width: 1%; text-align: center">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">&#160;12.31.18&#160;</td>
    <td style="vertical-align: bottom; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">&#160;12.31.17&#160;</td>
    <td style="vertical-align: bottom; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">&#160;12.31.16&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom">Balance at beginning of year</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;677,529</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;383,439</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;146,238</td></tr>
<tr>
    <td style="vertical-align: middle">Change of accounting standard (Note 6) - Adjustment by model of expected losses IFRS 9</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;82,041</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td></tr>
<tr>
    <td style="vertical-align: bottom">Balance at beginning of year restated</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;759,570</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;383,439</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;146,238</td></tr>
<tr>
    <td style="vertical-align: bottom">Increase</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;916,036</td>
    <td style="vertical-align: middle; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;391,615</td>
    <td style="vertical-align: middle; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;388,339</td></tr>
<tr>
    <td style="vertical-align: bottom">Decrease</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(307,137)</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(64,348)</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(56,062)</td></tr>
<tr>
    <td style="vertical-align: bottom">Result from exposure to inflation</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(467,214)</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(33,177)</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(95,076)</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">Balance at end of the period</td>
    <td style="font-weight: bold; vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;901,255</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;677,529</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;383,439</td></tr>
</table>


<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 71.45pt; text-align: justify; text-indent: -36.45pt">The
aging analysis of these trade receivables is as follows:&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 71.45pt; text-align: justify; text-indent: -36.45pt">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr>
    <td style="font-weight: bold; vertical-align: top; width: 55%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; width: 7%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">&#160;12.31.18&#160;</td>
    <td style="vertical-align: bottom; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">&#160;12.31.17&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom">Not due</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="padding-left: 9px; vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;10,377</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="padding-left: 9px; vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;230,953</td></tr>
<tr>
    <td style="vertical-align: bottom">Past due</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="padding-left: 9px; vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,149,406</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="padding-left: 9px; vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;897,752</td></tr>
<tr>
    <td style="vertical-align: bottom">Up to 3 months</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="padding-left: 9px; vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,428,123</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="padding-left: 9px; vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,256,532</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">Total other receivables</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
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    <td style="font-weight: bold; vertical-align: bottom; text-align: left">&#160;</td>
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 71.45pt; text-align: justify; text-indent: -36.45pt"></p>



<p style="margin-top: 0; margin-bottom: 0"></p>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0"></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">At the Statement
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<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The carrying amount
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<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Sensitivity analysis
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<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 35.45pt"></td><td style="width: 14.2pt"><font style="font: 8pt Georgia, Times, Serif">-</font></td><td><font style="font: 8pt Times New Roman, Times, Serif"><i>5% increase in the uncollectibility rate estimate</i></font></td></tr></table>



<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;&#160;</p>

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<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

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<td style="width: 35.45pt"></td><td style="width: 14.2pt"><font style="font: 8pt Georgia, Times, Serif">-</font></td><td><font style="font: 8pt Times New Roman, Times, Serif"><i>5% decrease in the uncollectibility rate estimate</i></font></td></tr></table>



<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;&#160;</p>

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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 35.45pt"></p>



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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of trade and other receivables. [Refer: Trade and other receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>13. Financial assets at fair value through profit or loss<br></strong></div></th>
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    <td style="font-weight: bold; vertical-align: top; text-align: justify; width: 53%">&#160;</td>
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    <td style="font-weight: bold; vertical-align: top; text-align: justify; width: 1%">&#160;</td>
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    <td style="font-weight: bold; vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">Current</td>
    <td style="font-weight: bold; vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom">Government bonds</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
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<tr>
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    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
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    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,448,120</td></tr>
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6738741952">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>14. Financial assets at amortized cost<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FinancialAssetsAtAmortizedCostAbstract', window );"><strong>Financial Assets At Amortized Cost</strong></a></td>
<td class="text">&#160;<span></span>
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    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td></tr>
<tr>
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    <td style="font-weight: bold; vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td></tr>
<tr>
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    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
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<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6747418928">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>15. Inventories<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_InventoriesAbstract', window );"><strong>Inventories Abstract</strong></a></td>
<td class="text">&#160;<span></span>
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    <td style="vertical-align: top; text-align: right">&#160;</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2018-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=2&amp;date=2018-03-01&amp;anchor=sect_Disclosure&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6719436176">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>16. Cash and cash equivalents<br></strong></div></th>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6747418928">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>17. Share capital and additional paid-in capital<br></strong></div></th>
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    <td style="font-weight: bold; vertical-align: bottom; text-align: center">&#160;</td>
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    <td style="font-weight: bold; text-align: right">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
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<tr style="vertical-align: bottom">
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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0"></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">As of December
31, 2018, the Company&#8217;s share capital amounts to 906,455,100 shares, divided into 462,292,111 common, book-entry Class A
shares with a par value of one peso each and the right to one vote per share; 442,210,385 common, book-entry Class B shares with
a par value of one peso each and the right to one vote per share; and 1,952,604 common, book-entry Class C shares with a par value
of one peso each and the right to one vote per share.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">No changes have
occurred in the Company&#8217;s Share Capital structure in the last three fiscal years.&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><b>Listing of the Company&#8217;s
shares</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company&#8217;s
shares are listed on the Buenos Aires Stock Exchange and are part of the Merval Index.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Furthermore, with
the SEC&#8217;s prior approval, the Company&#8217;s ADSs, each representing 20 common shares of the Company, began to be traded
on the NYSE as from April 24, 2007.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The listing of
ADSs on the NYSE is part of the Company&#8217;s strategic plan to increase both its liquidity and the volume of its shares.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><b>Acquisition of the Company&#8217;s
own shares</b></p>

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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company&#8217;s
Board of Directors, at its meeting of December 4, 2018, approved the acquisition of the Company&#8217;s own shares in accordance
with both section 64 of Law 26,831 and the regulations of the National Securities Commission (CNV), under the following main terms
and conditions:</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 92.25pt; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Wingdings">&#167;</font><font style="font: 7pt Times New Roman, Times, Serif">&#160;&#160;
</font><font style="font: 8pt Times New Roman, Times, Serif"><u>Maximum amount to be invested</u>: up to $ 800,000,000;</font></p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 92.25pt; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Wingdings">&#167;</font><font style="font: 7pt Times New Roman, Times, Serif">&#160;&#160;
</font><font style="font: 8pt Times New Roman, Times, Serif">The treasury stock may not exceed, as a whole,
the limit of 10% of share capital;</font></p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 92.25pt; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Wingdings">&#167;</font><font style="font: 7pt Times New Roman, Times, Serif">&#160;&#160;
</font><font style="font: 8pt Times New Roman, Times, Serif"><u>Price to be paid for the shares</u>: up to a
maximum of USD 30 per ADR in the New York Stock Exchange, or the equivalent amount in pesos at USD 1.5 per share in Bolsas y Mercados
Argentinos S.A.;</font></p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 92.25pt; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Wingdings">&#167;</font><font style="font: 7pt Times New Roman, Times, Serif">&#160;&#160;
</font><font style="font: 8pt Times New Roman, Times, Serif">The acquisitions will be made with realized and
liquid profits;</font></p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 92.25pt; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Wingdings">&#167;</font><font style="font: 7pt Times New Roman, Times, Serif">&#160;&#160;
</font><font style="font: 8pt Times New Roman, Times, Serif">The shares may be acquired for a term of 120 calendar
days to commence on December 5, 2018.</font></p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 92.25pt; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In this framework,
on December 31, 2018, the Company acquired 15,590,860 Class B own shares of 1 peso nominal value, for $858.7 million in cash ($1.1
billion in constant currency), with the actual distribution of $ 858.7 million.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.35pt; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">As of December
31, 2018, the Company&#8217;s treasury shares amount to 23,385,028, and are disclosed as &#8220;treasury stock&#8221;.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Moreover, a total
of 1,618,332,269 shares were awarded to executive directors and managers as additional remuneration for special processes developed
during fiscal year 2016. (Note 25).</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Furthermore, and
subsequent to the closing date of these financial statements, the Company has acquired, in successive market transactions, 5,570,480
Class B own shares of 1 peso nominal value for a total of $ 289.6 million.</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><b>&#160;</b></p>



<p style="margin-top: 0; margin-bottom: 0"></p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for share capital, reserves and other equity interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>18. Allocation of profits<br></strong></div></th>
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<td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Clause 7.4 of the
Adjustment Agreement provided that during the Transition period the Company could not distribute dividends without the Regulatory
Entity&#8217;s prior authorization. This transition period ended on January 31, 2017 with the implementation of the RTI, ENRE Resolution
No. 63/17. Therefore, in the Company&#8217;s opinion there exists no regulatory restriction on the distribution of dividends.</p>

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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">If the Company&#8217;s
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>19. Trade payables<br></strong></div></th>
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<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td>
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    <td style="text-align: left">&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,828,458</td>
    <td style="text-align: left">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td>
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    <td style="text-align: left">&#160;</td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;15,288</td>
    <td style="text-align: left">&#160;</td>
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<tr style="vertical-align: bottom">
    <td>Discounts to customers</td>
    <td style="text-align: left">&#160;</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;37,372</td>
    <td style="text-align: left">&#160;</td>
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<tr style="vertical-align: bottom">
    <td>Funding contributions - substations</td>
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    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;12,380</td></tr>
<tr style="vertical-align: bottom">
    <td>Related parties&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,833</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;51,711</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">Total Current</td>
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    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;14,608,977</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The fair values
of non-current customer contributions as of December 31, 2018 and 2017 amount to $ 107.7 million and $ 141.3 million, respectively.
The fair values are determined based on estimated cash flows discounted at a representative market rate for this type of transactions.
The applicable fair value category is Level 3 category.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The carrying amount
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<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><b>&#160;</b></p>



<p style="margin-top: 0; margin-bottom: 0"></p><span></span>
</td>
</tr>
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<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTradeAndOtherPayablesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of trade and other payables. [Refer: Trade and other payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTradeAndOtherPayablesExplanatory</td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6719412416">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>20. Other payables<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OtherPayablesAbstract', window );"><strong>Other Payables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DisclosureOfOtherPayablesExplanatory', window );">Other payables</a></td>
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<tr>
    <td style="vertical-align: bottom; text-align: left; width: 55%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: justify; width: 7%">Note</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">&#160;12.31.18&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">&#160;12.31.17&#160;</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom; text-align: left">Non-current</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td></tr>
<tr>
    <td style="vertical-align: top">Loans (mutuum) with CAMMESA</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,282,176</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,783,474</td></tr>
<tr style="vertical-align: bottom">
    <td>ENRE penalties and discounts</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,097,402</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,737,612</td></tr>
<tr style="vertical-align: bottom">
    <td>Liability with FOTAE</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;207,371</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;280,813</td></tr>
<tr style="vertical-align: bottom">
    <td>Payment agreements with ENRE&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;37,196</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;108,069</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">Total Non-current</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,624,145</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,909,968</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">Current</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>ENRE penalties and discounts</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,835,590</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;425,563</td></tr>
<tr>
    <td style="vertical-align: bottom">Related parties</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;35.d&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,571</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,756</td></tr>
<tr>
    <td style="vertical-align: bottom; text-align: left">Advances for works to be performed</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;13,577</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;20,046</td></tr>
<tr>
    <td style="vertical-align: bottom; text-align: left">Payment agreements with ENRE&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;65,301</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;93,550</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">Total Current</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,922,039</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40pt; text-align: justify">The carrying amount of the Company&#8217;s
other financial payables approximates their fair value.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>



<p style="margin-top: 0; margin-bottom: 0"></p><span></span>
</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_DisclosureOfOtherPayablesExplanatory">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_DisclosureOfOtherPayablesExplanatory</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_OtherPayablesAbstract</td>
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<DOCUMENT>
<TYPE>XML
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<FILENAME>R26.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6719415776">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>21. Deferred revenue<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredRevenueAbstract', window );"><strong>Deferred Revenue</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDeferredIncomeExplanatory', window );">Deferred revenue</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="text-align: left; width: 56%">&#160;</td>
    <td style="text-align: left; width: 2%">&#160;</td>
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    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">&#160;12.31.17&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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    <td style="font-weight: bold; text-align: right">&#160;</td>
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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="text-align: left; width: 56%">&#160;</td>
    <td style="text-align: left; width: 2%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">&#160;12.31.18&#160;</td>
    <td style="width: 2%; text-align: center">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">&#160;12.31.17&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">Current</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,346</td>
    <td>&#160;</td>
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<tr style="vertical-align: bottom">
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    <td>&#160;</td>
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<p style="margin-top: 0; margin-bottom: 0"></p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of deferred income. [Refer: Deferred income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6719412416">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>22. Borrowings<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredRevenueAbstract', window );"><strong>Deferred Revenue</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBorrowingsExplanatory', window );">Borrowings</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
    <td style="font-weight: bold; text-align: justify; width: 59%">&#160;</td>
    <td style="font-weight: bold; text-align: justify; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 19%">&#160;12.31.18&#160;</td>
    <td style="font-weight: bold; text-align: center; width: 2%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 19%">&#160;12.31.17&#160;</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom; text-align: left">Non-current</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>Corporate notes (1)</td>
    <td style="font-weight: bold; text-align: justify">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,249,967</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,812,465</td></tr>
<tr style="vertical-align: top">
    <td>Borrowing</td>
    <td style="font-weight: bold; text-align: justify">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;942,500</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,376,829</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom; text-align: left">Total non-current</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,192,467</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,189,294</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom; text-align: left">Current</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>Interest from corporate notes</td>
    <td style="font-weight: bold; text-align: justify">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;110,019</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;91,896</td></tr>
<tr style="vertical-align: top">
    <td>Borrowing</td>
    <td style="font-weight: bold; text-align: justify">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;967,434</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;13,243</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom; text-align: left">Total current</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,077,453</td>
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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0"></p>

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<td style="width: 38.7pt"></td><td style="width: 18pt"><font style="font-size: 8pt">(1)</font></td><td style="text-align: justify"><font style="font-size: 8pt">Net of debt issuance, repurchase and redemption expenses.</font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On October 11,
2017, the Company was granted a 36-month term loan by the Industrial and Commercial Bank of China Dubai (ICBC) Branch, for an
amount of U.S.$ 50 million. The proceeds of the loan will be used to finance the Company&#8217;s investment plan and working capital.
Furthermore, it must be pointed out that such loan constitutes an &#8220;Allowed Indebtedness&#8221; within the limits stipulated
in the Corporate Notes due 2022.&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The fair values
of the Company&#8217;s non-current borrowings (Corporate Notes) as of December 31, 2018 and 2017 amount approximately to $ 6.5
billion and $ 5.3 billion, respectively. Such values were determined on the basis of the estimated market price of the Company&#8217;s
Corporate Notes at the end of each year. The applicable fair value category is Level 1 category.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company&#8217;s
borrowings are denominated in the following currencies:</p>



<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr>
    <td style="vertical-align: bottom; width: 59%">&#160;</td>
    <td style="vertical-align: bottom; text-align: left; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 19%">12.31.18</td>
    <td style="font-weight: bold; vertical-align: top; text-align: center; width: 2%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 19%">12.31.17</td></tr>
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    <td style="vertical-align: bottom">US dollars&#160;</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,269,920</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,294,433</td></tr>
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    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,269,920</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,294,433</td></tr>
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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The maturities
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
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    <td style="font-weight: bold; text-align: justify; width: 59%">&#160;</td>
    <td style="font-weight: bold; text-align: justify; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 19%">12.31.18</td>
    <td style="font-weight: bold; text-align: center; width: 2%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 19%">12.31.17</td></tr>
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    <td style="font-weight: bold; vertical-align: top; text-align: justify">Fixed rate</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td></tr>
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    <td style="vertical-align: bottom">Less than 1 year&#160;</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;110,019</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;91,896</td></tr>
<tr>
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    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,249,967</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,812,465</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">Total Fixed rate</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,359,986</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,904,361</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">Variable rate</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom">Less than 1 year&#160;</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;967,434</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;13,244</td></tr>
<tr>
    <td style="vertical-align: bottom">From 1 to 2 years</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;942,500</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;688,414</td></tr>
<tr>
    <td style="vertical-align: bottom">From 2 to 5 years</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;688,414</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">Total Variable rate</td>
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    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,390,072</td></tr>
<tr>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,269,920</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,294,433</td></tr>
</table>


<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The roll forward
of the Company&#8217;s borrowings during the year was as follows:&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr>
    <td style="vertical-align: bottom; text-align: left; width: 50%">&#160;</td>
    <td style="vertical-align: bottom; text-align: left; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">12.31.18</td>
    <td style="font-weight: bold; vertical-align: top; text-align: center; width: 2%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">12.31.17</td>
    <td style="vertical-align: bottom; text-align: left; width: 2%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">12.31.16</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold">Balance at beginning of the year</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,294,433</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,202,452</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,224,330</td></tr>
<tr style="vertical-align: bottom">
    <td>Proceeds from borrowings&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,285,946</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td></tr>
<tr style="vertical-align: bottom">
    <td>Payment of borrowings' interests&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(652,667)</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(418,494)</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(529,227)</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Repurchase of Corporate Notes by the trust</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(9,683)</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Paid from repurchase of Corporate Notes&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(375,520)</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(441,462)</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Gain from repurchase of Corporate Notes&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(4,539)</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(84)</td></tr>
<tr style="vertical-align: bottom">
    <td>Exchange difference and interest accrued&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,134,425</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,252,327</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,604,325</td></tr>
<tr style="vertical-align: bottom">
    <td>Result from exposure to inflation</td>
    <td style="text-align: left">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(3,126,212)</td>
    <td style="text-align: left">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1,027,798)</td>
    <td style="text-align: left">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1,645,747)</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: middle; text-align: left">&#160;Balance at the end of period&#160;</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,269,920</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,294,433</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,202,452</td></tr>
</table>


<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></p>



<p style="margin-top: 0; margin-bottom: 0"></p>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Corporate Notes programs</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company is included
in a Corporate Notes program, the relevant information of which is detailed below:</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><i><u>Debt issued
in United States dollars&#160;</u></i></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="6" style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Million of USD</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Million of $</td></tr>
<tr style="vertical-align: middle">
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">Corporate Notes</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Class</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">Rate</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">Year of Maturity</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">Debt structure at 12.31.17</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Debt repurchase&#160;</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 21%">Debt structure at 12.31.18</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">At 12.31.18</td></tr>
<tr style="vertical-align: middle">
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Fixed Rate Par Note</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="text-align: center">9</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">9.75</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">2022</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;171.87</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(10.22)</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;161.65</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,249.78</td></tr>
<tr style="vertical-align: middle">
    <td style="font-weight: bold; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Total</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;171.87</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(10.22)</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;161.65</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,249.78</td></tr>
</table>


<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><i><u></u></i></p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="6" style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Million of USD</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Million of $</td></tr>
<tr style="vertical-align: middle">
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">Corporate Notes</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Class</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">Rate</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">Year of Maturity</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">Debt structure at 12.31.16</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Debt repurchase</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 21%">Debt structure at 12.31.17</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">At 12.31.17</td></tr>
<tr style="vertical-align: middle">
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Fixed Rate Par Note</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="text-align: center">9</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">9.75</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">2022</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;171.87</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;171.87</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,259.22</td></tr>
<tr style="vertical-align: middle">
    <td style="font-weight: bold; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Total</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
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<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></p>



<p style="margin-top: 0; margin-bottom: 0"></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>The main covenants
are the following:</b></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 42.55pt"></td><td style="width: 7.1pt"><font style="font-size: 8pt">i.</font></td><td style="text-align: justify"><font style="font-size: 8pt">Negative Covenants</font></td></tr></table>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The terms and conditions
of the Corporate Notes include a number of negative covenants that limit the Company&#8217;s actions with regard to, among others,
the following:</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: -7.1pt">- encumbrance
or authorization to encumber its property or assets;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: -7.1pt">- incurrence
of indebtedness, in certain specified cases;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: -7.1pt">- sale
of the Company&#8217;s assets related to its main business;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: -7.1pt">- carrying
out of transactions with shareholders or related companies;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: -7.1pt">- making
certain payments (including, among others, dividends, purchases of <b>edenor</b>&#8217;s common shares or payments on subordinated
debt).</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 42.55pt"></td><td style="width: 7.1pt"><font style="font-size: 8pt">ii.</font></td><td style="text-align: justify"><font style="font-size: 8pt">Suspension of Covenants:</font></td></tr></table>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Certain negative
covenants stipulated in the terms and conditions of the Corporate Notes will be suspended or adapted if:</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: -7.1pt">- the
Company&#8217;s long-term debt rating is raised to Investment Grade, or the Company&#8217;s Level of Indebtedness is equal to or
lower than 3.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: -7.1pt">- If
the Company subsequently losses its Investment Grade rating or its Level of Indebtedness is higher than 3, as applicable, the suspended
negative covenants will be once again in effect.</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">At the date of issuance
of these financial statements, the previously mentioned ratios have been complied with.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In fiscal year
2018, the Company repurchased at market prices, in successive transactions, &#8220;Fixed Rate Class 9 Par Corporate Notes&#8221;
due 2022, for an amount of U.S.$. 10.2 million nominal value.</p>



<p style="margin-top: 0; margin-bottom: 0"></p><span></span>
</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6738765280">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>23. Salaries and social security taxes payable<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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<td style="width: 35.45pt"></td><td style="width: 18pt"><font style="font-size: 8pt"><b><i>a.</i></b></font></td><td style="padding-right: 7.1pt"><font style="font-size: 8pt"><i>Salaries and social security taxes payable</i></font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 7.1pt 0 53.45pt"><i>&#160;&#160;</i></p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
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    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
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<tr>
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    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;14,884</td>
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    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;147,853</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
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<tr>
    <td style="font-weight: bold; vertical-align: bottom; text-align: left">Total non-current</td>
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    <td style="font-weight: bold; vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
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    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
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<tr>
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 7.1pt 0 53.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The carrying amount
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 35.45pt"></td><td style="width: 18pt"><font style="font-size: 8pt"><b><i>b.</i></b></font></td><td style="padding-right: 7.1pt"><font style="font-size: 8pt"><i>Salaries and social security taxes charged to profit or loss</i></font></td></tr></table>



<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 7.1pt 0 53.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 7.1pt 0 53.45pt"></p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
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    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 17%">&#160;12.31.18&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: center; width: 1%">&#160;</td>
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<tr>
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    <td style="font-weight: bold; vertical-align: bottom; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,897,440</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
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<tr>
    <td style="vertical-align: middle">Social security taxes</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,686,430</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,904,559</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,947,009</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">Total salaries and social security taxes</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,022,963</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,801,999</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,953,605</td></tr>
</table>


<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 7.1pt 0 53.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Early retirements
payable correspond to individual optional agreements. After employees reach a specific age, the Company may offer them this option.
The related accrued liability represents future payment obligations which as of December 31, 2018 and 2017 amount to $ 10.2 million
and $ 7.1 million (current) and $ 14.9 million and $ 5 million (non-current), respectively.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The seniority-based
bonus included in collective bargaining agreements in effect consists of a bonus to be granted to personnel with a certain amount
of years of service. As of December 31, 2018 and 2017, the related liabilities amount to $ 147.8 million and $ 171.7 million, respectively.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">As of December
31, 2018 and 2017, the number of employees amounts to 4,878 and 4,789, respectively.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt"><b>&#160;</b></p>



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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6738805664">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>24. Benefit plans<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_BenefitPlansAbstract', window );"><strong>Benefit Plans</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansExplanatory', window );">Benefit plans</a></td>
<td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The defined benefit
plans granted to Company employees consist of a bonus for all the employees who have the necessary years of service and have made
the required contributions to retire under ordinary retirement plans.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The amounts and
conditions vary in accordance with the collective bargaining agreement and for non-unionized personnel.&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
    <td style="font-weight: bold; text-align: justify; width: 59%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">12.31.18</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">12.31.17</td></tr>
<tr>
    <td style="vertical-align: bottom">Non-current</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;385,098</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;477,765</td></tr>
<tr>
    <td style="vertical-align: bottom">Current&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;32,365</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;46,375</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">Total Benefit plans</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;417,463</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;524,140</td></tr>
</table>


<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The detail of
the benefit plan obligations as of December 31, 2018 and 2017 is as follows:&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
    <td style="width: 59%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">12.31.18</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">12.31.17</td></tr>
<tr style="vertical-align: top">
    <td>Benefit payment obligations at beginning</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;524,140</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;442,170</td></tr>
<tr style="vertical-align: top">
    <td>Current service cost</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;32,904</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;42,500</td></tr>
<tr style="vertical-align: top">
    <td>Interest cost</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;79,304</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;126,954</td></tr>
<tr style="vertical-align: top">
    <td>Actuarial losses</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,638</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(22,219)</td></tr>
<tr>
    <td style="vertical-align: bottom">Result from exposure to inflation for the year</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(169,169)</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(8,692)</td></tr>
<tr style="vertical-align: top">
    <td>Benefits paid to participating employees</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(55,354)</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(56,573)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold">Benefit payment obligations at period end</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;417,463</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;524,140</td></tr>
</table>


<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></p>



<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">As of December
31, 2018 and 2017, the Company does not have any assets related to post-retirement benefit plans.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The detail of
the charge recognized in the Statement of Comprehensive Income is as follows:&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr>
    <td style="vertical-align: top; width: 48%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">12.31.18</td>
    <td style="font-weight: bold; vertical-align: top; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">12.31.17</td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">12.31.16</td></tr>
<tr>
    <td style="vertical-align: top">Cost</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;32,904</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;42,500</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;46,320</td></tr>
<tr>
    <td style="vertical-align: top">Interest</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;79,304</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;126,954</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;163,431</td></tr>
<tr>
    <td style="vertical-align: top">Actuarial results - Other comprehensive loss</td>
    <td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,638</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(22,219)</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(15,555)</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;117,846</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;147,235</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;194,196</td></tr>
</table>


<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The actuarial
assumptions used are based on market interest rates for Argentine government bonds, past experience, and the Company Management&#8217;s
best estimate of future economic conditions. Changes in these assumptions may affect the future cost of benefits and obligations.
The main assumptions used are as follow:&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
    <td style="font-weight: bold; text-align: justify; width: 59%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">12.31.18</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">12.31.17</td></tr>
<tr>
    <td style="vertical-align: bottom">Discount rate</td>
    <td style="vertical-align: bottom; text-align: center">5%</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: bottom; text-align: center">5%</td></tr>
<tr>
    <td style="vertical-align: bottom">Salary increase</td>
    <td style="vertical-align: bottom; text-align: center">1%</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: bottom; text-align: center">1%</td></tr>
<tr>
    <td style="vertical-align: bottom">Inflation</td>
    <td style="vertical-align: bottom; text-align: center">31%</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: bottom; text-align: center">18%</td></tr>
</table>


<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></p>



<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Sensitivity analysis:</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr>
    <td style="vertical-align: bottom; width: 59%">&#160;</td>
    <td style="vertical-align: bottom; text-align: left; width: 20%">&#160;</td>
    <td style="vertical-align: top; text-align: right; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">12.31.2018</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">Discount Rate: 4%</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>Obligation</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">459,651</td></tr>
<tr style="vertical-align: bottom">
    <td>Variation</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">42,188</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">10%</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold">&#160;</td>
    <td style="text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold">Discount Rate: 6%</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold">&#160;</td>
    <td style="text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>Obligation</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">381,587</td></tr>
<tr style="vertical-align: bottom">
    <td>Variation</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">(35,876)</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">(9%)</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The expected payments
of benefits are as follow:&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr>
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    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">&#160;In 2022&#160;</td>
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    <td style="font-weight: bold; vertical-align: top; text-align: center; width: 1%">&#160;</td>
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    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,221</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,207</td>
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    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,059</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;11,128</td></tr>
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Estimates based
on actuarial techniques imply the use of statistical tools, such as the so-called demographic tables used in the actuarial valuation
of the Company&#8217;s active personnel.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In order to determine
the mortality of the Company&#8217;s active personnel, the &#8220;1971 Group Annuity Mortality&#8221; table has been used. In general,
a mortality table shows for each age group the probability that a person in any such age group will die before reaching a predetermined
age. Male and female mortality tables are elaborated separately inasmuch as men and women&#8217;s mortality rates are substantially
different.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In order to estimate
total and permanent disability due to any cause, 80% of the &#8220;1985 Pension Disability Study&#8221; table has been used.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In order to estimate
the probability that the Company&#8217;s active personnel will leave the Company or stay therein, the &#8220;ESA 77&#8221; table
has been used.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Liabilities related
to the above-mentioned benefits have been determined considering all the rights accrued by the beneficiaries of the plans through
the closing date of the year ended December 31, 2018.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">These benefits
do not apply to key management personnel.</p>



<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of defined benefit plans. [Refer: Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2018-01-01<br> -Paragraph 138<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2018-03-01&amp;anchor=para_138&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6738765280">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>25. The Company's Share-based Compensation Plan<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_CompanysSharebasedCompensationPlanAbstract', window );"><strong>Companys Share-based Compensation Plan</strong></a></td>
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<td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In 2016, the Company&#8217;s
Board of Directors proposed that the treasury shares be used for the implementation of a long-term incentive plan in favor of executive
directors, managers or other personnel holding key executive positions in the Company in an employment relationship with the latter
and those who in the future are invited to participate, in accordance with the provisions of section 67 of Law No. 26,831 on Capital
Markets. The plan was ratified and approved by the ordinary and extraordinary shareholders&#8217; meeting held on April 18, 2017.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">At the date of
issuance of these financial statements, the Company awarded a total of 1,618,332 shares to executive directors and managers as
additional remuneration for their performance in special processes developed during fiscal years 2016 and 2017.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The fair value
of the previously referred to shares at the award date, amounted to $ 49.4 million and has been recorded in the Salaries and social
security taxes line item, with a contra account in Equity. The amount recorded in Equity is net of the tax effect.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for share-based payment arrangements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2018-01-01<br> -Paragraph 44<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=2&amp;date=2018-03-01&amp;anchor=para_44&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6651296048">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>26. Income tax<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The analysis of
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

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    <td style="width: 36%; background-color: white; line-height: 107%">&#160;</td>
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    <td style="width: 11%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Result from exposure to inflation</b></font></td>
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    <td style="width: 11%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Charged to profit and loss</b></font></td>
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    <td style="width: 14%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Charged to other comprehensive income</b></font></td>
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    <td style="width: 11%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>12.31.18</b></font></td></tr>
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    <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><i>Deferred tax assets</i></font></td>
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    <td style="background-color: white; text-align: center; line-height: 107%">&#160;</td>
    <td style="background-color: white; text-align: center; line-height: 107%">&#160;</td>
    <td style="background-color: white; text-align: center; line-height: 107%">&#160;</td>
    <td style="background-color: white; text-align: center; line-height: 107%">&#160;</td>
    <td style="background-color: white; text-align: center; line-height: 107%">&#160;</td>
    <td style="background-color: white; text-align: center; line-height: 107%">&#160;</td>
    <td style="background-color: white; line-height: 107%">&#160;</td>
    <td style="background-color: white; text-align: center; line-height: 107%">&#160;</td></tr>
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<tr>
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The detail of the
income tax expense for the year includes two effects: (i) the current tax for the year payable in accordance with the tax legislation
applicable to the Company; (ii) the effect of applying the deferred tax method which recognizes the effect of the temporary differences
arising from the valuation of assets and liabilities for accounting and tax purposes.&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: white">
    <td style="width: 47%; line-height: 107%">&#160;</td>
    <td style="width: 1%; line-height: 107%">&#160;</td>
    <td style="width: 16%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>12.31.18</b></font></td>
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    <td style="width: 18%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>12.31.17</b></font></td>
    <td style="width: 1%; text-align: center; line-height: 107%">&#160;</td>
    <td style="width: 16%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>12.31.16</b></font></td></tr>
<tr>
    <td style="vertical-align: top; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Deferred tax</font></td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
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<tr>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
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</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b><u>Tax Reform
in Argentina</u></b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On December 29,
2017, the PEN enacted Law No. 27,430 &#8211; Income Tax. This Law has introduced several amendments to the treatment of income
tax, whose key components are the following:</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><u>Income tax rate:</u>
The Income tax rate for Argentine companies will be gradually reduced from 35% to 30% for fiscal years beginning as from January
1, 2018 until December 31, 2019 and to 25% for fiscal years beginning on or after January 1, 2020.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><u>Dividend withholding
tax:</u> A tax is introduced on dividends or profits distributed, among others, by Argentine companies or permanent establishments
to: individuals, undivided estates or foreign beneficiaries, with the following considerations: (i) dividends deriving from profits
generated during fiscal years beginning as from January 1, 2018 until December 31, 2019 will be subject to a withholding of 7%;
and (ii) dividends arising from profits obtained in fiscal years beginning on or after January 1, 2020 will be subject to a 13%
withholding.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The dividends arising
from benefits obtained until the fiscal year prior to that beginning as from January 1, 2018 will continue to be subject, for all
the beneficiaries thereof, to the 35% withholding on the amount exceeding the non-taxable distributable cumulative income (transition
period of the equalization tax).</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><u>Optional tax
revaluation:</u> The law establishes that the Companies will have the option of carrying out a revaluation for tax purposes of
the assets located in the country that generate taxable income. The special tax on the amount of the revaluation depends on the
asset, amounting to 8% for real property not regarded as inventories, to 15% for real property regarded as inventories, and to
10 % for personal property and all other assets. If the option is exercised for a certain asset, all the other assets of the same
category must be revalued. The tax result arising from the revaluation is not subject to income tax, and the special tax on the
amount of the revaluation will not be deductible from such tax. The Company is currently analyzing the impacts of the aforementioned
option.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><u>Adjustment
of deductions:</u> Acquisitions or investments made in fiscal years beginning on or after January 1, 2018 will be adjusted on
the basis of the IPIM&#8217;s percentage variations published by the INDEC. This situation will increase the deductible amortization
and its tax deductible cost in case of sale.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 47%; line-height: 107%">&#160;</td>
    <td style="width: 1%; line-height: 107%">&#160;</td>
    <td style="width: 16%; border-bottom: black 1pt solid; background-color: white; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>12.31.18</b></font></td>
    <td style="width: 1%; background-color: white; text-align: center; line-height: 107%">&#160;</td>
    <td style="width: 18%; border-bottom: black 1pt solid; background-color: white; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>12.31.17</b></font></td>
    <td style="width: 1%; background-color: white; text-align: center; line-height: 107%">&#160;</td>
    <td style="width: 16%; border-bottom: black 1pt solid; background-color: white; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>12.31.16</b></font></td></tr>
<tr>
    <td style="vertical-align: top; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Profit for the year before taxes</font></td>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">388,041</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="border-bottom: black 1pt solid; background-color: white; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">35%</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="background-color: white; line-height: 107%">&#160;</td>
    <td style="border-bottom: black 1pt solid; background-color: white; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>(1,956,742)</b></font></td>
    <td style="background-color: white; line-height: 107%">&#160;</td>
    <td style="border-bottom: black 1pt solid; background-color: white; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>(135,814)</b></font></td></tr>
<tr>
    <td style="vertical-align: top; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Gain (Loss) from interest in joint ventures</font></td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">560</font></td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(6)</font></td>
    <td style="vertical-align: bottom; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(3)</font></td></tr>
<tr>
    <td style="vertical-align: top; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Non-taxable income&#160;</font></td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">220,769</font></td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">115,661</font></td>
    <td style="vertical-align: bottom; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">138,040</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Gain on net monetary position and others</font></td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(1,007,010)</font></td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">902,631</font></td>
    <td style="line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(144,707)</font></td></tr>
<tr>
    <td style="vertical-align: top; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Difference between provision and tax return</font></td>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(4,700)</font></td>
    <td style="vertical-align: bottom; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(4,786)</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">433,100</font></td>
    <td style="line-height: 107%">&#160;</td>
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<tr style="vertical-align: bottom">
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</table>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 23px">&#160;</td>
    <td style="width: 24px; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(1)</font></td>
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</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 21.3pt">The income tax payable, net of withholdings is
detailed below.&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 21.3pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
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    <td style="width: 1%; line-height: 107%">&#160;</td>
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    <td style="width: 1%; text-align: center; line-height: 107%">&#160;</td>
    <td style="width: 18%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;12.31.17&#160;</b></font></td></tr>
<tr>
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    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td></tr>
<tr>
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<tr>
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<tr>
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<tr>
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    <td style="vertical-align: top; border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;617,326</b></font></td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
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<p style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&#160;</p>



<p style="margin: 0pt"></p><span></span>
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<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_IncomeTaxAbstract</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for income taxes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=sect_Disclosure&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6655299376">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>27. Tax liabilities<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_TaxLiabilitiesAbstract', window );"><strong>Tax Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DisclosureOfTaxLiabilitiesExplanatory', window );">Tax liabilities</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
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    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">12.31.18</td>
    <td style="width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">12.31.17</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">Non-current</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">Current</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>Provincial, municipal and federal contributions and taxes</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;130,445</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;587,723</td></tr>
<tr style="vertical-align: bottom">
    <td>VAT payable</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;412,547</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;728,173</td></tr>
<tr>
    <td style="vertical-align: middle">Tax withholdings</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;127,121</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;131,091</td></tr>
<tr>
    <td colspan="2" style="vertical-align: middle; text-align: left">SUSS withholdings</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,435</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,190</td></tr>
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    <td>Municipal taxes</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;106,117</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;101,082</td></tr>
<tr style="vertical-align: bottom">
    <td>Tax regularization plan&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;380</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,242</td></tr>
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    <td style="font-weight: bold; text-align: left">Total Current</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;784,045</td>
    <td>&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,555,501</td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6738741952">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>28. Leases<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_LeasesAbstract', window );"><strong>Leases</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfLeasesExplanatory', window );">Leases</a></td>
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<td style="width: 53.45pt"></td><td style="width: 18pt"><font style="font: 8pt Symbol">&#183;</font></td><td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Lessee</b></font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The features that
these leases have in common are that payments (installments) are established as fixed amounts; there are neither purchase option
clauses nor renewal term clauses (except for the lease contract of the Energy Handling and Transformer Center that has an automatic
renewal clause for the term thereof); and there are prohibitions such as: transferring or sub-leasing the building, changing its
use and/or making any kind of modifications thereto. All operating leases contracts have cancelable terms and assignment periods
of 2 to 13 years.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Among them the
following can be mentioned: commercial offices, two warehouses, the headquarters building (comprised of administration, commercial
and technical offices), the Energy Handling and Transformer Center (two buildings and a plot of land located within the perimeter
of Central Nuevo Puerto and Puerto Nuevo) and Las Heras substation.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">As of December
31, 2018 and 2017, future minimum payments with respect to operating assignments of use are as follow:&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle">
    <td style="border-bottom: Black 0.5pt solid; text-align: center; width: 55%">&#160;</td>
    <td style="text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 21%">12.31.18</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 21%">12.31.17</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    </tr>
<tr style="vertical-align: middle">
    <td style="text-align: center">2017</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
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<tr style="vertical-align: middle">
    <td style="text-align: center">2018</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;124,503</td>
    <td style="text-align: right">&#160;</td>
    </tr>
<tr style="vertical-align: middle">
    <td style="text-align: center">2019</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;155,454</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;124,626</td>
    <td style="text-align: right">&#160;</td>
    </tr>
<tr style="vertical-align: middle">
    <td style="text-align: center">2020</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;138,048</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;52,194</td>
    <td style="text-align: right">&#160;</td>
    </tr>
<tr style="vertical-align: middle">
    <td style="text-align: center">2021</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;102,515</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,597</td>
    <td style="text-align: right">&#160;</td>
    </tr>
<tr style="vertical-align: middle">
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: center">Total future minimum lease payments</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;396,017</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;305,920</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Total expenses
for operating assignments of use for the years ended December 31, 2018, 2017 nad 2016 are as follow:&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle">
    <td style="text-align: center; width: 45%">&#160;</td>
    <td style="text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; text-align: center; width: 18%">12.31.18</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; text-align: center; width: 18%">12.31.17</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; text-align: center; width: 16%">12.31.16</td></tr>
<tr style="vertical-align: middle">
    <td rowspan="2" style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 2pt double; text-align: center">Total lease expenses</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td rowspan="2" style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 2pt double; text-align: right">125,157</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td rowspan="2" style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 2pt double; text-align: right">126,098</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td rowspan="2" style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 2pt double; text-align: right">126,193</td></tr>
</table>


<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 53.45pt"></td><td style="width: 18pt"><font style="font: 8pt Symbol">&#183;</font></td><td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Lessor</b></font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company has
entered into operating leases contracts with certain cable television companies granting them the right to use the poles of the
Company&#8217;s network. Most of these contracts include automatic renewal clauses.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">As of December
31, 2018 and 2017, future minimum collections with respect to operating leases are as follow:</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

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    <td style="border-bottom: Black 0.5pt solid; text-align: center; width: 54%">&#160;</td>
    <td style="text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 22%">12.31.18</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 22%">12.31.17</td></tr>
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    <td style="text-align: center">2017</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: center">2018</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;202,143</td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: center">2019</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;173,619</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;193,812</td></tr>
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    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;173,619</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;395,955</td></tr>
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Total income from
operating leases for the years ended December 31, 2018, 2017 and 2016 is as follows:</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>



<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></p>

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    <td style="text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; text-align: center; width: 18%">12.31.18</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; text-align: center; width: 18%">12.31.17</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; text-align: center; width: 16%">12.31.16</td></tr>
<tr style="vertical-align: middle">
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: center">Total lease income</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">190,370</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">212,265</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">199,431</td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for leases.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2019-01-01<br> -Name IAS<br> -Number 17<br> -IssueDate 2018-01-01<br> -Section Leases in the financial statements of lessees<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=17&amp;date=2018-03-02&amp;anchor=sect_Leasesinthefinancialstatementsoflessees&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2019-01-01<br> -Name IAS<br> -Number 17<br> -IssueDate 2018-01-01<br> -Section Leases in the financial statements of lessors<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=17&amp;date=2018-03-02&amp;anchor=sect_Leasesinthefinancialstatementsoflessors&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2019-01-01<br> -Name IFRS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Section Presentation<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=16&amp;date=2018-03-01&amp;anchor=sect_Presentation&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2019-01-01<br> -Name IFRS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=16&amp;date=2018-03-01&amp;anchor=sect_Disclosure&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6747456480">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>29. Provisions<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProvisionsAbstract', window );"><strong>Provisions [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfProvisionsExplanatory', window );">Provisions</a></td>
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    <td style="vertical-align: bottom; text-align: left">&#160;</td>
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    <td style="font-weight: bold">&#160;At 12.31.16&#160;</td>
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    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;504,038</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;129,808</td></tr>
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    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(58,930)</td></tr>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(32,890)</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(10,409)</td></tr>
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    <td style="font-weight: bold; text-align: left">&#160;</td>
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    <td style="text-align: left">Decreases</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(85,662)</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(239,585)</td></tr>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(199,374)</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(15,868)</td></tr>
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    <td style="font-weight: bold; text-align: left">&#160;</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of provisions. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6738741952">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>30. Revenue from sales<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_RevenueFromSalesAbstract', window );"><strong>Revenue From Sales</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfRevenueExplanatory', window );">Revenue from sales</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
    <td style="font-weight: bold; text-align: justify; width: 50%">&#160;</td>
    <td style="font-weight: bold; text-align: justify; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 15%">&#160;12.31.18&#160;</td>
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    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
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<tr style="vertical-align: top">
    <td style="text-align: left; background-color: white">Sales of electricity&#160;</td>
    <td style="font-weight: bold; text-align: justify">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;55,689,651</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;39,329,729</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;25,576,978</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: left; background-color: white">Right of use on poles</td>
    <td style="font-weight: bold; text-align: justify">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;190,370</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;212,265</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;213,449</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: left; background-color: white">Connection charges</td>
    <td style="font-weight: bold; text-align: justify">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;51,105</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;49,369</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;30,893</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: left; background-color: white">Reconnection charges</td>
    <td style="font-weight: bold; text-align: justify">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;22,523</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;11,505</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,439</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">Total Revenue from sales</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;55,953,649</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;39,602,868</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;25,826,759</td></tr>
</table><span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_RevenueFromSalesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_RevenueFromSalesAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for revenue.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfRevenueExplanatory</td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6747456480">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>31. Expenses by nature<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ExpensesByNatureAbstract', window );"><strong>Expenses By Nature</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfExpensesByNatureExplanatory', window );">Expenses by nature</a></td>
<td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The detail of
expenses by nature is as follows:&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 39%">&#160;Description&#160;</td>
    <td style="text-align: left; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">&#160;Transmission and distribution expenses&#160;</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">&#160;Selling
    expenses&#160;</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">&#160;Administrative expenses&#160;</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">&#160;Total&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>Salaries and social security taxes&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,331,442</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;777,014</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;914,507</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,022,963</td></tr>
<tr style="vertical-align: bottom">
    <td>Pension plans</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;80,695</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;14,476</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;17,037</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;112,208</td></tr>
<tr style="vertical-align: bottom">
    <td>Communications expenses</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;81,110</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;269,674</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;16,017</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;366,801</td></tr>
<tr style="vertical-align: bottom">
    <td>Allowance for the impairment of trade and other receivables</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;977,503</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;977,503</td></tr>
<tr style="vertical-align: bottom">
    <td>Supplies consumption&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;790,392</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;122,623</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;913,015</td></tr>
<tr style="vertical-align: bottom">
    <td>Leases and insurance&#160;&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;530</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;180,218</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;180,748</td></tr>
<tr style="vertical-align: bottom">
    <td>Security service</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;136,656</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,027</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;128,699</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;267,382</td></tr>
<tr style="vertical-align: bottom">
    <td>Fees and remuneration for services</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,411,812</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,040,164</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,007,152</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,459,128</td></tr>
<tr style="vertical-align: bottom">
    <td>Public relations and marketing</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;32,246</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;32,246</td></tr>
<tr style="vertical-align: bottom">
    <td>Advertising and sponsorship&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;16,612</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;16,612</td></tr>
<tr style="vertical-align: bottom">
    <td>Reimbursements to personnel&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;60</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;68</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;498</td>
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<tr style="vertical-align: bottom">
    <td colspan="2" style="text-align: left">Depreciation of property, plants and<br />
equipments</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,014,887</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;246,357</td>
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    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,561,499</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="text-align: left">Directors and Supervisory Committee <br />
members&#8217; fees&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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<tr style="vertical-align: bottom">
    <td>ENRE penalties (1)</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,064,330</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,052,135</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,116,465</td></tr>
<tr style="vertical-align: bottom">
    <td>Taxes and charges&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;598,908</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;162,549</td>
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    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;761,457</td></tr>
<tr style="vertical-align: bottom">
    <td>Other</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;808</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;457</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,719</td>
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    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,984</td></tr>
<tr>
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    <td style="font-weight: bold; vertical-align: bottom; text-align: left">&#160;</td>
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    <td style="font-weight: bold; vertical-align: bottom; text-align: left">&#160;</td>
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</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The expenses included
in the chart above are net of the Company&#8217;s own expenses capitalized in Property, plant and equipment as of December 31,
2018 for $ 1 billion.&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>


<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
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    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">&#160;Selling&#160;expenses&#160;</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">&#160;Administrative expenses&#160;</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,997,823</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;886,976</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;917,200</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,801,999</td></tr>
<tr style="vertical-align: bottom">
    <td>Pension plans</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;124,507</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;22,097</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;22,850</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;169,454</td></tr>
<tr style="vertical-align: bottom">
    <td>Communications expenses</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;55,281</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;289,371</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;22,804</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;367,456</td></tr>
<tr style="vertical-align: bottom">
    <td>Allowance for the impairment of trade and other receivables</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;391,615</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;391,615</td></tr>
<tr style="vertical-align: bottom">
    <td>Supplies consumption&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;687,199</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;109,780</td>
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    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;796,979</td></tr>
<tr style="vertical-align: bottom">
    <td>Leases and insurance&#160;&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;653</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;182,024</td>
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<tr style="vertical-align: bottom">
    <td>Security service</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;130,263</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,797</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;141,231</td>
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    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;273,291</td></tr>
<tr style="vertical-align: bottom">
    <td>Fees and remuneration for services</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,081,974</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;876,612</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;820,225</td>
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    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,778,811</td></tr>
<tr style="vertical-align: bottom">
    <td>Public relations and marketing</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;56,659</td>
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<tr style="vertical-align: bottom">
    <td>Advertising and sponsorship&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;29,187</td>
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<tr style="vertical-align: bottom">
    <td>Reimbursements to personnel&#160;</td>
    <td style="text-align: right">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,740,231</td>
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<tr style="vertical-align: bottom">
    <td colspan="2" style="text-align: left">Directors and Supervisory Committee<br />
members&#8217; fees&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;21,429</td>
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<tr style="vertical-align: bottom">
    <td>ENRE penalties</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;428,049</td>
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</table>


<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 35.45pt"></td><td style="width: 21.25pt"><font style="font-size: 8pt">(1)</font></td><td style="text-align: justify"><font style="font-size: 8pt">Transmission and distribution expenses include recovery for $ 719.8
million net of the charge for the year for $ 1.6 billion.</font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The expenses included
in the chart above are net of the Company&#8217;s own expenses capitalized in Property, plant and equipment as of December 31,
2017 for $ 869.7 million.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

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<tr style="vertical-align: bottom">
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    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">&#160;Selling&#160;expenses&#160;</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,104,795</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;142,590</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;24,053</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;49,817</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;251,381</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;20,318</td>
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    <td>Allowance for the impairment of trade and other receivables</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;433,371</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;513,318</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;64,249</td>
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    <td>Leases and insurance&#160;&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;870</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;173,973</td>
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<tr style="vertical-align: bottom">
    <td>Security service</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;134,404</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;22,855</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;85,461</td>
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    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;242,720</td></tr>
<tr style="vertical-align: bottom">
    <td>Fees and remuneration for services</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;897,754</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;923,607</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;771,520</td>
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    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,592,881</td></tr>
<tr style="vertical-align: bottom">
    <td>Public relations and marketing</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="font-weight: bold; text-align: left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td></tr>
<tr style="vertical-align: bottom">
    <td>Advertising and sponsorship&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="font-weight: bold; text-align: left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td></tr>
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<tr style="vertical-align: bottom">
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,739,293</td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,677,844</td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr>
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The expenses included
in the chart above are net of the Company&#8217;s own expenses capitalized in Property, plant and equipment as of December 31,
2017 for $ 602 million.</p>



<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>



<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></p><span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of expenses by nature. [Refer: Expenses, by nature]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6719436176">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>32. Other operating expense, net<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OtherOperatingExpenseNetAbstract', window );"><strong>Other Operating Expense Net</strong></a></td>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
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    <td style="font-weight: bold; vertical-align: top; text-align: center">&#160;</td>
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    <td style="vertical-align: top; text-align: justify">&#160;</td>
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    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(594,750)</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
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    <td style="vertical-align: top; text-align: justify">&#160;</td>
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    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(724,097)</td>
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    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(301,808)</td></tr>
<tr style="vertical-align: bottom">
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<tr>
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    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(45,918)</td>
    <td style="vertical-align: bottom; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(14,398)</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1,534)</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">Total other operating expense</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1,642,566)</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1,260,504)</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1,085,162)</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom; text-align: justify">Other operating expense, net</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1,320,810)</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1,102,692)</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(913,015)</td></tr>
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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

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<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-size: 8pt">(1)</font></td><td><font style="font-size: 8pt">Relates to fines applied to Suppliers for failing to comply with agreed-upon contractual conditions.</font></td></tr></table>



<p style="margin-top: 0; margin-bottom: 0"></p><span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of other operating expense. [Refer: Other operating income (expense)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6738805664">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>33. Net financial expense<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_NetFinancialExpenseAbstract', window );"><strong>Net Financial Expense</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DisclosureOfFinancialExpenseExplanatory', window );">Net financial expense</a></td>
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<tr>
    <td style="vertical-align: bottom; text-align: left; width: 50%">&#160;</td>
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    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 15%">&#160;12.31.17&#160;</td>
    <td style="vertical-align: bottom; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 17%">&#160;12.31.16&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-decoration: underline; background-color: white">Financial income</td>
    <td style="text-align: left">&#160;</td>
    <td style="background-color: white">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-decoration: underline; background-color: white"><u></u></td>
    <td style="text-align: left">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom">Commercial interest</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;273,457</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;177,655</td>
    <td style="vertical-align: bottom; background-color: white">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;262,536</td></tr>
<tr>
    <td style="vertical-align: bottom">Financial interest</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: right">398,326</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: right">276,149</td>
    <td style="vertical-align: bottom; background-color: white">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;122,057</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom; background-color: white">Total financial income</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">671,783</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">453,804</td>
    <td style="font-weight: bold; vertical-align: bottom; background-color: white">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">384,593</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; background-color: white">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="background-color: white">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="background-color: white">&#160;</td>
    <td style="font-weight: bold; background-color: white">&#160;</td>
    <td style="background-color: white">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-decoration: underline; background-color: white">Financial expenses</td>
    <td style="text-align: left">&#160;</td>
    <td style="background-color: white">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="background-color: white">&#160;</td>
    <td style="text-decoration: underline; background-color: white"><u></u></td>
    <td style="background-color: white">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom">Interest and other&#160;</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1,987,092)</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(819,377)</td>
    <td style="vertical-align: bottom; background-color: white">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(535,721)</td></tr>
<tr>
    <td style="vertical-align: bottom; background-color: white">Fiscal interest</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(22,752)</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(31,153)</td>
    <td style="vertical-align: bottom; background-color: white">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(18,762)</td></tr>
<tr>
    <td style="vertical-align: bottom">Commercial interest</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,958,366)</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1,716,843)</td>
    <td style="vertical-align: bottom; background-color: white">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,028,136)</td></tr>
<tr>
    <td style="vertical-align: bottom">Bank fees and expenses</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(8,509)</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,883)</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(6,608)</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom; background-color: white">Total financial expenses</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(4,976,719)</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(2,570,256)</td>
    <td style="font-weight: bold; vertical-align: bottom; background-color: white">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(2,589,227)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; background-color: white">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="background-color: white">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="background-color: white">&#160;</td>
    <td style="font-weight: bold; background-color: white">&#160;</td>
    <td style="background-color: white">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-decoration: underline; background-color: white">Other financial results</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-decoration: underline; background-color: white"><u></u></td>
    <td>&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom">Exchange differences</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,629,966)</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(564,056)</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(911,819)</td></tr>
<tr>
    <td style="vertical-align: bottom">Adjustment to present value of receivables</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(327)</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(431)</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,749</td></tr>
<tr>
    <td style="vertical-align: bottom">Changes in fair value of financial assets (1)</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;746,532</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;474,896</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;891,773</td></tr>
<tr style="vertical-align: bottom">
    <td style="background-color: white">Net gain from the repurchase of <br />
Corporate Notes</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,539</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;90</td></tr>
<tr>
    <td style="vertical-align: bottom">Other financial expense</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(86,098)</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(78,877)</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(73,096)</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom; background-color: white">Total other financial expense</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(1,965,320)</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(168,468)</td>
    <td style="font-weight: bold; vertical-align: bottom; background-color: white">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(87,303)</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom; background-color: white">Total net financial expense</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(6,270,256)</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(2,284,920)</td>
    <td style="font-weight: bold; vertical-align: bottom; background-color: white">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(2,291,937)</td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0"></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 21.3pt"></td><td style="width: 21.25pt"><font style="font-size: 8pt">(1)</font></td><td style="text-align: justify"><font style="font-size: 8pt">Includes changes in the fair value of financial assets on cash equivalents
as of December 31, 2018, 2017 and 2016 for $ 43.4 million, $ 37.3 million and $ 39.6 million, respectively.</font></td></tr></table>



<p style="margin-top: 0; margin-bottom: 0"></p><span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6719412416">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>34. Basic and diluted earnings per share<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfEarningsPerShareExplanatory', window );">Basic and diluted earnings per share</a></td>
<td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40pt"><b><i>Basic</i></b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The basic earnings
per share are calculated by dividing the profit attributable to the holders of the Company&#8217;s equity instruments by the weighted
average number of common shares outstanding as of December 31, 2018 and 2017, excluding common shares purchased by the Company
and held as treasury shares.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The basic earnings
per share coincide with the diluted earnings per share, inasmuch as the Company has issued neither preferred shares nor Corporate
Notes convertible into common shares.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,297,466</td>
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    <td style="text-align: left">Weighted average number of common shares outstanding</td>
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    <td style="border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;890,492</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for earnings per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2018-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=33&amp;date=2018-03-01&amp;anchor=sect_Disclosure&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6751815216">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>35. Related-party transactions<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RelatedPartyTransactionsAbstract', window );"><strong>Related party transactions [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
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</font><font style="font: 8pt Times New Roman, Times, Serif">The following transactions were carried out with
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<td style="width: 70.9pt"></td><td style="width: 28.35pt"><font style="font-size: 8pt"><b>a.</b></font></td><td><font style="font-size: 8pt">Income</font></td></tr></table>



<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 106.9pt; text-align: justify; text-indent: -57.25pt">&#160;</p>

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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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<tr style="vertical-align: middle">
    <td>Transba</td>
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    <td>&#160;</td>
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<tr style="vertical-align: bottom">
    <td>&#160;</td>
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<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 106.9pt; text-align: justify; text-indent: -57.25pt"></p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 106.9pt; text-align: justify; text-indent: -57.25pt">&#160;&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 70.9pt"></td><td style="width: 28.35pt"><font style="font-size: 8pt"><b>b.</b></font></td><td><font style="font-size: 8pt">Expense</font></td></tr></table>



<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 106.9pt; text-align: justify; text-indent: -57.25pt">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: middle">
    <td>PESA</td>
    <td>&#160;</td>
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<tr style="vertical-align: middle">
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(81,698)</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(65,298)</td></tr>
<tr style="vertical-align: middle">
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<tr style="vertical-align: middle">
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<tr style="vertical-align: middle">
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(19,521)</td>
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<tr style="vertical-align: middle">
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    <td>&#160;</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1,310)</td>
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<tr style="vertical-align: bottom">
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</table>


<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 106.9pt; text-align: justify; text-indent: -57.25pt">&#160;</p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 106.9pt; text-align: justify; text-indent: -57.25pt"></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 70.9pt"></td><td style="width: 28.35pt"><font style="font-size: 8pt"><b>c.</b></font></td><td><font style="font-size: 8pt">Key Management personnel&#8217;s remuneration</font></td></tr></table>



<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 106.9pt; text-align: justify; text-indent: -57.25pt">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
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    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">12.31.16</td></tr>
<tr>
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    <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;194,040</td>
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    <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;229,206</td></tr>
<tr style="vertical-align: bottom">
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</table>


<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 106.9pt; text-align: justify; text-indent: -57.25pt">&#160;</p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 106.9pt; text-align: justify; text-indent: -57.25pt"></p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 106.9pt; text-align: justify; text-indent: -57.25pt"><font style="font: 8pt Symbol">&#183;</font><font style="font: 7pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><font style="font: 8pt Times New Roman, Times, Serif">The balances with related parties are as follow:</font></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 70.9pt"></td><td style="width: 28.35pt"><font style="font-size: 8pt"><b>d.</b></font></td><td><font style="font-size: 8pt">Receivables and payables</font></td></tr></table>



<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 106.9pt; text-align: justify; text-indent: -57.25pt">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
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    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 22%">12.31.18</td>
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    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 21%">12.31.17</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-style: italic; text-decoration: underline">Other receivables - Non current</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: middle">
    <td>SACME</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,662</td>
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<tr style="vertical-align: middle">
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<tr>
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    <td style="font-weight: bold; vertical-align: middle; text-align: right">&#160;</td>
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<tr>
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    <td style="font-weight: bold; vertical-align: middle; text-align: right">&#160;</td></tr>
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    <td style="vertical-align: middle">&#160;</td>
    <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;766</td>
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    <td style="vertical-align: bottom; background-color: white; text-align: right">1131</td></tr>
<tr>
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    <td style="vertical-align: middle">&#160;</td>
    <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,180</td>
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<tr>
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</table>


<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 106.9pt; text-align: justify; text-indent: -57.25pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The other receivables
with related parties are not secured and do not accrue interest. No allowances have been recorded for these concepts in any of
the periods covered by these financial statements.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">According to IAS
24, paragraphs 25 and 26, the Company applies the exemption from the disclosure requirement of transactions with related parties
when the counterpart is a governmental agency that has control, joint control or significant influence. As of December 31, 2018,
the ANSES holds Corporate Notes of the Company due in 2022 for $ 752 million (U.S.$. 20 million nominal value).</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The agreements
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><i>&#160;</i></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><i>(a) Agreement with SACME</i></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><i>&#160;</i></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In the framework
of the regulation of the Argentine electric power sector established by Law No. 24,065 and SEE Resolution No. 61/92, and after
the awarding of the distribution areas of the city and metropolitan area of Buenos Aires to <b>edenor</b> and Edesur S.A., the
bidding terms and conditions of the privatization provided that both companies were required to organize SACME to operate the electric
power supervision and control center of the transmission and sub-transmission system that feeds the market areas transferred to
those companies. For such purpose, on September 18, 1992 SACME was organized by <b>edenor</b> and Edesur S.A.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The purpose of
this company is to manage, supervise and control the operation of both the electric power generation, transmission and sub-transmission
system in the City of Buenos Aires and the Buenos Aires metropolitan area and the interconnections with the Argentine Interconnection
System, to represent Distribution Companies in the operational management before CAMMESA, and, in general, to carry out the necessary
actions for the proper development of its activities.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The share capital
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and 6,000 Class II shares are owned by Edesur S.A.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The operating costs
borne by the Company during fiscal year 2018 amounted to $ 81.6 million.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><i>(b) Agreement with EASA</i></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The agreement stipulates
the provision to the Company of technical advisory services on financial matters for a term of five years to commence as from September
19, 2015. The term of the agreement will be extended if so agreed by the parties. In consideration of these services, the Company
pays PESA an annual amount of U.S.$. 2.5 million. Any of the parties may terminate the agreement at any time by giving 60 days&#8217;
notice, without having to comply with any further obligations or paying any indemnification to the other party.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Due to the merger
process of EASA and its parent IEASA with and into CTLL, and, in turn, of CTLL with and into PESA, the amount stipulated in the
agreement in consideration of the services will be paid to the acquiring and surviving company/companies of EASA.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><i>&#160;</i></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><i>(c) Or&#237;genes Seguros
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In the framework
of the process for the taking out of the mandatory life insurance for its personnel, the Company invited different insurance companies
to submit their proposals. After having been analyzed, the one submitted by OSV was selected as the best proposal. This transaction
was approved by the Company&#8217;s Board of Directors at the Board meeting held on March 7, 2018, with the Auditing Committee&#8217;s
prior favorable opinion.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The operating
costs borne by the Company in fiscal year 2018 amounted to $ 19.5 million.&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><i>(d) Fidus Sociedad de
Garant&#237;a Rec&#237;proca</i></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><i>&#160;</i></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company&#8217;s
Board of Directors, at its meeting of December 4, 2018, approved the making of a contribution of funds to Fidus SGR for a sum of
$ 25.0 million, in the capacity as protector partner and with the scope set forth in Law No. 24,467. In this manner, the Company
expects to strengthen the relationship with its suppliers by giving them the possibility of facilitating an improvement in financing
conditions.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><i>(e) SACDE</i></p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Throughout 2018,
due to the agreement entered into by and between the Federal Government and SACDE for the construction of the Presidente Per&#243;n
highway&#8217;s extension, the Company received from SACDE requests for moving certain facilities owned by the Company located
in some specific places of the referred to highway&#8217;s path. As stipulated in edenor&#8217;s Concession Agreement, the entire
cost of the removals in question is to be borne by the requesting party; therefore, the Projects and Permits Area of the Company&#8217;s
Operations Department prepared the respective works budgets in accordance with the Price List in effect, with the related percentages
for contingencies and edenor&#8217;s fee for the Project, works oversight and associated electric operations, in addition to the
estimated time period for the completion of the works. Given that SACDE is a related party under the terms of the Law on Capital
Markets, the aforementioned works contracts were approved by the Board of Directors at the Board meetings held on April 25, 2018
and January 30, 2019.&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The ultimate controlling
company of <b>edenor</b> is PESA.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>



<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 106.9pt; text-align: justify; text-indent: -57.25pt"></p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 106.9pt; text-align: justify; text-indent: -57.25pt"></p><span></span>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of transactions between the entity and its related parties. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2018-01-01<br> -Paragraph 18<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2018-03-01&amp;anchor=para_18&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6619736128">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>36. Safekeeping of documentation<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SafekeepingOfDocumentationAbstract', window );"><strong>Safekeeping Of Documentation</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DisclosureOfSafekeepingOfDocumentationExplanatory', window );">Safekeeping of documentation</a></td>
<td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On August 14, 2014,
the CNV issued General Resolution No. 629 which introduced changes to its regulations concerning the safekeeping and preservation
of corporate books, accounting books and commercial documentation. In this regard, it is informed that for safekeeping purposes
the Company has sent its workpapers and non-sensitive information, whose periods for retention have not expired, to the warehouses
of the firm Iron Mountain Argentina S.A., located at:</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 37.7pt"></td><td style="width: 18pt"><font style="font: 8pt Georgia, Times, Serif">-</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">1245 Azara St. &#8211; City of Buenos Aires</font></td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 37.7pt"></td><td style="width: 18pt"><font style="font: 8pt Georgia, Times, Serif">-</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">2163 Don Pedro de Mendoza Av. &#8211; City of Buenos
Aires</font></td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 37.7pt"></td><td style="width: 18pt"><font style="font: 8pt Georgia, Times, Serif">-</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">2482 Amancio Alcorta Av. &#8211; City of Buenos Aires</font></td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 37.7pt"></td><td style="width: 18pt"><font style="font: 8pt Georgia, Times, Serif">-</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">Tucum&#225;n St. on the corner of El Zonda, Carlos
Spegazzini City, Ezeiza, Province of Buenos Aires</font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The detail of the
documentation stored outside the Company&#8217;s offices for safekeeping purposes, as well as the documentation referred to in
Section 5 sub-section a.3) of Caption I of Chapter V of Title II of the Regulations (Technical Rule No. 2,013, as amended) is available
at the Company&#8217;s registered office.</p><span></span>
</td>
</tr>
</table>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6738765280">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>37. Termination of agreement on real estate asset<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_TerminationOfAgreementOnRealEstateAssetAbstract', window );"><strong>Termination Of Agreement On Real Estate Asset</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DisclosureOfTerminationOfAgreementOnRealEstateAssetExplanatory', window );">Termination of agreement on real estate asset</a></td>
<td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">With the aim of
concentrating in one single building the Company&#8217;s centralized functions, and reducing rental costs and the risk of future
increases, in November 2015, the Company acquired from RDSA (the &#8220;seller&#8221;) a real estate asset to be constructed, for
a total amount of U.S.$. 46 million -equivalent to $ 439.3 million at the exchange rate in effect at the time of entering into the
purchase and sale agreement. To guarantee payment of liquidated damages in case of termination on account of the seller&#8217;s
default, the Company received a surety bond issued by Aseguradores de Cauciones S.A. Compa&#241;&#237;a de Seguros for up to the
maximum amount of U.S.$. 46 million, plus the private banks&#8217; Badlar rate in dollars + 2%.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The real property
had to be delivered by the seller to the Company on June 1, 2018, which the seller failed to comply. Therefore, the Company declared
the seller in default, notifying the insurance company that issued the surety bond of such situation, and collected U.S.$. 502.8 thousand
in fines accrued during the term of the purchase and sale agreement and duly deposited as bond by the seller for failing to meet
the construction project milestones agreed upon in the agreement, amount which was recorded in the Other operating expense, net
line item of the Statement of Comprehensive Income.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On August 27, 2018,
upon expiration of the legal time periods set forth in the agreement, the Company notified RDSA of the termination of the agreement
on account of its default, demanding payment of the liquidated damages: refunding of the purchase price, plus 15% interest in dollars
from the purchase price payment date until the day of default, less the delay penalty amounts indicated in the preceding paragraph.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Furthermore, on
September 3, 2018, the Company filed a claim against the bond with the insurance company, and subsequently provided the additional
documentation and information that had been required.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Due to RDSA&#8217;s
failure to reimburse the purchase price plus interest, in November 2018, the Company initiated an arbitration process against RDSA
before the Arbitral Tribunal of the Buenos Aires Stock Exchange in order for RDSA to be ordered to pay the liquidated damages stipulated
in the purchase and sale agreement, which, as of December 31, 2018 amounts to $ 3 billion. As of to date, said process is in process<font style="color: #323E4F">.
</font>Additionally, the Company initiated the process aimed at collecting the surety bond that guaranteed RDSA&#8217; obligation,
which under the terms of the insurance policy results in a claim for U.S.$. 50.3 million, covering more than 60% of the amount claimed
to RDSA.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt; color: #323E4F">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In the opinion
of our legal advisors, the Company&#8217;s right to collect the credit is based on extremely solid arguments; therefore, the award
in the aforementioned arbitration process against RDSA as well as the outcome of the lawsuit that could eventually be filed against
Aseguradora de Cauciones if it fails to comply with the payment of the above-mentioned surety bond, should be favorable to the
Company.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">However,
taking into consideration that on February 1, 2019 RDSA filed a voluntary petition for reorganization proceedings, and that
on February 28, 2019 the <i>Official Gazette</i> published Resolution No. 207/19 of the National Insurance Superintendency
forbidding Aseguradora de Cauciones from entering into new contracts and maintaining the prohibition to dispose of property
until the latter&#8217;s deficitary situation is rectified, the Company has recorded an allowance to partially cover the
amount of the receivable, considering the possibility of its recovery, not because of the quality of its right, about which
there is no doubt, but rather because of the financial position of its debtors, RDSA and Aseguradora de Cauciones.
Accordingly, the balance of the recorded receivable as of December 31, 2018, net of allowances, amounts to $ 765.6 million
(Note 11) which is disclosed in the &#8220;Exchange differences&#8221; line item.</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6655299376">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>38. Ordinary and Extraordinary Shareholders' Meeting<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OrdinaryAndExtraordinaryShareholdersMeetingAbstract', window );"><strong>Ordinary And Extraordinary Shareholders Meeting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DisclosureOfOrdinaryAndExtraordinaryShareholdersMeetingExplanatory', window );">Ordinary and Extraordinary Shareholders' Meeting</a></td>
<td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company Ordinary
and Extraordinary Shareholders&#8217; Meeting held on April 26, 2018 resolved, among other issues, the following:</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 49.6pt"></td><td style="width: 14.2pt"><font style="font: 8pt Georgia, Times, Serif">-</font></td><td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">To approve <b>edenor&#8217;s</b>
Annual Report and Financial Statements as of December 31, 2017;</font></td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 49.6pt"></td><td style="width: 14.2pt"><font style="font: 8pt Georgia, Times, Serif">-</font></td><td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">To allocate the profit
for the year ended December 31, 2017 to the absorption of accumulated losses;</font></td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 49.6pt"></td><td style="width: 14.2pt"><font style="font: 8pt Georgia, Times, Serif">-</font></td><td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">To approve the actions
taken by the Directors and Supervisory Committee members, together with their respective remunerations;</font></td></tr></table>

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and the external auditors for the current fiscal year;</font></td></tr></table><span></span>
</td>
</tr>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6741272736">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>4. Accounting policies (Policies)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AccountingPoliciesPoliciesAbstract', window );"><strong>Accounting Policies Policies Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfChangesInAccountingPoliciesExplanatory', window );">New accounting standards, amendments and interpretations issued by the IASB</a></td>
<td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company has
applied the following standards and/or amendments for the first time as from January 1, 2018:</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">- IFRS 15 &#34;Revenue
from contracts with customers&#34; (issued in May 2014 and amended in September 2015)</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">- IFRS 9 &#8220;Financial
instruments&#8221; (amended in July 2014)</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">- IFRS 2 &#8220;Share-based
payments&#8221; (amended in June 2016)</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">- IFRIC 22 &#8220;Foreign
currency transactions and Advanced consideration&#8221; (issued in December 2016)</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">- Annual improvements
to IFRSs &#8211; 2014-2016 Cycle (issued in December 2016)</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In the respective
accounting policies detail the main issues related to the initial application of IFRS 9 and IFRS 15. The application of the other
standards, amendments and interpretations generated no impact on either the Company&#8217;s results of operations and financial
position, or the accounting policies applicable as from January 1, 2018.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>&#160;</b></p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 0px">&#160;</td>
    <td style="width: 27px; padding-bottom: 10pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt/115% Arial, Helvetica, Sans-Serif; color: #0070C0"><b>Note</b></font></td>
    <td style="padding-bottom: 10pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"><font style="font: 10pt/115% Arial, Helvetica, Sans-Serif; color: #0070C0"><b>4.1.1 |</b></font><b><font style="font: 7pt/115% Times New Roman, Times, Serif; color: #0070C0">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font style="font: 8pt/115% Times New Roman, Times, Serif">Impacts of adoption of rules not yet effectives</font></b></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">- IFRS 16 &#8220;Leases&#8221;:
On January 13, 2016, the IASB published IFRS 16, which replaces the current guidance in IAS 17. The standard defines a lease as
a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange
for consideration. The standard requires the recognition of a lease liability that reflects future lease payments and a &#8216;right-of-use
asset&#8217; for almost all lease contracts. This is a significant change compared to IAS 17 under which lessees were required
to make a distinction between a finance lease (reported on the balance sheet) and an operating lease (off balance sheet). IFRS
16 contains an optional exemption for certain short-term leases and leases of low-value assets; however, this exemption can only
be applied by lessees. IFRS 16 is effective for annual reporting periods beginning on or after January 1, 2019. The impact of the
application of the aforementioned standard estimated by the Company is not significant.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">- IFRS 17 &#8220;Insurance
Contracts&#8221;, issued in May 2017. It replaces IFRS 4 - an interim standard issued in 2004 that allowed entities to account
for insurance contracts using their local accounting requirements, resulting in multiple application approaches. IFRS 17 establishes
the principles for the recognition, measurement, presentation, and disclosure of insurance contracts, and applies to annual periods
beginning on or after January 1, 2021, with early adoption permitted if entities also apply IFRS 9 and IFRS 15. The Company is
currently analyzing the impact of the application of IFRS 17; nevertheless, it estimates that the application thereof will have
no impact on the Company&#8217;s results of operations or its financial position.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">- IFRIC 23 &#8220;Uncertainty
over income tax treatments&#8221;, issued in June 2017. It clarifies the application of IAS 12 where there is uncertainty over
income tax treatments. In accordance with the interpretation, an entity is required to reflect the impact of the uncertain tax
treatment using the method that best predicts the resolution of the uncertainty, using either the most likely amount method or
the expected value method. Additionally, the entity is required to assume that the tax authority will examine the uncertain treatments
and have full knowledge of all the related relevant information when assessing the tax treatment over income tax. The interpretation
is effective for annual periods beginning on or after January 1, 2019, although early adoption is permitted. The Company estimates
that the application of IFRIC 23 will have no impact on the Company&#8217;s results of operations or its financial position.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">- IAS 28 &#8220;Investments
in associates and joint ventures&#8221;, amended in October 2017. It clarifies that IFRS 9 applies to other financial instruments
in an associate or joint venture to which the equity method is not applied. The standard is effective for annual periods beginning
on or after January 1, 2019, although early adoption is permitted. The Company estimates that its application will have no impact
on the Company&#8217;s results of operations or its financial position.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">- IAS 19 &#8220;Employee
benefits&#8221;, amended in February 2018. It introduces changes to the measurement of past service cost and net interest in the
case of post-employment defined benefit plans that have suffered amendments, curtailments or settlements. It applies to amendments,
curtailments or settlements as from January 1, 2019.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company is
currently assessing the impact of these new standards and amendments.&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0">&#160;</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory', window );">Property, plant and equipment</a></td>
<td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Additions have
been valued at acquisition cost restated to reflect the effects of inflation, net of the related accumulated depreciation. Depreciation
has been calculated by applying the straight-line method over the remaining useful life of the assets, which was determined on
the basis of engineering studies.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Subsequent costs
(major maintenance and reconstruction costs) are either included in the value of the assets or recognized as a separate asset,
only if it is probable that the future benefits associated with the assets will flow to the Company, being it possible as well
that the costs of the assets may be measured reliably and the investment will improve the condition of the asset beyond its original
state. The other maintenance and repair expenses are recognized in profit or loss in the year in which they are incurred.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In accordance with
the Concession Agreement, the Company may not pledge the assets used in the provision of the public service nor grant any other
security interest thereon in favor of third parties, without prejudice to the Company&#8217;s right to freely dispose of those
assets which in the future may become inadequate or unnecessary for such purpose. This prohibition does not apply in the case of
security interests granted over an asset at the time of its acquisition and/or construction as collateral for payment of the purchase
and/or installation price.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The residual value
and the remaining useful lives of the assets are reviewed and adjusted, if appropriate, at the end of each fiscal year (reporting
period).</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#9;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Land is not depreciated.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Facilities in service:
between 30 and 50 years</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Furniture, tools
and equipment: between 5 and 20 years</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Construction in
process is valued based on the degree of completion and is recorded at cost restated to reflect the effects of inflation less any
impairment loss, if applicable. Cost includes expenses attributable to the construction, when they are part of the cost incurred
for the purposes of acquisition, construction or production of property, plant and equipment that require considerable time until
they are in condition to be used. These assets begin to be depreciated when they are in economic condition to be used.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Gains and losses
on the sale of Property, plant and equipment are calculated by comparing the price collected with the carrying amount of the asset,
and are recognized within Other operating expense or Other operating income in the Statement of Comprehensive Income.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The valuation of
property, plant and equipment, taken as a whole, does not exceed its recoverable value, which is measured as the higher of value
in use and fair value less costs to sell at the end of the year.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">At the date of
issuance of these financial statements there are no indicators of a potential impairment (Note 6.c).</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>&#160;</b></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForInvestmentsInJointVentures', window );">Interests in joint ventures</a></td>
<td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The main conceptual
definitions are as follow:</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 57px">&#160;</td>
    <td style="width: 9px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif">i.</font></td>
    <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">A joint arrangement takes place among two or more parties when they have joint control: joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.</font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: -7.1pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 57px">&#160;</td>
    <td style="width: 9px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif">ii.</font></td>
    <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Such parties are called joint venturers.</font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 57px">&#160;</td>
    <td style="width: 9px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif">iii.</font></td>
    <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. These parties are called joint operators.</font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company accounts
for its investment in joint ventures in accordance with the equity method. Under this method, the interest is initially recognized
at cost and subsequently adjusted by recognizing the Company&#8217;s share in the profit or loss obtained by the joint venture,
after acquisition date. The Company recognizes in profit or loss its share of the joint venture&#8217;s profit or loss and in other
comprehensive income its share of the joint venture&#8217;s other comprehensive income.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">When the Company
carries out transactions in the joint ventures, the unrealized gains and losses are eliminated in accordance with the percentage
interest held by the Company in the jointly controlled entity.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The joint ventures&#8217;
accounting policies have been modified and adapted, if applicable, to ensure consistency with the policies adopted by the Company.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Furthermore, taking
into account that the interests in joint ventures are not regarded as significant balances, the disclosures required under IFRS
12 have not been made.&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 35.45pt">&#160;</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue', window );">Revenue recognition</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"><td style="width: 21.25pt"><font style="font-size: 8pt"><b>a.</b></font></td><td style="text-align: justify"><font style="font-size: 8pt"><b>Revenue from sales</b></font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 7.65pt"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><i>Revenues from
contracts with customers (ENRE Resolutions No. 63/17, 603/17, 33/18, 208/18 and SE Resolution No. 366/18):</i></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company recognizes,
on a monthly basis, revenues from electricity distribution and commercialization as energy is distributed to each client based
on the applicable tariff and procedures established by the ENRE. Such revenue includes energy delivered, whether billed or unbilled,
at the end of each period. Revenues are not adjusted for the effect of financing components as sales&#8217; payments are not deferred
over time, which is consistent with market practice.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The current
remuneration scheme establishes certain limits to the increase in the VAD resulting from the tariff structure review process,
as well as a mechanism for monitoring the variation of CPD, which implies an increase in the compensation scheme for certain
cases; the Company recognizes related revenues only to the extent that it is highly probable that a significant reversal will
not occur and it is probable that the consideration will be collected regardless the period in which the energy is
distributed.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company
recognizes revenues related to energy supply to low-income areas and shantytowns, only to the extent that the Framework Agreement
with Argentine Nation and Province of Buenos Aires has been renewed for the period in which the service was rendered.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><i>Other
revenues from <font style="font-family: Times New Roman, Times, Serif">contracts with customers:</font></i></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company recognizes
other revenues from contracts with customers in relation to connection and reconnection services, rights of use on poles and transport
of energy to other distribution companies on a monthly basis as services are rendered based on the price established in each contract.
Revenues are not adjusted for the effect of financing components as sales&#8217; payments are not deferred over time, which is
consistent with market practice.&#160;</p>

<p style="margin: 0">&#160;</p>



<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 7.65pt"><b></b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 35.45pt"></td><td style="width: 21.25pt"><font style="font-size: 8pt"><b>b.</b></font></td><td style="text-align: justify"><font style="font-size: 8pt"><b>Interest income</b></font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Interest income
is recognized by applying the effective interest rate method. Interest income is recorded in the accounting on a time basis by
reference to the principal amount outstanding and the applicable effective rate.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Interest income
is recognized when it is probable that the economic benefits associated with the transaction will flow to the Company and the
amount of the transaction can be measured reliably.</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DescriptionOfAccountingPolicyForEffectsOfChangesInForeignCurrencyExchangeRates', window );">Effects of the changes in foreign currency exchange rates</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 47px">&#160;</td>
    <td style="width: 28px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>a.</b></font></td>
    <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Functional and presentation currency</b></font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The information
included in the financial statements is measured using the Company&#8217;s functional currency, which is the currency of the main
economic environment in which the entity operates. The financial statements are measured in pesos (legal currency in Argentina),
restated to reflect the effects of inflation (Note 3), which is also the presentation currency.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 47px">&#160;</td>
    <td style="width: 28px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>b.</b></font></td>
    <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Transactions and balances</b></font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Foreign currency
denominated transactions and balances are translated into the functional and presentation currency using the rates of exchange
prevailing at the date of the transactions or revaluation, respectively. The gains and losses generated by foreign currency exchange
differences resulting from each transaction and from the translation of monetary items valued in foreign currency at the end of
the year are recognized in the Statement of Income.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The foreign currency
exchange rates used are the bid price for monetary assets, the offer price for monetary liabilities, and the specific exchange
rate for foreign currency denominated transactions.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>&#160;</b></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory', window );">Trade and other receivables</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 47px">&#160;</td>
    <td style="width: 30px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>a.</b></font></td>
    <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Trade receivables</b></font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The receivables
arising from services billed to customers but not collected as well as those arising from services rendered but unbilled at the
closing date of each year are recognized at fair value and subsequently measured at amortized cost using the effective interest
rate method.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The receivables
from electricity supplied to low-income areas and shantytowns are recognized, also in line with revenue, when the Framework Agreement
has been renewed for the period in which the service was provided.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 47px">&#160;</td>
    <td style="width: 30px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>b.</b></font></td>
    <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Other receivables</b></font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The financial assets
included in other receivables are initially recognized at fair value (generally the original billing/settlement amount) and subsequently
measured at amortized cost, using the effective interest rate method, and when significant, adjusted by the time value of money.
The Company records impairment allowances when there is objective evidence that the Company will not be able to collect all the
amounts owed to it in accordance with the original terms of the receivables.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The rest of other
receivables are initially recognized at the amount paid.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories', window );">Inventories</a></td>
<td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Inventories are
valued at the lower of acquisition cost restated to reflect the effects of inflation and net realizable value.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">They are valued
based on the purchase price, import duties (if applicable), and other taxes (that are not subsequently recovered by tax authorities),
and other costs directly attributable to the acquisition of those assets.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Cost is determined
by applying the weighted average price (WAP) method.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company has
classified inventories into current and non-current depending on whether they will be used for maintenance or capital expenditures
and on the period in which they are expected to be used. The non-current portion of inventories is disclosed in the &#8220;Property,
plant and equipment&#8221; account.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The valuation of
inventories, taken as a whole, does not exceed their recoverable value at the end of each year.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>&#160;</b></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory', window );">Financial assets</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 0px">&#160;</td>
    <td style="width: 48px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0; letter-spacing: -0.15pt"><b>Note</b></font></td>
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</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company classifies
financial assets into the following categories: those measured at amortized cost and those subsequently measured at fair value.
This classification depends on whether the financial asset is an investment in a debt or an equity instrument. In order for a financial
asset to be measured at amortized cost, the two conditions described below must be met. All other financial assets are measured
at fair value. IFRS 9 requires that all investments in equity instruments be measured at fair value.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>&#160;</b></p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 47px">&#160;</td>
    <td style="width: 28px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>a.</b></font></td>
    <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Financial assets at amortized cost</b></font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Financial assets
are measured at amortized cost if the following conditions are met:</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 85px">&#160;</td>
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</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 85px">&#160;</td>
    <td style="width: 19px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif">ii.</font></td>
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</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 47px">&#160;</td>
    <td style="width: 28px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>b.</b></font></td>
    <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Financial assets at fair value</b></font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">If any of the above-detailed
conditions is not met, financial assets are measured at fair value through profit or loss.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">All investments
in equity instruments are measured at fair value. For those investments that are not held for trading, the Company may irrevocably
elect at the time of their initial recognition to present the changes in the fair value in other comprehensive income. The Company&#8217;s
decision was to recognize the changes in fair value in profit or loss.<b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 0px">&#160;</td>
    <td style="width: 48px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0; letter-spacing: -0.15pt"><b>Note</b></font></td>
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</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The regular way
purchase or sale of financial assets is recognized on the trade date, i.e. the date on which the Company agrees to acquire or sell
the asset. Financial assets are derecognized when the rights to receive the cash flows from the investments have expired or been
transferred and the Company has transferred substantially all the risks and rewards of the ownership of the assets.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Financial assets
are initially recognized at fair value plus, in the case of financial assets not measured at fair value through profit or loss,
transaction costs that are directly attributable to the acquisition thereof.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The gains or losses
generated by investments in debt instruments that are subsequently measured at fair value and are not part of a hedging transaction
are recognized in profit or loss. Those generated by investments in debt instruments that are subsequently measured at amortized
cost and are not part of a hedging transaction are recognized in profit or loss when the financial asset is derecognized or impaired
and by means of the amortization process using the effective interest rate method.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company subsequently
measures all the investments in equity instruments at fair value. When it elects to present the changes in fair value in other
comprehensive income, such changes cannot be reclassified to profit or loss. Dividends arising from these investments are recognized
in profit or loss to the extent that they represent a return on the investment.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company reclassifies
financial assets if and only if its business model to manage financial assets is changed.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The expected losses,
according to the calculated coefficients, are detailed in Note 6.a.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><font style="letter-spacing: -0.15pt"><b>&#160;</b></font></p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 0px">&#160;</td>
    <td style="width: 48px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0; letter-spacing: -0.15pt"><b>Note</b></font></td>
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</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">At the end of each
annual reporting period, the Company assesses whether there is objective evidence that the value of a financial asset or group
of financial assets measured at amortized cost is impaired. The value of a financial asset or group of financial assets is impaired,
and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred
after the initial recognition of the asset (a &#8220;loss event&#8221;), and that loss event (or events) has an impact on the estimated
future cash flows of the financial asset or group of financial assets that can be reliably measured.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Impairment tests
may include evidence that the debtors or group of debtors are undergoing significant financial difficulties, have defaulted on
interest or principal payments or made them after they had come due, the probability that they will enter bankruptcy or other financial
reorganization, and when observable data indicate that there is a measurable decrease in the estimated future cash flows, such
as changes in payment terms or in the economic conditions that correlate with defaults.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In the case of
financial assets measured at amortized cost, the amount of the impairment loss is measured as the difference between the asset&#8217;s
carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred)
discounted at the financial asset&#8217;s original effective interest rate. The asset&#8217;s carrying amount is reduced and the
amount of the impairment loss is recognized in the Statement of Income.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Although cash,
cash equivalents and financial assets measured at amortized cost are also subject to the impairment requirements of IFRS 9, the
identified impairment loss is not material.&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 0px">&#160;</td>
    <td style="width: 48px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #0070C0; letter-spacing: -0.15pt"><b>Note</b></font></td>
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</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Financial assets
and liabilities are offset, and the net amount reported in the Statement of Financial Position, when there is a legally enforceable
right to offset the recognized amounts, and there is an intention to settle on a net basis, or realize the asset and settle the
liability simultaneously.&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt">&#160;</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory', window );">Derivative financial instruments</a></td>
<td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Derivative financial
instruments are initially recognized at fair value on the date on which the respective contract is signed. Subsequently to the
initial recognition, they are remeasured at their fair value. The method for recognizing the resulting loss or gain depends on
whether the derivative has been designated as a hedging instrument and, if that is the case, on the nature of the item being hedged.
As of December 31, 2018 and 2017, the economic impact of these transactions is recorded in the Other financial expense account
of the Statement of Comprehensive Income.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">During fiscal year
2018, the Company has not entered into futures contracts to buy US dollars.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">As of December
31, 2017, the economic impact of the transactions carried out in that fiscal year resulted in a loss of $ 21.1 million, which is
recorded in the Other financial expense account of the Statement of Comprehensive Income.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>&#160;</b></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Cash and cash equivalents
include cash on hand, deposits held at call with banks and other short-term highly liquid investments with original maturities
of three months or less from their acquisition date, with significant low risk of change in value.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 35.45pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 62px">&#160;</td>
    <td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif">i.</font></td>
    <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Cash and banks in local currency: at nominal value.</font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 64.35pt; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 62px">&#160;</td>
    <td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif">ii.</font></td>
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</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 62px">&#160;</td>
    <td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif">iii.</font></td>
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</table>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DescriptionOfAccountingPolicyForEquity', window );">Equity</a></td>
<td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Changes in this
account have been accounted for in accordance with the corresponding legal or statutory regulations and the decisions adopted by
the shareholders&#8217; meetings.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 47px">&#160;</td>
    <td style="width: 28px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>a.</b></font></td>
    <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Share capital</b></font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Share capital represents
issued capital, which is comprised of the contributions committed and/or made by the shareholders, represented by shares, including
outstanding shares at nominal value, restated to reflect the effects of inflation as indicated in Note 3.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 47px">&#160;</td>
    <td style="width: 28px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>b.</b></font></td>
    <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Treasury stock</b></font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Treasury stock
account represents the nominal value of the Company&#8217;s own shares acquired by the Company, restated to reflect the effects
of inflation as indicated in Note 3.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify"><b>&#160;</b></p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 47px">&#160;</td>
    <td style="width: 28px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>c.</b></font></td>
    <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Other comprehensive income </b></font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Represents recognition,
at the end of the year, of the actuarial losses associated with the Company&#8217;s employee benefit plans, restated to reflect
the effects of inflation as indicated in Note 3.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 47px">&#160;</td>
    <td style="width: 28px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>d.</b></font></td>
    <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Retained earnings</b></font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Retained earnings
are comprised of profits or accumulated losses with no specific appropriation. When positive, they may be distributed, if so decided
by the Shareholders&#8217; Meeting, to the extent that they are not subject to legal restrictions. Retained earnings are comprised
of previous year results that have not been distributed, amounts transferred from other comprehensive income and prior year adjustments
due to the application of accounting standards, restated to reflect the effects of inflation as indicated in Note 3.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>&#160;</b></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory', window );">Trade and other payables</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 53px">&#160;</td>
    <td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>a.</b></font></td>
    <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Trade payables</b></font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Trade payables
are payment obligations with suppliers for the purchase of goods and services in the ordinary course of business. Trade payables
are classified as current liabilities if payments fall due within one year or in a shorter period of time. Otherwise, they are
classified as non-current liabilities.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Trade payables
are initially recognized at fair value and subsequently measured at amortized cost using the effective interest rate method.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>&#160;</b></p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 53px">&#160;</td>
    <td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>b.</b></font></td>
    <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Customer deposits</b></font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Customer deposits
are initially recognized at the amount received and subsequently measured at amortized cost using the effective interest rate method.</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In accordance with
the Concession Agreement, the Company is allowed to receive customer deposits in the following cases:</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 80px">&#160;</td>
    <td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif">i.</font></td>
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</table>
<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 78pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 80px">&#160;</td>
    <td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif">ii.</font></td>
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</table>
<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 78pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 80px">&#160;</td>
    <td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif">iii.</font></td>
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</table>
<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 78pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 80px">&#160;</td>
    <td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif">iv.</font></td>
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</table>
<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company has decided
not to request customer deposits from residential tariff customers.</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Customer deposits
may be either paid in cash or through the customer&#8217;s bill and accrue monthly interest at a specific rate of BNA for each
customer category.</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">When the conditions
for which the Company is allowed to receive customer deposits no longer exist, the customer&#8217;s account is credited for the
principal amount plus any interest accrued thereon, after deducting, if appropriate, any amounts receivable which the Company has
with the customer.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 53px">&#160;</td>
    <td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>c.</b></font></td>
    <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Customer contributions</b></font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><i>Refundable</i>:
The Company receives assets or facilities (or the cash necessary to acquire or build them) from certain customers for services
to be provided, based on individual agreements and the provisions of ENRE Resolution No. 215/12. These contributions are initially
recognized as trade payables at fair value with a contra-account in Property, plant and equipment, and subsequently measured at
amortized cost using the effective interest rate method.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify"><b>&#160;</b></p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 53px">&#160;</td>
    <td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>d.</b></font></td>
    <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Other payables</b></font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The rest of the
financial liabilities recorded in Other Payables, including the loans for consumption (mutuums) with CAMMESA, the Payment agreement
with the ENRE and the advances for the execution of works, are initially recognized at fair value and subsequently measured at
amortized cost.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The recorded liabilities
for the debts with the FOTAE, the penalties accrued, whether imposed or not yet issued by the ENRE (Note 2.e)), and other provisions
are the best estimate of the settlement value of the present obligation in the framework of IAS 37 provisions at the date of these
financial statements.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The balances of
ENRE Penalties and Discounts are adjusted in accordance with the regulatory framework applicable thereto and are based on the Company&#8217;s
estimate of the outcome of the renegotiation process described in Note 2, whereas the balances of the loans for consumption (mutuums)
are adjusted by a rate equivalent to the monthly average yield obtained by CAMMESA from its short-term investments.&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory', window );">Borrowings</a></td>
<td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Borrowings are
initially recognized at fair value, net of direct costs incurred in the transaction. Subsequently, they are measured at amortized
cost; any difference between the funds obtained (net of direct costs incurred in the transaction) and the amount to be paid at
maturity is recognized in profit or loss during the term of the borrowings using the effective interest rate method.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>&#160;</b></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DescriptionOfAccountingPolicyForDeferredIncome', window );">Deferred revenue</a></td>
<td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><font style="font: 8pt Times New Roman, Times, Serif"><i>Non-refundable
customer contributions<font style="line-height: 115%">: </font></i><font style="line-height: 115%">The Company receives assets
or facilities (or the cash necessary to acquire or built them) from certain customers for services to be provided, based on individual
agreements. In accordance with IFRS 15 &#8220;Transfers of Assets from Customers&#8221;, the assets received are recognized by
the Company as Property, plant and equipment with a contra-account in deferred revenue, the accrual of which depends on the nature
of the identifiable services, in accordance with the following:</font></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: -21.3pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
customer connection to the network: revenue is accrued until such connection is completed;</font></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: -21.3pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
continuous provision of the electric power supply service: throughout the shorter of the useful life of the asset and the term
for the provision of the service.<b>&#160;</b></font></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory', window );">Employee benefits</a></td>
<td class="text"><p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 71.45pt; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Symbol">&#183;</font><font style="font: 7pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><font style="font: 8pt Times New Roman, Times, Serif"><b>Benefit plans</b></font></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company operates
various benefit plans. Usually, benefit plans establish the amount of the benefit the employee will receive at the time of retirement,
generally based on one or more factors such as age, years of service and salary.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The liability recognized
in the Statement of Financial Position in respect of benefit plans is the present value of the benefit plan obligation at the closing
date of the year, together with the adjustments for past service costs and actuarial gains or losses. The benefit plan obligation
is calculated annually by independent actuaries in accordance with the projected unit credit method. The present value of the benefit
plan obligation is determined by discounting the estimated future cash outflows using actuarial assumptions about demographic and
financial variables that affect the determination of the amount of such benefits. The benefit plans are not funded.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The group&#8217;s
accounting policy for benefit plans is as follow:</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 71px">&#160;</td>
    <td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>a.</b></font></td>
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</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 71px">&#160;</td>
    <td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>b.</b></font></td>
    <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are recognized in other comprehensive income in the period in which they arise.</font></td></tr>
</table>
<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 71px">&#160;</td>
    <td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Symbol">&#183;</font></td>
    <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>The Company&#8217;s Share-based Compensation Plan</b></font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 71.45pt; text-align: justify">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company has
share-based compensation plans under which it receives services from some employees in exchange for the Company&#8217;s shares.
The fair value of the employee services received is recognized as an operating expense in the &#8220;Salaries and social security
taxes&#8221; line item. The total amount of the referred to expense is determined by reference to the fair value of the shares
granted.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">When the employees
provide the services before the shares are granted, the fair value at the grant date is estimated in order to recognize the respective
result.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory', window );">Income tax</a></td>
<td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The income tax
is recognized in profit or loss, other comprehensive income or in equity depending on the items from which it originates.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The deferred tax
is recognized, in accordance with the liability method, on the temporary differences arising between the tax base of assets and
liabilities and their carrying amounts in the statement of financial position. However, no deferred tax liability is recognized
if such difference arises from the initial recognition of goodwill, or from the initial recognition of an asset or liability other
than in a business combination, which at the time of the transaction affected neither the accounting nor the taxable profit.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The deferred tax
is determined using the tax rate that is in effect at the date of the financial statements and is expected to apply when the deferred
tax assets are realized or the deferred tax liabilities are settled.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Deferred tax assets
and liabilities are offset if the Company has a legally enforceable right to offset recognized amounts and when deferred tax assets
and liabilities relate to income tax levied by the same tax authority on the same taxable entity. Deferred tax assets and liabilities
are stated at their undiscounted value.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Deferred tax assets
are recognized only to the extent that it is probable that future taxable profits will be available against which the temporary
differences can be utilized.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory', window );">Leases</a></td>
<td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The leases in which
a significant portion of the risks and rewards of ownership is retained by the assignor are classified as operating. At present,
the Company only has leases contracts that are classified as operating.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 47px">&#160;</td>
    <td style="width: 38px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>a.</b></font></td>
    <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Lessee</b></font></td></tr>
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The payments with
respect to operating leases are recognized as operating expenses in the Statement of Comprehensive Income on a straight-line basis
throughout the term of the assignment.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 47px">&#160;</td>
    <td style="width: 38px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>b.</b></font></td>
    <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Lessor</b></font></td></tr>
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>&#160;</b></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The leases in which
the Company does not transfer substantially all the risks and rewards of the ownership of the asset are classified as operating
leases.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The collections
with respect to operating leases are recognized as income in the Statement of Comprehensive Income on a straight-line basis throughout
the term of the assignment.&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><b>&#160;</b></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory', window );">Provisions and contingencies</a></td>
<td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Provisions have
been recognized in those cases in which the Company is faced with a present obligation, whether legal or constructive, that has
arisen as a result of a past event, whose settlement is expected to result in an outflow of resources, and the amount thereof can
be estimated reliably.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The amount recognized
as provisions is the best estimate of the expenditure required to settle the present obligation, at the end of the reporting year,
taking into account the corresponding risks and uncertainties. When a provision is measured using the estimated cash flow to settle
the present obligation, the carrying amount represents the present value of such cash flow. This present value is obtained by applying
a pre-tax discount rate that reflects market conditions, the time value of money and the specific risks of the obligation.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The provisions
included in liabilities have been recorded to face contingent situations that could result in future payment obligations. To estimate
the amount of provisions and the likelihood of an outflow of resources, the opinion of the Company&#8217;s legal advisors has been
taken into account.</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory', window );">Balances with related parties</a></td>
<td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Receivables and
payables with related parties are initially recognized at fair value and subsequently measured at amortized cost in accordance
with the terms agreed upon by the parties involved.</p><span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for derivative financial instruments. [Refer: Financial instruments, class [member]; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for employee benefits. Employee benefits are all forms of consideration given by an entity in exchange for services rendered by employees or for the termination of employment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for financial assets. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for income tax.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForInvestmentsInJointVentures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for investments in joint ventures. [Refer: Joint ventures [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForInvestmentsInJointVentures</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for leases. A lease is an agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period of time.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for measuring inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2018-01-01<br> -Paragraph 36<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=2&amp;date=2018-03-01&amp;anchor=para_36_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for provisions. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for recognising revenue. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for trade and other payables. [Refer: Trade and other payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for trade and other receivables. [Refer: Trade and other receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for transactions with related parties. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy used to determine the components of cash and cash equivalents. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 46<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_46&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>nonnum:textBlockItemType</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of changes made to accounting policies by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfChangesInAccountingPoliciesExplanatory</td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6754220672">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>5. Financial risk management (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FinancialRiskManagementTablesAbstract', window );"><strong>Financial Risk Management Tables Abstract</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
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    <td style="vertical-align: bottom; line-height: 107%">&#160;</td>
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<tr>
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<tr>
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    <td style="vertical-align: bottom; line-height: 107%">&#160;</td>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
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<tr>
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<tr>
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    <td style="vertical-align: bottom; line-height: 107%">&#160;</td>
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<tr>
    <td style="vertical-align: bottom; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; line-height: 107%">&#160;</td>
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    <td style="vertical-align: bottom; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5</font></td>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
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<tr>
    <td style="vertical-align: bottom; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">NOK</font></td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;68</font></td>
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    <td style="background-color: white; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">4.346</font></td>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
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<tr>
    <td style="vertical-align: bottom; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Borrowings</font></td>
    <td style="vertical-align: bottom; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">USD</font></td>
    <td style="vertical-align: bottom; line-height: 107%">&#160;</td>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: center; line-height: 107%">&#160;</td>
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    <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;46,265</b></font></td>
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    <td style="text-align: center; line-height: 107%">&#160;</td>
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<tr>
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    <td style="vertical-align: bottom; line-height: 107%">&#160;</td>
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    <td style="background-color: white; text-align: center; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
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</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 47px">&#160;</td>
    <td style="width: 28px; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(1)</font></td>
    <td style="text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">The exchange rates used are the BNA exchange rates in effect as of December 31, 2018 for US Dollars (USD), Euros (EUR), Swiss Francs (CHF) and Norwegian Krones (NOK). </font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;&#160;</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfExposureToCurrencyRiskTableTextBlock', window );">Exposure to currency risk</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: bottom; width: 56%; line-height: 107%">&#160;</td>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfDecreaseInResultsOfOperationsTableTextBlock', window );">Decrease in results of operations</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: bottom; width: 56%; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; width: 1%; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; width: 21%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;12.31.18&#160;</b></font></td>
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<tr>
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    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: center; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: center; line-height: 107%">&#160;</td></tr>
<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfLoansRateAndCurrencyTableTextBlock', window );">Loans according to rate and currency</a></td>
<td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The table below
shows the breakdown of the Company&#8217;s loans according to interest rate and the currency in which they are denominated:</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: top; width: 56%; text-align: center; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; width: 1%; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; width: 21%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;12.31.18&#160;</b></font></td>
    <td style="vertical-align: bottom; width: 1%; text-align: center; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; width: 21%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;12.31.17&#160;</b></font></td></tr>
<tr>
    <td style="vertical-align: top; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Fixed rate:</b></font></td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td></tr>
<tr>
    <td style="vertical-align: top; text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">US dollar</font></td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,359,986</font></td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,904,361</font></td></tr>
<tr>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
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<tr>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td></tr>
<tr>
    <td style="vertical-align: top; text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">US dollar</font></td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
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<tr>
    <td style="vertical-align: top; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Subtotal loans at floating rates</b></font></td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,909,934</b></font></td>
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<tr>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,269,920</b></font></td>
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</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Based on the simulations
performed, a 1% increase in floating interest rates, with all the other variables remaining constant, would give rise to the following
decrease in the profit for the year:</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: bottom; width: 56%; text-align: center; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; width: 1%; text-align: center; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; width: 21%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;12.31.18&#160;</b></font></td>
    <td style="vertical-align: bottom; width: 1%; text-align: center; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; width: 21%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;12.31.17&#160;</b></font></td></tr>
<tr>
    <td style="vertical-align: top; text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Floating rate:</b></font></td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td></tr>
<tr>
    <td style="vertical-align: top; text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">US dollar</font></td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(4,241)</font></td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(3,098)</font></td></tr>
<tr>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(3,098)</b></font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Based on the simulations
performed, a 1% decrease in floating interest rates, with all the other variables remaining constant, would give rise to the following
increase in the profit for the year:</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: bottom; width: 56%; text-align: center; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; width: 1%; text-align: center; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; width: 21%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;12.31.18&#160;</b></font></td>
    <td style="vertical-align: bottom; width: 1%; text-align: center; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; width: 21%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;12.31.17&#160;</b></font></td></tr>
<tr>
    <td style="vertical-align: top; text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Floating rate:</b></font></td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td></tr>
<tr>
    <td style="vertical-align: top; text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">US dollar</font></td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
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<tr>
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</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfAnalysisOfNonderivativeFinancialLiabilitiesTableTextBlock', window );">Analysis of non-derivative financial liabilities</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: top; width: 31%; text-align: justify; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; width: 1%; text-align: justify; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; width: 10%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;No deadline&#160;</b></font></td>
    <td style="vertical-align: bottom; width: 1%; text-align: right; line-height: 107%">&#160;</td>
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    <td style="vertical-align: bottom; width: 1%; text-align: center; line-height: 107%">&#160;</td>
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    <td style="vertical-align: bottom; width: 1%; text-align: center; line-height: 107%">&#160;</td>
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    <td style="vertical-align: bottom; width: 1%; text-align: center; line-height: 107%">&#160;</td>
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    <td style="vertical-align: bottom; width: 1%; text-align: center; line-height: 107%">&#160;</td>
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    <td style="vertical-align: top; width: 1%; text-align: center; line-height: 107%">&#160;</td>
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<tr>
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    <td style="vertical-align: top; text-align: justify; line-height: 107%">&#160;</td>
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    <td style="vertical-align: top; text-align: justify; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td></tr>
<tr>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
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<tr>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
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<tr>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;33,479,051</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td></tr>
<tr>
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    <td style="vertical-align: top; text-align: justify; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: justify; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: justify; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: justify; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: justify; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: justify; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: justify; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td></tr>
<tr>
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    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,950,249</font></td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,877,338</font></td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,195,465</font></td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
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<tr>
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    <td style="vertical-align: top; text-align: justify; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></td>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
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<tr>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
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</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfGearingRatiosTableTextBlock', window );">Gearing ratios</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialAssetsMeasuredAtFairValueTableTextBlock', window );">Financial assets measured at fair value</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 40%; line-height: 107%">&#160;</td>
    <td style="width: 1%; padding-left: 13.5pt; line-height: 107%">&#160;</td>
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    <td style="width: 1%; text-align: center; line-height: 107%">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="line-height: 107%">&#160;</td>
    <td style="padding-left: 13.5pt; line-height: 107%">&#160;</td>
    <td style="text-align: center; line-height: 107%">&#160;</td>
    <td style="text-align: center; line-height: 107%">&#160;</td>
    <td style="text-align: center; line-height: 107%">&#160;</td>
    <td style="text-align: center; line-height: 107%">&#160;</td>
    <td style="text-align: center; line-height: 107%">&#160;</td>
    <td style="text-align: center; line-height: 107%">&#160;</td>
    <td style="text-align: center; line-height: 107%">&#160;</td></tr>
<tr>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td></tr>
<tr>
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    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td></tr>
<tr>
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    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td></tr>
<tr>
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<tr>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></td>
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<tr>
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    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</b></font></td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</b></font></td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,381,550</b></font></td></tr>
<tr>
    <td style="vertical-align: bottom; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td></tr>
<tr>
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    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td></tr>
<tr>
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    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></td>
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<tr>
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    <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</b></font></td>
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<tr>
    <td style="vertical-align: bottom; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td></tr>
<tr>
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    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
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<tr>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td></tr>
<tr>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
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<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6738738304">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>6. Critical accounting estimates and judgments (Tables)<br></strong></div></th>
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<tr class="re">
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<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; width: 67%; padding-bottom: 1pt">Amount of the provisions for impairment of the trade receivables<br />
at 12.31.2017 by IAS 39&#160;</td>
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<tr style="vertical-align: bottom">
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at 12.31.2017 by IAS 39</td>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>7. Interest in joint venture (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6741156576">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>9. Property, plant and equipment (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_PropertyPlantAndEquipmentTablesAbstract', window );"><strong>Property Plant And Equipment</strong></a></td>
<td class="text">&#160;<span></span>
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    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
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    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="font-weight: bold; text-align: right">&#160;</td>
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    <td style="font-weight: bold; text-align: right">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: right">&#160;</td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
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    <td style="text-align: right">&#160;</td>
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    <td style="text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
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    <td style="text-align: right">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;195,305</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;85,289,885</td></tr>
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</table>

<p style="margin-top: 0; margin-bottom: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
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    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
    <td>&#160;</td>
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    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,482,798</td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(765)</td>
    <td style="text-align: right">&#160;</td>
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    <td style="text-align: right">&#160;</td>
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    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;50,983</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;323,723</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,357,461</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;664,134</td>
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    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,225,256)</td>
    <td style="text-align: right">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: right">&#160;</td>
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    <td style="text-align: right">&#160;</td>
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    <td style="border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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<tr style="vertical-align: bottom">
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    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;25,179,626</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
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    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,717,184</td>
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    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;90,712</td>
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    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;57,060,187</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: right">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: right">&#160;</td>
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    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;90,712</td>
    <td style="text-align: right">&#160;</td>
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<tr style="vertical-align: bottom">
    <td>Accumulated depreciation</td>
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    <td style="text-align: right">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="font-weight: bold; text-align: right">&#160;</td>
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    <td style="font-weight: bold; text-align: right">&#160;</td>
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    <td style="font-weight: bold; text-align: right">&#160;</td>
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    <td style="font-weight: bold; text-align: right">&#160;</td>
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    <td style="font-weight: bold; text-align: right">&#160;</td>
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    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;57,060,187</td></tr>
</table>


<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 70.9pt; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 70.9pt; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>



<p style="margin-top: 0; margin-bottom: 0"></p>

<p style="margin-top: 0; margin-bottom: 0"></p><span></span>
</td>
</tr>
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<div style="display: none;">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6750867232">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>10. Financial instruments (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FinancialInstrumentsTablesAbstract', window );"><strong>Financial Instruments Tables Abstract</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
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    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td></tr>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="line-height: 107%">&#160;</td>
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<tr>
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    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td></tr>
<tr>
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<tr>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></td>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
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<tr>
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<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p>

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<tr style="vertical-align: bottom">
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<tr>
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<tr>
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<tr>
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<tr>
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<tr style="vertical-align: bottom">
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    <td style="line-height: 107%">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="line-height: 107%">&#160;</td>
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    <td style="line-height: 107%">&#160;</td>
    <td style="line-height: 107%">&#160;</td>
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<tr>
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    <td style="vertical-align: bottom; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; line-height: 107%">&#160;</td>
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<tr>
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<tr>
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<tr>
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<tr>
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</table>
<p style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><b>&#160;</b></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfIncomeExpensesGainsAndLossesOfFinancialInstrumentsTableTextBlock', window );">Income, expenses, gains and losses of financial instruments</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 49%; line-height: 107%">&#160;</td>
    <td style="width: 1%; text-align: center; line-height: 107%">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="line-height: 107%">&#160;</td>
    <td style="line-height: 107%">&#160;</td>
    <td style="line-height: 107%">&#160;</td>
    <td style="line-height: 107%">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,866,396</font></td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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    <td style="line-height: 107%">&#160;</td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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    <td style="line-height: 107%">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></td>
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    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></td>
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;&#160;</p>

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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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    <td style="line-height: 107%">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="line-height: 107%">&#160;</td>
    <td style="line-height: 107%">&#160;</td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&#160;&#160;</p><span></span>
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<tr class="ro">
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<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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</td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6751205648">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>11. Other receivables (Tables)<br></strong></div></th>
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<tr class="ro">
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    <td style="text-align: left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">Total Non-current</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;800,741</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;62,676</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">Current:</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>Prepaid expenses</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,312</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,362</td></tr>
<tr style="vertical-align: bottom">
    <td>Advances to suppliers</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;81,440</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;9,791</td></tr>
<tr style="vertical-align: bottom">
    <td>Advances to personnel</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,700</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,293</td></tr>
<tr style="vertical-align: bottom">
    <td>Security deposits</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;16,695</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;15,249</td></tr>
<tr style="vertical-align: bottom">
    <td>Financial credit&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;58,425</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;17,159</td></tr>
<tr style="vertical-align: bottom">
    <td>Receivables from electric activities</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;98,390</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;169,157</td></tr>
<tr>
    <td style="vertical-align: bottom">Related parties</td>
    <td style="font-weight: bold; vertical-align: middle; text-align: right">&#160;35.d&#160;</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,946</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,614</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="3" style="text-align: left">Guarantee deposits on derivative financial<br />
instruments</td>
    <td style="text-align: left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;88,667</td></tr>
<tr style="vertical-align: bottom">
    <td>Judicial deposits</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;30,482</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;23,795</td></tr>
<tr style="vertical-align: bottom">
    <td>Credit with SBS Bank Company&#160;&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;25,000</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td></tr>
<tr style="vertical-align: bottom">
    <td>Other</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;24</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2</td></tr>
<tr style="vertical-align: bottom">
    <td>Allowance for the impairment of other receivables</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(77,297)</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(39,870)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">Total Current</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;242,117</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;296,219</td></tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfRollForwardOfAllowanceForImpairmentOfOtherReceivablesTableTextBlock', window );">Roll forward of the allowance for the impairment of other receivables</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr>
    <td style="font-weight: bold; vertical-align: top; width: 46%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; width: 6%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; width: 1%; text-align: center">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">&#160;12.31.18&#160;</td>
    <td style="vertical-align: bottom; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">&#160;12.31.17&#160;</td>
    <td style="vertical-align: bottom; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">&#160;12.31.16&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom">Balance at beginning of year</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;39,870</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;63,940</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;32,712</td></tr>
<tr>
    <td style="vertical-align: bottom">Increase</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;61,467</td>
    <td style="vertical-align: middle; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;45,032</td></tr>
<tr>
    <td style="vertical-align: bottom">Result from exposure to inflation</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(24,040)</td>
    <td style="vertical-align: middle; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(12,704)</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(13,804)</td></tr>
<tr>
    <td style="vertical-align: bottom">Recovery</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(11,366)</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">Balance at end of the period</td>
    <td style="font-weight: bold; vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;77,297</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;39,870</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;63,940</td></tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfAgingAnalysisOfOtherReceivablesTableTextBlock', window );">Aging analysis</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr>
    <td style="font-weight: bold; vertical-align: top; width: 55%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; width: 7%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">&#160;12.31.18&#160;</td>
    <td style="vertical-align: bottom; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">&#160;12.31.17&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom">Without expiry date</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="padding-left: 9px; vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;48,358</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="padding-left: 9px; vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;39,526</td></tr>
<tr>
    <td style="vertical-align: bottom">Past due</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="padding-left: 9px; vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;34,854</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="padding-left: 9px; vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;129,288</td></tr>
<tr>
    <td style="vertical-align: bottom">Up to 3 months&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="padding-left: 9px; vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;130,564</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="padding-left: 9px; vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;110,759</td></tr>
<tr>
    <td style="vertical-align: bottom">From 3 to 6 months&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="padding-left: 9px; vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;20,415</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="padding-left: 9px; vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,418</td></tr>
<tr>
    <td style="vertical-align: bottom">From 6 to 9 months&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="padding-left: 9px; vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,881</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="padding-left: 9px; vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,198</td></tr>
<tr>
    <td style="vertical-align: bottom">From 9 to 12 months&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="padding-left: 9px; vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,045</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="padding-left: 9px; vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,030</td></tr>
<tr>
    <td style="vertical-align: bottom">More than 12 months&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="padding-left: 9px; vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;800,741</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="padding-left: 9px; vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;62,676</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">Total other receivables</td>
    <td style="font-weight: bold; vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,042,858</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;358,895</td></tr>
</table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_OtherReceivablesTablesAbstract">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6719429504">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>12. Trade receivables (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_TradeReceivablesTablesAbstract', window );"><strong>Trade Receivables Tables Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfTradeReceivablesTableTextBlock', window );">Trade receivables</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="text-align: left; width: 55%">&#160;</td>
    <td style="font-weight: bold; text-align: center; width: 7%">&#160;</td>
    <td style="text-align: left; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">&#160;12.31.18&#160;</td>
    <td style="text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">&#160;12.31.17&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">Current:</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>Sales of electricity - Billed&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,622,701</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,359,990</td></tr>
<tr style="vertical-align: bottom">
    <td>Sales of electricity &#8211; Unbilled</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,735,956</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,404,135</td></tr>
<tr style="vertical-align: bottom">
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    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;10,377</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;230,953</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Fee payable for the expansion of the transportation and others</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;22,969</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;33,952</td></tr>
<tr style="vertical-align: bottom">
    <td>Receivables in litigation</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;97,158</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;33,736</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Allowance for the impairment of trade receivables</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(901,255)</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(677,529)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">Total Current</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,587,906</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,385,237</td></tr>
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</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfAllowanceForImpairmentOfTradeReceivablesTableTextBlock', window );">Allowance for the impairment of trade receivables</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
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    <td style="font-weight: bold; vertical-align: top; width: 46%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; width: 6%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; width: 1%; text-align: center">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">&#160;12.31.18&#160;</td>
    <td style="vertical-align: bottom; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">&#160;12.31.17&#160;</td>
    <td style="vertical-align: bottom; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">&#160;12.31.16&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom">Balance at beginning of year</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;677,529</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;383,439</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;146,238</td></tr>
<tr>
    <td style="vertical-align: middle">Change of accounting standard (Note 6) - Adjustment by model of expected losses IFRS 9</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;82,041</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td></tr>
<tr>
    <td style="vertical-align: bottom">Balance at beginning of year restated</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;759,570</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;383,439</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;146,238</td></tr>
<tr>
    <td style="vertical-align: bottom">Increase</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;916,036</td>
    <td style="vertical-align: middle; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;391,615</td>
    <td style="vertical-align: middle; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;388,339</td></tr>
<tr>
    <td style="vertical-align: bottom">Decrease</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(307,137)</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(64,348)</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(56,062)</td></tr>
<tr>
    <td style="vertical-align: bottom">Result from exposure to inflation</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(467,214)</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(33,177)</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(95,076)</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">Balance at end of the period</td>
    <td style="font-weight: bold; vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;901,255</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;677,529</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;383,439</td></tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfAgingAnalysisOfTradeReceivablesTableTextBlock', window );">Aging analysis of trade receivables</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr>
    <td style="font-weight: bold; vertical-align: top; width: 55%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; width: 7%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">&#160;12.31.18&#160;</td>
    <td style="vertical-align: bottom; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">&#160;12.31.17&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom">Not due</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="padding-left: 9px; vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;10,377</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="padding-left: 9px; vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;230,953</td></tr>
<tr>
    <td style="vertical-align: bottom">Past due</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="padding-left: 9px; vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,149,406</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="padding-left: 9px; vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;897,752</td></tr>
<tr>
    <td style="vertical-align: bottom">Up to 3 months</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="padding-left: 9px; vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,428,123</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="padding-left: 9px; vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,256,532</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">Total other receivables</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,587,906</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,385,237</td></tr>
</table><span></span>
</td>
</tr>
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<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>13. Financial assets at fair value through profit or loss (Tables)<br></strong></div></th>
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<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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<td class="text">&#160;<span></span>
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    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6738721088">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>14. Financial assets at amortized cost (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
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    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
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    <td style="font-weight: bold; vertical-align: bottom">Total Current&#160;</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6719381840">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>15. Inventories (Tables)<br></strong></div></th>
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</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_InventoriesTablesAbstract', window );"><strong>Inventories Tables Abstract</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfInventoriesTableTextBlock', window );">Inventories</a></td>
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<tr>
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    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
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<tr>
    <td style="vertical-align: bottom">Supplies and spare-parts</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,252,292</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
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    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;60,241</td></tr>
<tr>
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    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,259,799</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6738721088">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>16. Cash and cash equivalents (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_CashAndCashEquivalentsTablesAbstract', window );"><strong>Cash And Cash Equivalents Tables Abstract</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfCashAndCashEquivalentsTableTextBlock', window );">Cash and cash equivalents</a></td>
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    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;27,608</td>
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    <td style="font-weight: bold; vertical-align: bottom">Total cash and cash equivalents</td>
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    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;27,608</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6747367456">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>17. Share capital and additional paid-in capital (Tables)<br></strong></div></th>
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</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfShareCapitalAndAdditionalPaidInCapitalTableTextBlock', window );">Share capital and additional paid-in capital</a></td>
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    <td style="font-weight: bold; vertical-align: bottom; text-align: center">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: center">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: center">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: center">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: center">&#160;</td>
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    <td style="font-weight: bold; text-align: right">&#160;</td>
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<tr style="vertical-align: bottom">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<html>
<head>
<title></title>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6754452160">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>19. Trade payables (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_TradePayablesTablesAbstract', window );"><strong>Trade Payables Tables Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfTradePayablesTableTextBlock', window );">Trade payables</a></td>
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<tr>
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    <td style="vertical-align: bottom; text-align: left; width: 7%">&#160;</td>
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    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">&#160;12.31.18&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;140,968</td>
    <td style="text-align: left">&#160;</td>
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    <td style="text-align: left">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="font-weight: bold; text-align: left">&#160;</td>
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    <td style="text-align: left">&#160;</td>
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    <td style="text-align: left">&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
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<tr style="vertical-align: bottom">
    <td>Payables for purchase of electricity - CAMMESA&#160;</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,080,310</td>
    <td style="text-align: left">&#160;</td>
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    <td>Provision for unbilled electricity purchases - CAMMESA</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,828,458</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,715,431</td></tr>
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    <td style="text-align: left">&#160;</td>
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    <td style="text-align: left">Advance to customer&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;196,485</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;220,111</td></tr>
<tr style="vertical-align: bottom">
    <td>Customer contributions</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;15,288</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;27,706</td></tr>
<tr style="vertical-align: bottom">
    <td>Discounts to customers</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;37,372</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;55,182</td></tr>
<tr style="vertical-align: bottom">
    <td>Funding contributions - substations</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;17,215</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;12,380</td></tr>
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    <td>Related parties&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,833</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;51,711</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">Total Current</td>
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    <td style="font-weight: bold; text-align: left">&#160;</td>
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<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6719381840">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>20. Other payables (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OtherPayablesTablesAbstract', window );"><strong>Other Payables Tables Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherPayablesTableTextBlock', window );">Other payables</a></td>
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    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">&#160;12.31.18&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">&#160;12.31.17&#160;</td></tr>
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    <td style="font-weight: bold; vertical-align: bottom; text-align: left">Non-current</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
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    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,282,176</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
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    <td style="text-align: left">&#160;</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,737,612</td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td>
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<tr style="vertical-align: bottom">
    <td>Payment agreements with ENRE&#160;</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;37,196</td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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    <td style="font-weight: bold; text-align: left">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td>
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<tr style="vertical-align: bottom">
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<tr>
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    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;13,577</td>
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<tr>
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    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;65,301</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td>
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    <td style="font-weight: bold; text-align: left">&#160;</td>
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</table><span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<head>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6747999872">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>21. Deferred revenue (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredRevenueTablesAbstract', window );"><strong>Deferred Revenue Tables Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
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    <td style="text-align: left; width: 56%">&#160;</td>
    <td style="text-align: left; width: 2%">&#160;</td>
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    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">&#160;12.31.17&#160;</td></tr>
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    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;275,437</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;287,384</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold">Total Non-current</td>
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    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;275,437</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;287,384</td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="text-align: left; width: 56%">&#160;</td>
    <td style="text-align: left; width: 2%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">&#160;12.31.18&#160;</td>
    <td style="width: 2%; text-align: center">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">&#160;12.31.17&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">Current</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>Nonrefundable customer contributions</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,346</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,961</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold">Total Current</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,346</td>
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</table>


<p style="margin-top: 0; margin-bottom: 0"></p><span></span>
</td>
</tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_DeferredRevenueTablesAbstract</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
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<FILENAME>R60.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6740893216">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>22. Borrowings (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_BorrowingsTablesAbstract', window );"><strong>Borrowings Tables Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfBorrowingsTableTextBlock', window );">Borrowings</a></td>
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<tr style="vertical-align: top">
    <td style="width: 62%; text-align: justify; line-height: 107%">&#160;</td>
    <td style="width: 1%; text-align: justify; line-height: 107%">&#160;</td>
    <td style="width: 18%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;12.31.18&#160;</b></font></td>
    <td style="width: 1%; text-align: center; line-height: 107%">&#160;</td>
    <td style="width: 18%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;12.31.17&#160;</b></font></td></tr>
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    <td style="vertical-align: top; text-align: justify; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td></tr>
<tr style="vertical-align: top">
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    <td style="text-align: right; line-height: 107%">&#160;</td>
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<tr>
    <td style="vertical-align: bottom; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total non-current</b></font></td>
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    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
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<tr>
    <td style="vertical-align: bottom; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: justify; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td></tr>
<tr>
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    <td style="vertical-align: top; text-align: justify; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Interest from corporate notes</font></td>
    <td style="text-align: justify; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;110,019</font></td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;91,896</font></td></tr>
<tr style="vertical-align: top">
    <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Borrowing</font></td>
    <td style="text-align: justify; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;967,434</font></td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;13,243</font></td></tr>
<tr>
    <td style="vertical-align: bottom; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total current</b></font></td>
    <td style="vertical-align: top; text-align: justify; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,077,453</b></font></td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;105,139</b></font></td></tr>
</table>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 52px">&#160;</td>
    <td style="width: 24px; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(1)</font></td>
    <td style="text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Net of debt issuance, repurchase and redemption expenses.</font></td></tr>
</table>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&#160;</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfBorrowingsCurrenciesTableTextBlock', window );">Borrowings currency denominations</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr>
    <td style="vertical-align: bottom; width: 59%">&#160;</td>
    <td style="vertical-align: bottom; text-align: left; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 19%">12.31.18</td>
    <td style="font-weight: bold; vertical-align: top; text-align: center; width: 2%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 19%">12.31.17</td></tr>
<tr>
    <td style="vertical-align: bottom">US dollars&#160;</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,269,920</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,294,433</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,269,920</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,294,433</td></tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfBorrowingsMaturitiesAndInterestExposureTableTextBlock', window );">Maturities of the Company's borrowings and exposure to interest rate</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
    <td style="font-weight: bold; text-align: justify; width: 59%">&#160;</td>
    <td style="font-weight: bold; text-align: justify; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 19%">12.31.18</td>
    <td style="font-weight: bold; text-align: center; width: 2%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 19%">12.31.17</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">Fixed rate</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom">Less than 1 year&#160;</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;110,019</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;91,896</td></tr>
<tr>
    <td style="vertical-align: bottom">From 2 to 5 years</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,249,967</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,812,465</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">Total Fixed rate</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,359,986</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,904,361</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">Variable rate</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom">Less than 1 year&#160;</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;967,434</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;13,244</td></tr>
<tr>
    <td style="vertical-align: bottom">From 1 to 2 years</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;942,500</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;688,414</td></tr>
<tr>
    <td style="vertical-align: bottom">From 2 to 5 years</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;688,414</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">Total Variable rate</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,909,934</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,390,072</td></tr>
<tr>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,269,920</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,294,433</td></tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfCompanysBorrowingsRollForwardTableTextBlock', window );">Roll forward of the Company's borrowings</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr>
    <td style="vertical-align: bottom; text-align: left; width: 50%">&#160;</td>
    <td style="vertical-align: bottom; text-align: left; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">12.31.18</td>
    <td style="font-weight: bold; vertical-align: top; text-align: center; width: 2%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">12.31.17</td>
    <td style="vertical-align: bottom; text-align: left; width: 2%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">12.31.16</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold">Balance at beginning of the year</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,294,433</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,202,452</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,224,330</td></tr>
<tr style="vertical-align: bottom">
    <td>Proceeds from borrowings&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,285,946</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td></tr>
<tr style="vertical-align: bottom">
    <td>Payment of borrowings' interests&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(652,667)</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(418,494)</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(529,227)</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Repurchase of Corporate Notes by the trust</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(9,683)</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Paid from repurchase of Corporate Notes&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(375,520)</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(441,462)</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Gain from repurchase of Corporate Notes&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(4,539)</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(84)</td></tr>
<tr style="vertical-align: bottom">
    <td>Exchange difference and interest accrued&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,134,425</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,252,327</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,604,325</td></tr>
<tr style="vertical-align: bottom">
    <td>Result from exposure to inflation</td>
    <td style="text-align: left">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(3,126,212)</td>
    <td style="text-align: left">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1,027,798)</td>
    <td style="text-align: left">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1,645,747)</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: middle; text-align: left">&#160;Balance at the end of period&#160;</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,269,920</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,294,433</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,202,452</td></tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfDebtIssuedTableTextBlock', window );">Debt issued</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="6" style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Million of USD</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Million of $</td></tr>
<tr style="vertical-align: middle">
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">Corporate Notes</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Class</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">Rate</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
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    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
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<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><i><u></u></i></p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
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    <td>&#160;</td>
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    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6751313440">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>23. Salaries and social security taxes payable (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">&#160;12.31.17&#160;</td></tr>
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    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
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<tr>
    <td style="vertical-align: bottom">Salaries payable and provisions</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,581,241</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,571,228</td></tr>
<tr>
    <td style="vertical-align: bottom">Social security payable</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;151,137</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;223,165</td></tr>
<tr>
    <td style="vertical-align: bottom">Early retirements payable</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;10,248</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,099</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom; text-align: left">Total current</td>
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    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,742,626</td>
    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,801,492</td></tr>
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</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfSalariesAndSocialSecurityTaxesChargedToProfitOrLossTableTextBlock', window );">Salaries and social security taxes charged to profit or loss</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr>
    <td style="font-weight: bold; vertical-align: top; text-align: justify; width: 46%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 17%">&#160;12.31.18&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 17%">&#160;12.31.17&#160;</td>
    <td style="vertical-align: bottom; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 17%">&#160;12.31.16&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom">Salaries</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,336,533</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,897,440</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
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<tr>
    <td style="vertical-align: middle">Social security taxes</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,686,430</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
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    <td style="vertical-align: bottom; text-align: left">&#160;</td>
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<tr>
    <td style="font-weight: bold; vertical-align: bottom">Total salaries and social security taxes</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,022,963</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,801,999</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,953,605</td></tr>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6740537904">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>24. Benefit plans (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_BenefitPlansTablesAbstract', window );"><strong>Benefit Plans Tables Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfBenefitPlansTableTextBlock', window );">Benefit plans</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
    <td style="font-weight: bold; text-align: justify; width: 59%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">12.31.18</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">12.31.17</td></tr>
<tr>
    <td style="vertical-align: bottom">Non-current</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;385,098</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;477,765</td></tr>
<tr>
    <td style="vertical-align: bottom">Current&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;32,365</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;46,375</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">Total Benefit plans</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;417,463</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;524,140</td></tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfBenefitPaymentObligationsTableTextBlock', window );">Benefit payment obligations</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
    <td style="width: 59%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">12.31.18</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">12.31.17</td></tr>
<tr style="vertical-align: top">
    <td>Benefit payment obligations at beginning</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;524,140</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;442,170</td></tr>
<tr style="vertical-align: top">
    <td>Current service cost</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;32,904</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;42,500</td></tr>
<tr style="vertical-align: top">
    <td>Interest cost</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;79,304</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;126,954</td></tr>
<tr style="vertical-align: top">
    <td>Actuarial losses</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,638</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(22,219)</td></tr>
<tr>
    <td style="vertical-align: bottom">Result from exposure to inflation for the year</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(169,169)</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(8,692)</td></tr>
<tr style="vertical-align: top">
    <td>Benefits paid to participating employees</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(55,354)</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(56,573)</td></tr>
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    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;417,463</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;524,140</td></tr>
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</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfChargeRecognizedInStatementOfComprehensiveIncomeTableTextBlock', window );">Detail of the charge recognized in the Statement of Comprehensive Income</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr>
    <td style="vertical-align: top; width: 48%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">12.31.18</td>
    <td style="font-weight: bold; vertical-align: top; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">12.31.17</td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">12.31.16</td></tr>
<tr>
    <td style="vertical-align: top">Cost</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;32,904</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;42,500</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;46,320</td></tr>
<tr>
    <td style="vertical-align: top">Interest</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;79,304</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;126,954</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;163,431</td></tr>
<tr>
    <td style="vertical-align: top">Actuarial results - Other comprehensive loss</td>
    <td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,638</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(22,219)</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(15,555)</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;117,846</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&#160;</td>
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    <td style="vertical-align: bottom">&#160;</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfBenefitPlansActuarialAssumptionsTableTextBlock', window );">Actuarial assumptions</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
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    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">12.31.17</td></tr>
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<tr>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfBenefitPlanSensitivityAnalysisTableTextBlock', window );">Benefit plan sensitivity analysis</a></td>
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<tr>
    <td style="vertical-align: bottom; width: 59%">&#160;</td>
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<tr>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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    <td>&#160;</td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfExpectedPaymentsOfBenefitsTableTextBlock', window );">Expected payments of benefits</a></td>
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<tr>
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    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">&#160;In 2020&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">&#160;In 2021&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">&#160;In 2022&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">&#160;In 2023&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">&#160;Between 2022 to 2028&#160;</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">At December 31, 2018</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;32,365</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,221</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,207</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,450</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,059</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;11,128</td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6754430480">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>26. Income tax (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_IncomeTaxTablesAbstract', window );"><strong>Income Tax Tables Abstract</strong></a></td>
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</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfAnalysisOfDeferredTaxAssetsAndLiabilitiesTableTextBlock', window );">Analysis of deferred tax assets and liabilities</a></td>
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    <td style="vertical-align: bottom; background-color: white; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; background-color: white; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; background-color: white; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; background-color: white; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; background-color: white; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; background-color: white; line-height: 107%">&#160;</td>
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<tr>
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

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<tr style="vertical-align: bottom">
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    <td style="vertical-align: bottom; background-color: white; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; background-color: white; line-height: 107%">&#160;</td>
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    <td style="vertical-align: bottom; background-color: white; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; background-color: white; line-height: 107%">&#160;</td>
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<tr>
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<tr>
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

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<tr style="vertical-align: bottom">
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    <td style="text-align: right; line-height: 107%">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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    <td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">(8,998,912)</font></td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="line-height: 107%">&#160;</td>
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</table>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&#160;</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfIncomeTaxExpenseTableTextBlock', window );">Income tax expense</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: white">
    <td style="width: 47%; line-height: 107%">&#160;</td>
    <td style="width: 1%; line-height: 107%">&#160;</td>
    <td style="width: 16%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>12.31.18</b></font></td>
    <td style="width: 1%; text-align: center; line-height: 107%">&#160;</td>
    <td style="width: 18%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>12.31.17</b></font></td>
    <td style="width: 1%; text-align: center; line-height: 107%">&#160;</td>
    <td style="width: 16%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>12.31.16</b></font></td></tr>
<tr>
    <td style="vertical-align: top; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Deferred tax</font></td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(759,849)</font></td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">255,285</font></td>
    <td style="vertical-align: bottom; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">342,403</font></td></tr>
<tr>
    <td style="vertical-align: top; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Current tax</font></td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">(1,114,384)</font></td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">(760,641)</font></td>
    <td style="vertical-align: bottom; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">(484,887)</font></td></tr>
<tr>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">(4,700)</font></td>
    <td style="vertical-align: bottom; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">(4,786)</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="background-color: white; line-height: 107%">&#160;</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>(1,877,396)</b></font></td>
    <td style="background-color: white; line-height: 107%">&#160;</td>
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    <td style="background-color: white; line-height: 107%">&#160;</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>(147,270)</b></font></td></tr>
</table>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 47%; line-height: 107%">&#160;</td>
    <td style="width: 1%; line-height: 107%">&#160;</td>
    <td style="width: 16%; border-bottom: black 1pt solid; background-color: white; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>12.31.18</b></font></td>
    <td style="width: 1%; background-color: white; text-align: center; line-height: 107%">&#160;</td>
    <td style="width: 18%; border-bottom: black 1pt solid; background-color: white; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>12.31.17</b></font></td>
    <td style="width: 1%; background-color: white; text-align: center; line-height: 107%">&#160;</td>
    <td style="width: 16%; border-bottom: black 1pt solid; background-color: white; text-align: center; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>12.31.16</b></font></td></tr>
<tr>
    <td style="vertical-align: top; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Profit for the year before taxes</font></td>
    <td style="vertical-align: bottom; background-color: white; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">6,174,862</font></td>
    <td style="vertical-align: bottom; background-color: white; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">5,590,691</font></td>
    <td style="vertical-align: bottom; background-color: white; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">388,041</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="background-color: white; line-height: 107%">&#160;</td>
    <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">30%</font></td>
    <td style="background-color: white; line-height: 107%">&#160;</td>
    <td style="border-bottom: black 1pt solid; background-color: white; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">35%</font></td>
    <td style="background-color: white; line-height: 107%">&#160;</td>
    <td style="border-bottom: black 1pt solid; background-color: white; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">35%</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>(1,852,459)</b></font></td>
    <td style="background-color: white; line-height: 107%">&#160;</td>
    <td style="border-bottom: black 1pt solid; background-color: white; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>(1,956,742)</b></font></td>
    <td style="background-color: white; line-height: 107%">&#160;</td>
    <td style="border-bottom: black 1pt solid; background-color: white; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>(135,814)</b></font></td></tr>
<tr>
    <td style="vertical-align: top; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Gain (Loss) from interest in joint ventures</font></td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">560</font></td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">(6)</font></td>
    <td style="vertical-align: bottom; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">(3)</font></td></tr>
<tr>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">220,769</font></td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">115,661</font></td>
    <td style="vertical-align: bottom; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">138,040</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Gain
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    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">(1,007,010)</font></td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">902,631</font></td>
    <td style="line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">(144,707)</font></td></tr>
<tr>
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    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">(3,163)</font></td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">(4,700)</font></td>
    <td style="vertical-align: bottom; line-height: 107%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">(4,786)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Change in the income tax rate (1)</font></td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;763,907</font></td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">433,100</font></td>
    <td style="line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">-</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="line-height: 107%">&#160;</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; background-color: white; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>(1,877,396)</b></font></td>
    <td style="line-height: 107%">&#160;</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; background-color: white; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>(510,056)</b></font></td>
    <td style="background-color: white; line-height: 107%">&#160;</td>
    <td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; background-color: white; text-align: right; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif"><b>(147,270)</b></font></td></tr>
</table>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 23px; line-height: 107%">&#160;</td>
    <td style="width: 24px; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">(1)</font></td>
    <td style="text-align: justify; line-height: 107%"><font style="font: 8pt/106% Times New Roman, Times, Serif">Refers to the effect of applying to deferred tax assets and liabilities the changes in income tax rates in accordance with the previously detailed tax reform on the basis of the year in which they are expected to be realized/settled.</font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><b>&#160; </b></p>

<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p>

<p style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&#160;</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfIncomeTaxProvisionsTableTextBlock', window );">Income tax provisions</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 62%; line-height: 107%">&#160;</td>
    <td style="width: 1%; line-height: 107%">&#160;</td>
    <td style="width: 18%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;12.31.18&#160;</b></font></td>
    <td style="width: 1%; text-align: center; line-height: 107%">&#160;</td>
    <td style="width: 18%; border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;12.31.17&#160;</b></font></td></tr>
<tr>
    <td style="vertical-align: bottom; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Current</b></font></td>
    <td style="vertical-align: top; text-align: justify; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Tax payable 2017</font></td>
    <td style="vertical-align: top; text-align: justify; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,114,384</font></td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;760,641</font></td></tr>
<tr>
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    <td style="vertical-align: top; text-align: justify; line-height: 107%">&#160;</td>
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    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;760,641</b></font></td></tr>
<tr>
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    <td style="vertical-align: top; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(497,058)</font></td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(71,550)</font></td></tr>
<tr>
    <td style="vertical-align: bottom; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total current</b></font></td>
    <td style="vertical-align: top; text-align: justify; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;617,326</b></font></td>
    <td style="vertical-align: top; text-align: right; line-height: 107%">&#160;</td>
    <td style="vertical-align: top; border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;689,091</b></font></td></tr>
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</td>
</tr>
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<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_IncomeTaxTablesAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfAnalysisOfDeferredTaxAssetsAndLiabilitiesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfAnalysisOfDeferredTaxAssetsAndLiabilitiesTableTextBlock</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfIncomeTaxExpenseTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfIncomeTaxExpenseTableTextBlock</td>
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<td><strong> Data Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfIncomeTaxProvisionsTableTextBlock</td>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6656632672">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>27. Tax liabilities (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_TaxLiabilitiesTablesAbstract', window );"><strong>Tax Liabilities Tables Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfTaxLiabilitiesTableTextBlock', window );">Tax liabilities</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="color: #333399; width: 62%">&#160;</td>
    <td style="text-align: left; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">12.31.18</td>
    <td style="width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">12.31.17</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">Non-current</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">Current</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>Provincial, municipal and federal contributions and taxes</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;130,445</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;587,723</td></tr>
<tr style="vertical-align: bottom">
    <td>VAT payable</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;412,547</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;728,173</td></tr>
<tr>
    <td style="vertical-align: middle">Tax withholdings</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;127,121</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;131,091</td></tr>
<tr>
    <td colspan="2" style="vertical-align: middle; text-align: left">SUSS withholdings</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,435</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,190</td></tr>
<tr style="vertical-align: bottom">
    <td>Municipal taxes</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;106,117</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;101,082</td></tr>
<tr style="vertical-align: bottom">
    <td>Tax regularization plan&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;380</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,242</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">Total Current</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;784,045</td>
    <td>&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,555,501</td></tr>
</table><span></span>
</td>
</tr>
</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfTaxLiabilitiesTableTextBlock</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_TaxLiabilitiesTablesAbstract</td>
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</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>89
<FILENAME>R65.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6747375200">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>28. Leases (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_LeasesTablesAbstract', window );"><strong>Leases Tables Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFutureMinimumLeasingPaymentsTableTextBlock', window );">Future minimum payments</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle">
    <td style="border-bottom: Black 0.5pt solid; text-align: center; width: 55%">&#160;</td>
    <td style="text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 21%">12.31.18</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 21%">12.31.17</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    </tr>
<tr style="vertical-align: middle">
    <td style="text-align: center">2017</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    </tr>
<tr style="vertical-align: middle">
    <td style="text-align: center">2018</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;124,503</td>
    <td style="text-align: right">&#160;</td>
    </tr>
<tr style="vertical-align: middle">
    <td style="text-align: center">2019</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;155,454</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;124,626</td>
    <td style="text-align: right">&#160;</td>
    </tr>
<tr style="vertical-align: middle">
    <td style="text-align: center">2020</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;138,048</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;52,194</td>
    <td style="text-align: right">&#160;</td>
    </tr>
<tr style="vertical-align: middle">
    <td style="text-align: center">2021</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;102,515</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,597</td>
    <td style="text-align: right">&#160;</td>
    </tr>
<tr style="vertical-align: middle">
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: center">Total future minimum lease payments</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;396,017</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;305,920</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    </tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfExpensesForOperatingAssignmentsTableTextBlock', window );">Expenses for operating assignments</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle">
    <td style="text-align: center; width: 45%">&#160;</td>
    <td style="text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; text-align: center; width: 18%">12.31.18</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; text-align: center; width: 18%">12.31.17</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; text-align: center; width: 16%">12.31.16</td></tr>
<tr style="vertical-align: middle">
    <td rowspan="2" style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 2pt double; text-align: center">Total lease expenses</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td rowspan="2" style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 2pt double; text-align: right">125,157</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td rowspan="2" style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 2pt double; text-align: right">126,098</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td rowspan="2" style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 2pt double; text-align: right">126,193</td></tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFutureMinimumCollectionsTableTextBlock', window );">Future minimum collections</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle">
    <td style="border-bottom: Black 0.5pt solid; text-align: center; width: 54%">&#160;</td>
    <td style="text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 22%">12.31.18</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 22%">12.31.17</td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: center">2017</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: center">2018</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;202,143</td></tr>
<tr style="vertical-align: middle">
    <td style="text-align: center">2019</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;173,619</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;193,812</td></tr>
<tr style="vertical-align: middle">
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: center">Total future minimum lease collections</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;173,619</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;395,955</td></tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfIncomeFromOperatingAssignmentsTableTextBlock', window );">Income from operating assignments</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle">
    <td style="text-align: center; width: 45%">&#160;</td>
    <td style="text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; text-align: center; width: 18%">12.31.18</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; text-align: center; width: 18%">12.31.17</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; text-align: center; width: 16%">12.31.16</td></tr>
<tr style="vertical-align: middle">
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: center">Total lease income</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">190,370</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">212,265</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">199,431</td></tr>
</table><span></span>
</td>
</tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_LeasesTablesAbstract</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfExpensesForOperatingAssignmentsTableTextBlock</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfFutureMinimumCollectionsTableTextBlock">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfFutureMinimumCollectionsTableTextBlock</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfFutureMinimumLeasingPaymentsTableTextBlock</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfIncomeFromOperatingAssignmentsTableTextBlock</td>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6751205648">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>29. Provisions (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ProvisionsTablesAbstract', window );"><strong>Provisions Tables Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfProvisionsTableTextBlock', window );">Provisions</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr>
    <td style="vertical-align: bottom; text-align: left; width: 58%">&#160;</td>
    <td style="vertical-align: middle; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">&#160;Non-current liabilities&#160;</td>
    <td style="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">&#160;Current liabilities&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td colspan="3" style="vertical-align: middle; text-align: center">&#160;Contingencies&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold">&#160;At 12.31.16&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;504,038</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;129,808</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Increases</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;411,975</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;130,389</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Decreases</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(4)</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(58,930)</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Result from exposure to inflation for the year</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(32,890)</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(10,409)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold">&#160;At 12.31.17&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;883,119</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;190,858</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Increases</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;472,067</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;252,030</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Decreases</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(85,662)</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(239,585)</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Result from exposure to inflation for the year</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(199,374)</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(15,868)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold">&#160;At 12.31.18&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,070,150</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;187,435</td></tr>
</table><span></span>
</td>
</tr>
</table>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfProvisionsTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfProvisionsTableTextBlock</td>
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</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>91
<FILENAME>R67.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6740849440">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>30. Revenue from sales (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_RevenueFromSalesTablesAbstract', window );"><strong>Revenue From Sales Tables Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfRevenueFromSalesTableTextBlock', window );">Revenue from sales</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
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    <td style="font-weight: bold; text-align: justify; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 15%">&#160;12.31.18&#160;</td>
    <td style="font-weight: bold; text-align: center; background-color: white; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 15%">&#160;12.31.17&#160;</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 17%">&#160;12.31.16&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: left; background-color: white">Sales of electricity&#160;</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;55,689,651</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;39,329,729</td>
    <td>&#160;</td>
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<tr style="vertical-align: top">
    <td style="text-align: left; background-color: white">Right of use on poles</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;190,370</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;213,449</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: left; background-color: white">Connection charges</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;51,105</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;49,369</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;30,893</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: left; background-color: white">Reconnection charges</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;22,523</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;11,505</td>
    <td>&#160;</td>
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<tr>
    <td style="font-weight: bold; vertical-align: bottom">Total Revenue from sales</td>
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    <td style="font-weight: bold; vertical-align: top; text-align: right">&#160;</td>
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    <td style="vertical-align: bottom">&#160;</td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6751205648">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>31. Expenses by nature (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ExpensesByNatureTablesAbstract', window );"><strong>Expenses By Nature Tables Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfExpensesByNatureTableTextBlock', window );">Expenses by nature</a></td>
<td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 39%">&#160;Description&#160;</td>
    <td style="text-align: left; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">&#160;Transmission and distribution expenses&#160;</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">&#160;Selling
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    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">&#160;Administrative expenses&#160;</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">&#160;Total&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>Salaries and social security taxes&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,331,442</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;777,014</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;914,507</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,022,963</td></tr>
<tr style="vertical-align: bottom">
    <td>Pension plans</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;80,695</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;14,476</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;17,037</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;112,208</td></tr>
<tr style="vertical-align: bottom">
    <td>Communications expenses</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;81,110</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;269,674</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;16,017</td>
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    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;366,801</td></tr>
<tr style="vertical-align: bottom">
    <td>Allowance for the impairment of trade and other receivables</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;977,503</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;977,503</td></tr>
<tr style="vertical-align: bottom">
    <td>Supplies consumption&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;790,392</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;122,623</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;913,015</td></tr>
<tr style="vertical-align: bottom">
    <td>Leases and insurance&#160;&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;530</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;180,218</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;180,748</td></tr>
<tr style="vertical-align: bottom">
    <td>Security service</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;136,656</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,027</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;128,699</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;267,382</td></tr>
<tr style="vertical-align: bottom">
    <td>Fees and remuneration for services</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,411,812</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,040,164</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,007,152</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,459,128</td></tr>
<tr style="vertical-align: bottom">
    <td>Public relations and marketing</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;32,246</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;32,246</td></tr>
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    <td>Advertising and sponsorship&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;16,612</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;16,612</td></tr>
<tr style="vertical-align: bottom">
    <td>Reimbursements to personnel&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;60</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;68</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;498</td>
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    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;626</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="text-align: left">Depreciation of property, plants and<br />
equipments</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,014,887</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;300,255</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;246,357</td>
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    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,561,499</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="text-align: left">Directors and Supervisory Committee <br />
members&#8217; fees&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;21,893</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;21,893</td></tr>
<tr style="vertical-align: bottom">
    <td>ENRE penalties (1)</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,064,330</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,052,135</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,116,465</td></tr>
<tr style="vertical-align: bottom">
    <td>Taxes and charges&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;598,908</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;162,549</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;761,457</td></tr>
<tr style="vertical-align: bottom">
    <td>Other</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;808</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;457</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,719</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,984</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: center">At 12.31.18</td>
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    <td style="font-weight: bold; vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,032,681</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,872,127</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;18,817,530</td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>


<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
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    <td style="text-align: left; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">&#160;Transmission and distribution expenses&#160;</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">&#160;Selling&#160;expenses&#160;</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">&#160;Administrative expenses&#160;</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
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<tr style="vertical-align: bottom">
    <td>Salaries and social security taxes&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,997,823</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;886,976</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;917,200</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,801,999</td></tr>
<tr style="vertical-align: bottom">
    <td>Pension plans</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;124,507</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;22,097</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;22,850</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;169,454</td></tr>
<tr style="vertical-align: bottom">
    <td>Communications expenses</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;55,281</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;289,371</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;22,804</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;367,456</td></tr>
<tr style="vertical-align: bottom">
    <td>Allowance for the impairment of trade and other receivables</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;391,615</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;391,615</td></tr>
<tr style="vertical-align: bottom">
    <td>Supplies consumption&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;687,199</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;109,780</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;796,979</td></tr>
<tr style="vertical-align: bottom">
    <td>Leases and insurance&#160;&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;653</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;182,024</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;182,677</td></tr>
<tr style="vertical-align: bottom">
    <td>Security service</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;130,263</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,797</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;141,231</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;273,291</td></tr>
<tr style="vertical-align: bottom">
    <td>Fees and remuneration for services</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,081,974</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;876,612</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;820,225</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,778,811</td></tr>
<tr style="vertical-align: bottom">
    <td>Public relations and marketing</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;56,659</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;56,659</td></tr>
<tr style="vertical-align: bottom">
    <td>Advertising and sponsorship&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;29,187</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;29,187</td></tr>
<tr style="vertical-align: bottom">
    <td>Reimbursements to personnel&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;89</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;55</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;827</td>
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    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;971</td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,740,231</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;275,125</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;132,733</td>
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    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,148,089</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="text-align: left">Directors and Supervisory Committee<br />
members&#8217; fees&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;21,429</td>
    <td style="text-align: left">&#160;</td>
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<tr style="vertical-align: bottom">
    <td>ENRE penalties</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;428,049</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;428,663</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;856,712</td></tr>
<tr style="vertical-align: bottom">
    <td>Taxes and charges&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;395,263</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;32,011</td>
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<tr style="vertical-align: bottom">
    <td>Other</td>
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<tr>
    <td style="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: center">At 12.31.17</td>
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</table>


<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 35.45pt"></td><td style="width: 21.25pt"><font style="font-size: 8pt">(1)</font></td><td style="text-align: justify"><font style="font-size: 8pt">Transmission and distribution expenses include recovery for $ 719.8
million net of the charge for the year for $ 1.6 billion.</font></td></tr></table>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 39%">&#160;Description&#160;</td>
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    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">&#160;Transmission and distribution expenses&#160;</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">&#160;Selling&#160;expenses&#160;</td>
    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
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    <td style="font-weight: bold; text-align: center; width: 1%">&#160;</td>
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<tr style="vertical-align: bottom">
    <td>Salaries and social security taxes&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,104,795</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;861,097</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;987,713</td>
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    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,953,605</td></tr>
<tr style="vertical-align: bottom">
    <td>Pension plans</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;142,590</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;24,053</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;27,589</td>
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    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;194,232</td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;49,817</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;251,381</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;20,318</td>
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    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;321,516</td></tr>
<tr style="vertical-align: bottom">
    <td>Allowance for the impairment of trade and other receivables</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;433,371</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;433,371</td></tr>
<tr style="vertical-align: bottom">
    <td>Supplies consumption&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;513,318</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;64,249</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;577,567</td></tr>
<tr style="vertical-align: bottom">
    <td>Leases and insurance&#160;&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;870</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;173,973</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;174,843</td></tr>
<tr style="vertical-align: bottom">
    <td>Security service</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;134,404</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;22,855</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;85,461</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;242,720</td></tr>
<tr style="vertical-align: bottom">
    <td>Fees and remuneration for services</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;897,754</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;923,607</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;771,520</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,592,881</td></tr>
<tr style="vertical-align: bottom">
    <td>Public relations and marketing</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td></tr>
<tr style="vertical-align: bottom">
    <td>Advertising and sponsorship&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td></tr>
<tr style="vertical-align: bottom">
    <td>Reimbursements to personnel&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,821</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;343</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,520</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,684</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="text-align: left">Depreciation of property, plants and<br />
equipments&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,739,293</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;301,301</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;106,647</td>
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    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,147,241</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="text-align: left">Directors and Supervisory Committee<br />
members&#8217; fees&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;11,937</td>
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    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;11,937</td></tr>
<tr style="vertical-align: bottom">
    <td>ENRE penalties</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,677,844</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;367,907</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
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    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,045,751</td></tr>
<tr style="vertical-align: bottom">
    <td>Taxes and charges&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;193,081</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;27,088</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;220,169</td></tr>
<tr style="vertical-align: bottom">
    <td>Other</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,351</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;265</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;10,022</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;11,638</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: center">At 12.31.16</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;13,263,857</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,379,261</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,288,037</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: left">&#160;</td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6741816112">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>32. Other operating expense, net (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherOperatingExpenseNetTableTextBlock', window );">Other operating expense, net</a></td>
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<tr>
    <td style="font-weight: bold; vertical-align: top; text-align: justify; width: 45%">&#160;</td>
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<tr>
    <td style="font-weight: bold; vertical-align: bottom">Other operating income</td>
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    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
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<tr>
    <td style="vertical-align: bottom">Services provided to third parties</td>
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    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;74,522</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
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    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;77,088</td>
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    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;51,358</td>
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<tr>
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    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;44,303</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,263</td>
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<tr>
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    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,574</td>
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    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,372</td>
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    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;76,914</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,811</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td></tr>
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    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;43,355</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;705</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,995</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">Total other operating income</td>
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    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;321,756</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;157,812</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;172,147</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: center">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: center">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: center">&#160;</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">Other operating expense</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;</td></tr>
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    <td style="vertical-align: bottom">Gratifications for services</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(74,266)</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(80,802)</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(69,678)</td></tr>
<tr>
    <td style="vertical-align: bottom">Cost for services provided to third parties</td>
    <td style="font-weight: bold; vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(52,429)</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(65,238)</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(98,328)</td></tr>
<tr>
    <td style="vertical-align: bottom">Severance paid&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(16,645)</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(28,353)</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(31,243)</td></tr>
<tr>
    <td style="vertical-align: bottom">Donations and contributions&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(6)</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td></tr>
<tr>
    <td style="vertical-align: bottom; text-align: left">Debit and Credit Tax</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(594,750)</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(479,525)</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(306,892)</td></tr>
<tr>
    <td style="vertical-align: bottom">Other expenses - FOCEDE</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(31,223)</td></tr>
<tr>
    <td style="vertical-align: bottom">Provision for contingencies&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(724,097)</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(542,364)</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(301,808)</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="text-align: left">Disposals of property, plant and equipment&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(134,455)</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(49,824)</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(244,456)</td></tr>
<tr>
    <td style="vertical-align: bottom; text-align: left">Other</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(45,918)</td>
    <td style="vertical-align: bottom; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(14,398)</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1,534)</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom">Total other operating expense</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1,642,566)</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1,260,504)</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1,085,162)</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom; text-align: justify">Other operating expense, net</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1,320,810)</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1,102,692)</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(913,015)</td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-size: 8pt">(1)</font></td><td><font style="font-size: 8pt">Relates to fines applied to Suppliers for failing to comply with agreed-upon contractual conditions.</font></td></tr></table>



<p style="margin-top: 0; margin-bottom: 0"></p><span></span>
</td>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6741130048">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>33. Net financial expense (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_NetFinancialExpenseTablesAbstract', window );"><strong>Net Financial Expense Tables Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfNetFinancialExpenseTableTextBlock', window );">Net financial expense</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr>
    <td style="vertical-align: bottom; text-align: left; width: 50%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: justify; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 15%">&#160;12.31.18&#160;</td>
    <td style="font-weight: bold; vertical-align: top; text-align: center; background-color: white; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 15%">&#160;12.31.17&#160;</td>
    <td style="vertical-align: bottom; text-align: center; width: 1%">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 17%">&#160;12.31.16&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-decoration: underline; background-color: white">Financial income</td>
    <td style="text-align: left">&#160;</td>
    <td style="background-color: white">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-decoration: underline; background-color: white"><u></u></td>
    <td style="text-align: left">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom">Commercial interest</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;273,457</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;177,655</td>
    <td style="vertical-align: bottom; background-color: white">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;262,536</td></tr>
<tr>
    <td style="vertical-align: bottom">Financial interest</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: right">398,326</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: right">276,149</td>
    <td style="vertical-align: bottom; background-color: white">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;122,057</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom; background-color: white">Total financial income</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">671,783</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">453,804</td>
    <td style="font-weight: bold; vertical-align: bottom; background-color: white">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">384,593</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; background-color: white">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="background-color: white">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="background-color: white">&#160;</td>
    <td style="font-weight: bold; background-color: white">&#160;</td>
    <td style="background-color: white">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-decoration: underline; background-color: white">Financial expenses</td>
    <td style="text-align: left">&#160;</td>
    <td style="background-color: white">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="background-color: white">&#160;</td>
    <td style="text-decoration: underline; background-color: white"><u></u></td>
    <td style="background-color: white">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom">Interest and other&#160;</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1,987,092)</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(819,377)</td>
    <td style="vertical-align: bottom; background-color: white">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(535,721)</td></tr>
<tr>
    <td style="vertical-align: bottom; background-color: white">Fiscal interest</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(22,752)</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(31,153)</td>
    <td style="vertical-align: bottom; background-color: white">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(18,762)</td></tr>
<tr>
    <td style="vertical-align: bottom">Commercial interest</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,958,366)</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1,716,843)</td>
    <td style="vertical-align: bottom; background-color: white">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,028,136)</td></tr>
<tr>
    <td style="vertical-align: bottom">Bank fees and expenses</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(8,509)</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,883)</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(6,608)</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom; background-color: white">Total financial expenses</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(4,976,719)</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(2,570,256)</td>
    <td style="font-weight: bold; vertical-align: bottom; background-color: white">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(2,589,227)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; background-color: white">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="background-color: white">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="background-color: white">&#160;</td>
    <td style="font-weight: bold; background-color: white">&#160;</td>
    <td style="background-color: white">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-decoration: underline; background-color: white">Other financial results</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-decoration: underline; background-color: white"><u></u></td>
    <td>&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom">Exchange differences</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,629,966)</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(564,056)</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(911,819)</td></tr>
<tr>
    <td style="vertical-align: bottom">Adjustment to present value of receivables</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(327)</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(431)</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,749</td></tr>
<tr>
    <td style="vertical-align: bottom">Changes in fair value of financial assets (1)</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;746,532</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;474,896</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;891,773</td></tr>
<tr style="vertical-align: bottom">
    <td style="background-color: white">Net gain from the repurchase of <br />
Corporate Notes</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,539</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;90</td></tr>
<tr>
    <td style="vertical-align: bottom">Other financial expense</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(86,098)</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(78,877)</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(73,096)</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom; background-color: white">Total other financial expense</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(1,965,320)</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(168,468)</td>
    <td style="font-weight: bold; vertical-align: bottom; background-color: white">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(87,303)</td></tr>
<tr>
    <td style="font-weight: bold; vertical-align: bottom; background-color: white">Total net financial expense</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(6,270,256)</td>
    <td style="vertical-align: bottom; text-align: left">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(2,284,920)</td>
    <td style="font-weight: bold; vertical-align: bottom; background-color: white">&#160;</td>
    <td style="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(2,291,937)</td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0"></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 21.3pt"></td><td style="width: 21.25pt"><font style="font-size: 8pt">(1)</font></td><td style="text-align: justify"><font style="font-size: 8pt">Includes changes in the fair value of financial assets on cash equivalents
as of December 31, 2018, 2017 and 2016 for $ 43.4 million, $ 37.3 million and $ 39.6 million, respectively.</font></td></tr></table>



<p style="margin-top: 0; margin-bottom: 0"></p><span></span>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6754159808">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>34. Basic and diluted earnings per share (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_BasicAndDilutedEarningsPerShareTablesAbstract', window );"><strong>Basic And Diluted Earnings Per Share</strong></a></td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfBasicAndDilutedLossEarningsPerShareTableTextBlock', window );">Basic and diluted earnings per share</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6738724688">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>35. Related-party transactions (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_RelatedpartyTransactionsTablesAbstract', window );"><strong>Related-party Transactions</strong></a></td>
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    <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6741084240">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>1. General information (Details Narrative) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_GeneralInformationDetailsNarrativeAbstract', window );"><strong>General Information Details Narrative Abstract</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Comprehensive profit for the year</a></td>
<td class="nump">$ 4,293,519<span></span>
</td>
<td class="nump">$ 5,095,638<span></span>
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<td class="nump">$ 250,134<span></span>
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</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ix<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B12_b_ix&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81A<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81A_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>98
<FILENAME>R74.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6718897104">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>2. Regulatory framework (Details Narrative) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_RegulatoryFrameworkDetailsNarrativeAbstract', window );"><strong>Regulatory Framework Details Narrative Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_IncomeRecognitionOnAccount', window );">Income recognition on account of the RTI - SE Resolution</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 958,289<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_HigherCostRecognition', window );">Higher cost recognition - SE Resolution and subsequent Notes</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 185,436<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_HigherCostRecognition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_HigherCostRecognition</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_IncomeRecognitionOnAccount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_IncomeRecognitionOnAccount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_RegulatoryFrameworkDetailsNarrativeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_RegulatoryFrameworkDetailsNarrativeAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<TYPE>XML
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6741887312">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>4. Accounting policies (Detail Narrative)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LandMember', window );">Land</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DisclosureOfAccountingPoliciesLineItems', window );"><strong>DisclosureOfAccountingPoliciesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment', window );">Estimated useful lives</a></td>
<td class="text">Not depreciated<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=EDN_FacilitiesInServiceMember', window );">Facilities in service</a></td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DisclosureOfAccountingPoliciesLineItems', window );"><strong>DisclosureOfAccountingPoliciesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment', window );">Estimated useful lives</a></td>
<td class="text">Between 30 and 50 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OfficeEquipmentMember', window );">Furniture, tools and equipment</a></td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DisclosureOfAccountingPoliciesLineItems', window );"><strong>DisclosureOfAccountingPoliciesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment', window );">Estimated useful lives</a></td>
<td class="text">Between 5 and 20 years<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_DisclosureOfAccountingPoliciesLineItems">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_DisclosureOfAccountingPoliciesLineItems</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The useful lives or depreciation rates used for property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 73<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_73_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LandMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=EDN_FacilitiesInServiceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=EDN_FacilitiesInServiceMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OfficeEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OfficeEquipmentMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<TYPE>XML
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6758251888">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>5. Financial risk management (Details)<br> &#8364; in Thousands, kr in Thousands, SFr in Thousands, $ in Thousands, $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($) </div>
<div>$ / $ </div>
<div>$ / &#8364; </div>
<div>$ / SFr </div>
<div>$ / kr</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($) </div>
<div>$ / $ </div>
<div>$ / &#8364; </div>
<div>$ / SFr </div>
<div>$ / kr</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>EUR (&#8364;) </div>
<div>$ / $ </div>
<div>$ / &#8364; </div>
<div>$ / SFr </div>
<div>$ / kr</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>CHF (SFr) </div>
<div>$ / $ </div>
<div>$ / &#8364; </div>
<div>$ / SFr </div>
<div>$ / kr</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>NOK (kr) </div>
<div>$ / $ </div>
<div>$ / &#8364; </div>
<div>$ / SFr </div>
<div>$ / kr</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($) </div>
<div>$ / $</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($) </div>
<div>$ / $</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>EUR (&#8364;) </div>
<div>$ / $</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>CHF (SFr) </div>
<div>$ / $</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>NOK (kr) </div>
<div>$ / $</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate | $ / $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">37.70<span></span>
</td>
<td class="nump">37.70<span></span>
</td>
<td class="nump">37.70<span></span>
</td>
<td class="nump">37.70<span></span>
</td>
<td class="nump">37.70<span></span>
</td>
<td class="nump">18.65<span></span>
</td>
<td class="nump">18.65<span></span>
</td>
<td class="nump">18.65<span></span>
</td>
<td class="nump">18.65<span></span>
</td>
<td class="nump">18.65<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_NoncurrentAssetsMember', window );">Noncurrent Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AmountOfForeignCurrency', window );">Amount of foreign currency</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 20,416<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ForeignCurrencyBalanceOfAssets', window );">Foreign currency balance assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 765,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_NoncurrentAssetsMember', window );">Noncurrent Assets | Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AmountOfForeignCurrency', window );">Amount of foreign currency</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 20,416<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate | $ / $</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">37.5<span></span>
</td>
<td class="nump">37.5<span></span>
</td>
<td class="nump">37.5<span></span>
</td>
<td class="nump">37.5<span></span>
</td>
<td class="nump">37.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ForeignCurrencyBalanceOfAssets', window );">Foreign currency balance assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 765,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_CurrentAssetsMember', window );">Current Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AmountOfForeignCurrency', window );">Amount of foreign currency</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 91,860<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ForeignCurrencyBalanceOfAssets', window );">Foreign currency balance assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 3,444,751<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,836,794<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_CurrentAssetsMember', window );">Current Assets | Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AmountOfForeignCurrency', window );">Amount of foreign currency</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,989<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate | $ / $</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">37.5<span></span>
</td>
<td class="nump">37.5<span></span>
</td>
<td class="nump">37.5<span></span>
</td>
<td class="nump">37.5<span></span>
</td>
<td class="nump">37.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ForeignCurrencyBalanceOfAssets', window );">Foreign currency balance assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 149,588<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_CurrentAssetsMember', window );">Current Assets | Financial assets at fair value through profit or loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AmountOfForeignCurrency', window );">Amount of foreign currency</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 87,621<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate | $ / $</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">37.5<span></span>
</td>
<td class="nump">37.5<span></span>
</td>
<td class="nump">37.5<span></span>
</td>
<td class="nump">37.5<span></span>
</td>
<td class="nump">37.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ForeignCurrencyBalanceOfAssets', window );">Foreign currency balance assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,285,788<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,829,881<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_CurrentAssetsMember', window );">Current Assets | Cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AmountOfForeignCurrency', window );">Amount of foreign currency</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 250<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate | $ / $</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">37.5<span></span>
</td>
<td class="nump">37.5<span></span>
</td>
<td class="nump">37.5<span></span>
</td>
<td class="nump">37.5<span></span>
</td>
<td class="nump">37.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ForeignCurrencyBalanceOfAssets', window );">Foreign currency balance assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 9,375<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,519<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_CurrentAssetsMember', window );">Current Assets | Cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AmountOfForeignCurrency', window );">Amount of foreign currency | &#8364;</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate | $ / &#8364;</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">42.84<span></span>
</td>
<td class="nump">42.84<span></span>
</td>
<td class="nump">42.84<span></span>
</td>
<td class="nump">42.84<span></span>
</td>
<td class="nump">42.84<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ForeignCurrencyBalanceOfAssets', window );">Foreign currency balance assets | &#8364;</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_CurrentAssetsMember', window );">Current Assets | Cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ForeignCurrencyBalanceOfAssets', window );">Foreign currency balance assets | &#8364;</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 394<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_TotalAssetsMember', window );">Total Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AmountOfForeignCurrency', window );">Amount of foreign currency</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 112,276<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ForeignCurrencyBalanceOfAssets', window );">Foreign currency balance assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,210,351<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,836,794<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_NoncurrentLiabilitiesMember', window );">Non-current liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AmountOfForeignCurrency', window );">Amount of foreign currency</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">190,782<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ForeignCurrencyBalanceOfLiabilities', window );">Foreign currency balance liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 7,192,467<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,189,294<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_NoncurrentLiabilitiesMember', window );">Non-current liabilities | Borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AmountOfForeignCurrency', window );">Amount of foreign currency</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 190,782<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate | $ / $</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">37.7<span></span>
</td>
<td class="nump">37.7<span></span>
</td>
<td class="nump">37.7<span></span>
</td>
<td class="nump">37.7<span></span>
</td>
<td class="nump">37.7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ForeignCurrencyBalanceOfLiabilities', window );">Foreign currency balance liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7,192,467<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,189,294<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_CurrentLiabilitiesMember', window );">Current liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AmountOfForeignCurrency', window );">Amount of foreign currency</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 46,265<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ForeignCurrencyBalanceOfLiabilities', window );">Foreign currency balance liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 1,742,222<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">516,575<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_CurrentLiabilitiesMember', window );">Current liabilities | Borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AmountOfForeignCurrency', window );">Amount of foreign currency</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 28,580<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate | $ / $</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">37.7<span></span>
</td>
<td class="nump">37.7<span></span>
</td>
<td class="nump">37.7<span></span>
</td>
<td class="nump">37.7<span></span>
</td>
<td class="nump">37.7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ForeignCurrencyBalanceOfLiabilities', window );">Foreign currency balance liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,077,453<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">105,139<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_CurrentLiabilitiesMember', window );">Current liabilities | Trade payables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AmountOfForeignCurrency', window );">Amount of foreign currency</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 17,519<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate | $ / $</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">37.7<span></span>
</td>
<td class="nump">37.7<span></span>
</td>
<td class="nump">37.7<span></span>
</td>
<td class="nump">37.7<span></span>
</td>
<td class="nump">37.7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ForeignCurrencyBalanceOfLiabilities', window );">Foreign currency balance liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 660,459<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 386,504<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_CurrentLiabilitiesMember', window );">Current liabilities | Trade payables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AmountOfForeignCurrency', window );">Amount of foreign currency | &#8364;</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 93<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate | $ / &#8364;</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">43.163<span></span>
</td>
<td class="nump">43.163<span></span>
</td>
<td class="nump">43.163<span></span>
</td>
<td class="nump">43.163<span></span>
</td>
<td class="nump">43.163<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ForeignCurrencyBalanceOfLiabilities', window );">Foreign currency balance liabilities | &#8364;</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 4,014<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 9,248<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_CurrentLiabilitiesMember', window );">Current liabilities | Trade payables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AmountOfForeignCurrency', window );">Amount of foreign currency | SFr</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">SFr 5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate | $ / SFr</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">38.312<span></span>
</td>
<td class="nump">38.312<span></span>
</td>
<td class="nump">38.312<span></span>
</td>
<td class="nump">38.312<span></span>
</td>
<td class="nump">38.312<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ForeignCurrencyBalanceOfLiabilities', window );">Foreign currency balance liabilities | SFr</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">SFr 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">SFr 15,454<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_CurrentLiabilitiesMember', window );">Current liabilities | Trade payables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AmountOfForeignCurrency', window );">Amount of foreign currency | kr</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">kr 68<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate | $ / kr</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">4.346<span></span>
</td>
<td class="nump">4.346<span></span>
</td>
<td class="nump">4.346<span></span>
</td>
<td class="nump">4.346<span></span>
</td>
<td class="nump">4.346<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ForeignCurrencyBalanceOfLiabilities', window );">Foreign currency balance liabilities | kr</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">kr 296<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">kr 230<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_TotalLiabilitiesMember', window );">Total Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AmountOfForeignCurrency', window );">Amount of foreign currency</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 237,047<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ForeignCurrencyBalanceOfLiabilities', window );">Foreign currency balance liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 8,934,689<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6,705,869<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="12"></td></tr>
<tr><td colspan="12"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">The exchange rates used are the BNA exchange rates in effect as of December 31, 2018 for US Dollars (U.S.$.), Euros (EUR), Swiss Francs (CHF) and Norwegian Krones (NOK).</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_AmountOfForeignCurrency">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_AmountOfForeignCurrency</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_ForeignCurrencyBalanceOfAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_ForeignCurrencyBalanceOfAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_ForeignCurrencyBalanceOfLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_ForeignCurrencyBalanceOfLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfFinancialRiskManagementLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfFinancialRiskManagementLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClosingForeignExchangeRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The spot exchange rate at the end of the reporting period. Exchange rate is the ratio of exchange for two currencies. Spot exchange rate is the exchange rate for immediate delivery.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClosingForeignExchangeRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_NoncurrentAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_NoncurrentAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_OtherReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_OtherReceivablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_CurrentAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_CurrentAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_CashAndEquivalentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_CashAndEquivalentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_CashAndCashEquivalents1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_CashAndCashEquivalents1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_CashAndEquivalents1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_CashAndEquivalents1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_TotalAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_TotalAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_NoncurrentLiabilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_NoncurrentLiabilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_BorrowingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_BorrowingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_CurrentLiabilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_CurrentLiabilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_TradePayablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_TradePayablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_TradePayables1Member</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_TradePayables2Member</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_TradePayables3Member</td>
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<td></td>
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<td>na</td>
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<tr><td><div class="body" style="padding: 2px;">
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>101
<FILENAME>R77.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6757366992">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>5. Financial risk management (Details 1)<br> &#8364; in Thousands, kr in Thousands, SFr in Thousands, $ in Thousands, $ in Thousands</strong></div></th>
<th class="th" colspan="10">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>EUR (&#8364;)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>CHF (SFr)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>NOK (kr)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>EUR (&#8364;)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>CHF (SFr)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>NOK (kr)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_NetPositionAssetLiabilities', window );">Net position Asset/(Liabilities)</a></td>
<td class="num">$ (4,724,338)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (4,869,075)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FunctionalCurrencyAxis=EDN_USDollarMember', window );">US dollar</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_NetPositionAssetLiabilities', window );">Net position Asset/(Liabilities)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (4,720,028)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (4,844,537)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FunctionalCurrencyAxis=EDN_EuroMember', window );">Euro</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_NetPositionAssetLiabilities', window );">Net position Asset/(Liabilities) | &#8364;</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#8364; (4,014)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#8364; (8,854)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FunctionalCurrencyAxis=EDN_NorwegianKroneMember', window );">Norwegian krone</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_NetPositionAssetLiabilities', window );">Net position Asset/(Liabilities) | kr</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">kr (296)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">kr (230)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FunctionalCurrencyAxis=EDN_SwissFrancMember', window );">Swiss franc</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_NetPositionAssetLiabilities', window );">Net position Asset/(Liabilities) | SFr</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">SFr 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">SFr (15,454)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_NetPositionAssetLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_NetPositionAssetLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfFinancialRiskManagementLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfFinancialRiskManagementLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
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<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_FunctionalCurrencyAxis=EDN_USDollarMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_FunctionalCurrencyAxis=EDN_USDollarMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_FunctionalCurrencyAxis=EDN_EuroMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_FunctionalCurrencyAxis=EDN_EuroMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_FunctionalCurrencyAxis=EDN_NorwegianKroneMember</td>
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<td>na</td>
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<td></td>
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<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_FunctionalCurrencyAxis=EDN_SwissFrancMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_FunctionalCurrencyAxis=EDN_SwissFrancMember</td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>102
<FILENAME>R78.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6757774080">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>5. Financial risk management (Details 2)<br> &#8364; in Thousands, kr in Thousands, SFr in Thousands, $ in Thousands, $ in Thousands</strong></div></th>
<th class="th" colspan="10">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>EUR (&#8364;)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>CHF (SFr)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>NOK (kr)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>EUR (&#8364;)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>CHF (SFr)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>NOK (kr)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_GainsLossesOnNetMonetaryPositionDevaluation', window );">Decrease in the results of operations for the year</a></td>
<td class="num">$ (472,434)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (486,910)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FunctionalCurrencyAxis=EDN_USDollarMember', window );">US dollar</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_GainsLossesOnNetMonetaryPositionDevaluation', window );">Decrease in the results of operations for the year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (472,003)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (484,454)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FunctionalCurrencyAxis=EDN_EuroMember', window );">Euro</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_GainsLossesOnNetMonetaryPositionDevaluation', window );">Decrease in the results of operations for the year | &#8364;</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#8364; (401)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#8364; (886)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FunctionalCurrencyAxis=EDN_NorwegianKroneMember', window );">Norwegian krone</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_GainsLossesOnNetMonetaryPositionDevaluation', window );">Decrease in the results of operations for the year | kr</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">kr (30)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">kr (24)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FunctionalCurrencyAxis=EDN_SwissFrancMember', window );">Swiss franc</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_GainsLossesOnNetMonetaryPositionDevaluation', window );">Decrease in the results of operations for the year | SFr</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">SFr 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">SFr (1,546)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_GainsLossesOnNetMonetaryPositionDevaluation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_GainsLossesOnNetMonetaryPositionDevaluation</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfFinancialRiskManagementLineItems</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_FunctionalCurrencyAxis=EDN_USDollarMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_FunctionalCurrencyAxis=EDN_EuroMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_FunctionalCurrencyAxis=EDN_NorwegianKroneMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_FunctionalCurrencyAxis=EDN_SwissFrancMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_FunctionalCurrencyAxis=EDN_SwissFrancMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<TYPE>XML
<SEQUENCE>103
<FILENAME>R79.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6755380400">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>5. Financial risk management (Details 3)<br> $ in Thousands, $ in Thousands</strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total loans</a></td>
<td class="nump">$ 8,269,920<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6,294,433<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5,202,452<span></span>
</td>
<td class="nump">$ 6,224,330<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DecreaseInProfitLossDueToIncreaseInFloatingInterestRates', window );">Decrease in the profit (loss) due to a 1% increase in floating interest rates</a></td>
<td class="num">(4,241)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,098)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_IncreaseInProfitLossDueToDecreaseInFloatingInterestRates', window );">Increase in the profit (loss) due to a 1% decrease in floating interest rates</a></td>
<td class="nump">4,241<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,098<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FunctionalCurrencyAxis=EDN_USDollarMember', window );">US dollar</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total loans</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 8,269,920<span></span>
</td>
<td class="nump">$ 6,294,433<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FixedInterestRateMember', window );">Fixed Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total loans</a></td>
<td class="nump">6,359,798<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,904,361<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FixedInterestRateMember', window );">Fixed Rate | US dollar</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total loans</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,359,798<span></span>
</td>
<td class="nump">4,904,361<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FloatingInterestRateMember', window );">Floating Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total loans</a></td>
<td class="nump">$ 1,910,122<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,390,072<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FloatingInterestRateMember', window );">Floating Rate | US dollar</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total loans</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,910,122<span></span>
</td>
<td class="nump">$ 1,390,072<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DecreaseInProfitLossDueToIncreaseInFloatingInterestRates', window );">Decrease in the profit (loss) due to a 1% increase in floating interest rates</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (4,241)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (2,098)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_IncreaseInProfitLossDueToDecreaseInFloatingInterestRates', window );">Increase in the profit (loss) due to a 1% decrease in floating interest rates</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,241<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,098<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_DecreaseInProfitLossDueToIncreaseInFloatingInterestRates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_DecreaseInProfitLossDueToIncreaseInFloatingInterestRates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_IncreaseInProfitLossDueToDecreaseInFloatingInterestRates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_IncreaseInProfitLossDueToDecreaseInFloatingInterestRates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfFinancialRiskManagementLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfFinancialRiskManagementLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_FunctionalCurrencyAxis=EDN_USDollarMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_FunctionalCurrencyAxis=EDN_USDollarMember</td>
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<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FixedInterestRateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FixedInterestRateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FloatingInterestRateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FloatingInterestRateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6755666208">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>5. Financial risk management (Details 4) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities', window );">Non-derivative financial liabilities</a></td>
<td class="nump">$ 33,479,051<span></span>
</td>
<td class="nump">$ 30,445,378<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_NoDeadlineMember', window );">No deadline</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities', window );">Non-derivative financial liabilities</a></td>
<td class="nump">12,407,373<span></span>
</td>
<td class="nump">8,950,249<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_LessThan3MonthsMember', window );">Less than 3 months</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities', window );">Non-derivative financial liabilities</a></td>
<td class="nump">910,948<span></span>
</td>
<td class="nump">5,877,338<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_From3MonthsTo1YearMember', window );">From 3 months to 1 year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities', window );">Non-derivative financial liabilities</a></td>
<td class="nump">3,417,248<span></span>
</td>
<td class="nump">8,695,410<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_From1To2YearsMember', window );">From 1 to 2 years</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities', window );">Non-derivative financial liabilities</a></td>
<td class="nump">766,960<span></span>
</td>
<td class="nump">635,785<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_From2To5YearsMember', window );">From 2 to 5 years</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities', window );">Non-derivative financial liabilities</a></td>
<td class="nump">7,776,522<span></span>
</td>
<td class="nump">6,286,596<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_MoreThan5YearsMember', window );">More than 5 years</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities', window );">Non-derivative financial liabilities</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_TradeAndOtherPayablesMember', window );">Trade and other payables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities', window );">Non-derivative financial liabilities</a></td>
<td class="nump">24,433,544<span></span>
</td>
<td class="nump">23,338,476<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_TradeAndOtherPayablesMember', window );">Trade and other payables | No deadline</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities', window );">Non-derivative financial liabilities</a></td>
<td class="nump">12,407,373<span></span>
</td>
<td class="nump">8,950,249<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_TradeAndOtherPayablesMember', window );">Trade and other payables | Less than 3 months</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities', window );">Non-derivative financial liabilities</a></td>
<td class="nump">9,110,948<span></span>
</td>
<td class="nump">5,877,338<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_TradeAndOtherPayablesMember', window );">Trade and other payables | From 3 months to 1 year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities', window );">Non-derivative financial liabilities</a></td>
<td class="nump">2,732,779<span></span>
</td>
<td class="nump">8,195,465<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_TradeAndOtherPayablesMember', window );">Trade and other payables | From 1 to 2 years</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities', window );">Non-derivative financial liabilities</a></td>
<td class="nump">82,491<span></span>
</td>
<td class="nump">135,840<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_TradeAndOtherPayablesMember', window );">Trade and other payables | From 2 to 5 years</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities', window );">Non-derivative financial liabilities</a></td>
<td class="nump">99,953<span></span>
</td>
<td class="nump">179,584<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_TradeAndOtherPayablesMember', window );">Trade and other payables | More than 5 years</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities', window );">Non-derivative financial liabilities</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_BorrowingMember', window );">Borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities', window );">Non-derivative financial liabilities</a></td>
<td class="nump">9,045,507<span></span>
</td>
<td class="nump">7,106,902<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_BorrowingMember', window );">Borrowings | No deadline</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities', window );">Non-derivative financial liabilities</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_BorrowingMember', window );">Borrowings | Less than 3 months</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities', window );">Non-derivative financial liabilities</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_BorrowingMember', window );">Borrowings | From 3 months to 1 year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities', window );">Non-derivative financial liabilities</a></td>
<td class="nump">684,469<span></span>
</td>
<td class="nump">499,945<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_BorrowingMember', window );">Borrowings | From 1 to 2 years</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities', window );">Non-derivative financial liabilities</a></td>
<td class="nump">684,469<span></span>
</td>
<td class="nump">499,945<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_BorrowingMember', window );">Borrowings | From 2 to 5 years</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities', window );">Non-derivative financial liabilities</a></td>
<td class="nump">7,676,569<span></span>
</td>
<td class="nump">6,107,012<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_BorrowingMember', window );">Borrowings | More than 5 years</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities', window );">Non-derivative financial liabilities</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfFinancialRiskManagementLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfFinancialRiskManagementLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current derivative financial liabilities. [Refer: Derivative financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentDerivativeFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_NoDeadlineMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_NoDeadlineMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_LessThan3MonthsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_LessThan3MonthsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_From3MonthsTo1YearMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_From3MonthsTo1YearMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_From1To2YearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_From1To2YearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_From2To5YearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_From2To5YearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_MoreThan5YearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_MoreThan5YearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_TradeAndOtherPayablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_TradeAndOtherPayablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_BorrowingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_BorrowingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>105
<FILENAME>R81.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6741355968">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>5. Financial risk management (Details 5) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FinancialRiskManagementDetails5Abstract', window );"><strong>Financial Risk Management Details 5Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="nump">$ 46,023,206<span></span>
</td>
<td class="nump">$ 43,088,208<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashEquivalents', window );">Less: cash and cash equivalents</a></td>
<td class="num">(3,409,158)<span></span>
</td>
<td class="num">(4,400,357)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetDebt', window );">Net debt</a></td>
<td class="nump">42,614,048<span></span>
</td>
<td class="nump">38,687,851<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total Equity</a></td>
<td class="nump">30,968,972<span></span>
</td>
<td class="nump">27,793,719<span></span>
</td>
<td class="nump">$ 22,684,597<span></span>
</td>
<td class="nump">$ 22,401,630<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_CapitalAttributableToOwners', window );">Total capital attributable to owners</a></td>
<td class="nump">$ 73,583,020<span></span>
</td>
<td class="nump">$ 66,481,570<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_GearingRatio', window );">Gearing ratio</a></td>
<td class="nump">57.91%<span></span>
</td>
<td class="nump">58.19%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_CapitalAttributableToOwners">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_CapitalAttributableToOwners</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_FinancialRiskManagementDetails5Abstract">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_FinancialRiskManagementDetails5Abstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_GearingRatio</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of present obligations of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Liabilities</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NetDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net debt of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetDebt</td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6758340624">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>5. Financial risk management (Details 6) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FinancialAssetsMeasuredAtFairValue', window );">Assets</a></td>
<td class="nump">$ 3,381,550<span></span>
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<td class="nump">$ 4,278,008<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FinancialLiabilitiesMeasuredAtFairValue', window );">Liabilities</a></td>
<td class="nump">1,035<span></span>
</td>
<td class="nump">291<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ifrs-full_DerivativesMember', window );">Derivative financial instruments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FinancialLiabilitiesMeasuredAtFairValue', window );">Liabilities</a></td>
<td class="nump">1,035<span></span>
</td>
<td class="nump">291<span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FinancialAssetsMeasuredAtFairValue', window );">Assets</a></td>
<td class="nump">3,381,550<span></span>
</td>
<td class="nump">4,278,008<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FinancialLiabilitiesMeasuredAtFairValue', window );">Liabilities</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 | Derivative financial instruments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FinancialLiabilitiesMeasuredAtFairValue', window );">Liabilities</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FinancialAssetsMeasuredAtFairValue', window );">Assets</a></td>
<td class="nump">0<span></span>
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<td class="nump">0<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FinancialLiabilitiesMeasuredAtFairValue', window );">Liabilities</a></td>
<td class="nump">1,035<span></span>
</td>
<td class="nump">291<span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 | Derivative financial instruments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FinancialLiabilitiesMeasuredAtFairValue', window );">Liabilities</a></td>
<td class="nump">1,035<span></span>
</td>
<td class="nump">291<span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialRiskManagementLineItems', window );"><strong>SummaryOfFinancialRiskManagementLineItems [Line Items]</strong></a></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6742066768">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>5. Financial risk management (Details Narrative)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
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<tr>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($) </div>
<div>$ / $</div>
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<div>Dec. 31, 2017 </div>
<div>ARS ($) </div>
<div>$ / $</div>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FinancialRiskManagementDetailsNarrativeAbstract', window );"><strong>Financial Risk Management Details Narrative Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate | $ / $</a></td>
<td class="nump">37.70<span></span>
</td>
<td class="nump">18.65<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables', window );">Delinquent trade receivables</a></td>
<td class="nump">$ 2,000,000<span></span>
</td>
<td class="nump">$ 1,500,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ProvisionsForDoubtfulDebts', window );">Allowances</a></td>
<td class="nump">901,300<span></span>
</td>
<td class="nump">677,500<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentFinancialAssets', window );">Financial assets</a></td>
<td class="nump">3,400,000<span></span>
</td>
<td class="nump">4,300,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeReceivables', window );">Receivables related to customers</a></td>
<td class="nump">$ 10,400<span></span>
</td>
<td class="nump">$ 231,000<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_FinancialRiskManagementDetailsNarrativeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_FinancialRiskManagementDetailsNarrativeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_ProvisionsForDoubtfulDebts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_ProvisionsForDoubtfulDebts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClosingForeignExchangeRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The spot exchange rate at the end of the reporting period. Exchange rate is the ratio of exchange for two currencies. Spot exchange rate is the exchange rate for immediate delivery.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClosingForeignExchangeRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current financial assets. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognised in profit or loss for trade receivables. [Refer: Impairment loss recognised in profit or loss; Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount due from customers for goods and services sold.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6742574864">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>6. Critical accounting estimates and judgments (Details)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_ZeroToThirtyDaysMember', window );">0 - 30 days</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DisclosureOfCriticalAccountingEstimatesAndJudgmentsLineItems', window );"><strong>DisclosureOfCriticalAccountingEstimatesAndJudgmentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ImpairmentLossExpectedPercentage', window );">Loss expected percentage</a></td>
<td class="nump">8.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_ThirtyToSixtyDaysMember', window );">30 - 60 days</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DisclosureOfCriticalAccountingEstimatesAndJudgmentsLineItems', window );"><strong>DisclosureOfCriticalAccountingEstimatesAndJudgmentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ImpairmentLossExpectedPercentage', window );">Loss expected percentage</a></td>
<td class="nump">12.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_SixtyToNinetyDaysMember', window );">60 - 90 days</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DisclosureOfCriticalAccountingEstimatesAndJudgmentsLineItems', window );"><strong>DisclosureOfCriticalAccountingEstimatesAndJudgmentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ImpairmentLossExpectedPercentage', window );">Loss expected percentage</a></td>
<td class="nump">19.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_NinetyToOneHundedTwentyDaysMember', window );">90 - 120 days</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DisclosureOfCriticalAccountingEstimatesAndJudgmentsLineItems', window );"><strong>DisclosureOfCriticalAccountingEstimatesAndJudgmentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ImpairmentLossExpectedPercentage', window );">Loss expected percentage</a></td>
<td class="nump">26.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_OneHundedTwentyToOneHundredFiftyDaysMember', window );">120 - 150 days</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DisclosureOfCriticalAccountingEstimatesAndJudgmentsLineItems', window );"><strong>DisclosureOfCriticalAccountingEstimatesAndJudgmentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ImpairmentLossExpectedPercentage', window );">Loss expected percentage</a></td>
<td class="nump">59.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_OverOneHundredFiftyDaysMember', window );">+ 150 days</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DisclosureOfCriticalAccountingEstimatesAndJudgmentsLineItems', window );"><strong>DisclosureOfCriticalAccountingEstimatesAndJudgmentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ImpairmentLossExpectedPercentage', window );">Loss expected percentage</a></td>
<td class="nump">69.00%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_DisclosureOfCriticalAccountingEstimatesAndJudgmentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_DisclosureOfCriticalAccountingEstimatesAndJudgmentsLineItems</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_ImpairmentLossExpectedPercentage">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_ImpairmentLossExpectedPercentage</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
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<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_ZeroToThirtyDaysMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_ZeroToThirtyDaysMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_ThirtyToSixtyDaysMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_SixtyToNinetyDaysMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_SixtyToNinetyDaysMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_NinetyToOneHundedTwentyDaysMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_NinetyToOneHundedTwentyDaysMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_OneHundedTwentyToOneHundredFiftyDaysMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_OneHundedTwentyToOneHundredFiftyDaysMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_OverOneHundredFiftyDaysMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_OverOneHundredFiftyDaysMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>109
<FILENAME>R85.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
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</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6663594192">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>6. Critical accounting estimates and judgments (Details 1)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($)</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_CriticalAccountingEstimatesAndJudgmentsDetailsAbstract', window );"><strong>Critical Accounting Estimates And Judgments Details Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ProvisionsForImpairmentOfTradeReceivablesByNewAccountingStandard', window );">Amount of the provisions for impairment of the trade receivables by IAS 39</a></td>
<td class="num">$ (458,853)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AdjustmentOfExpectedLossesIFRS9', window );">Adjustment of expected losses IFRS 9</a></td>
<td class="num">(82,041)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ProvisionsForImpairmentOfTradeReceivablesByNewAccountingStandard', window );">Amount of the provisions for impairment of the trade receivables by IAS 39</a></td>
<td class="num">$ (540,894)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_AdjustmentOfExpectedLossesIFRS9">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_AdjustmentOfExpectedLossesIFRS9</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_CriticalAccountingEstimatesAndJudgmentsDetailsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_CriticalAccountingEstimatesAndJudgmentsDetailsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_ProvisionsForImpairmentOfTradeReceivablesByNewAccountingStandard">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_ProvisionsForImpairmentOfTradeReceivablesByNewAccountingStandard</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>110
<FILENAME>R86.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6742132432">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>7. Interest in joint venture (Details) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfInterestsInJointVenturesLineItems', window );"><strong>SummaryOfInterestsInJointVenturesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInJointVentures', window );">Equity attributable to the owners</a></td>
<td class="nump">$ 8,844<span></span>
</td>
<td class="nump">$ 10,693<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=EDN_SACMEMember', window );">SACME</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfInterestsInJointVenturesLineItems', window );"><strong>SummaryOfInterestsInJointVenturesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests', window );">Percentage interest held in capital stock and votes</a></td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInJointVentures', window );">Equity attributable to the owners</a></td>
<td class="nump">$ 8,844<span></span>
</td>
<td class="nump">$ 10,693<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfInterestsInJointVenturesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfInterestsInJointVenturesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InvestmentsInJointVentures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of investments in joint ventures in an entity's separate financial statements. [Refer: Joint ventures [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2018-03-01&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InvestmentsInJointVentures</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interests in a subsidiary held by non-controlling interests. [Refer: Subsidiaries [member]; Non-controlling interests]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 12<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_12_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_JointVenturesAxis=EDN_SACMEMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_JointVenturesAxis=EDN_SACMEMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>111
<FILENAME>R87.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6738745696">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>8. Contingent liabilities (Details Narrative)<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ContingentLiabilitiesDetailsNarrativeAbstract', window );"><strong>Contingent Liabilities Details Narrative Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LegalProceedingsProvision', window );">Legal provision</a></td>
<td class="nump">$ 1,300,000<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_ContingentLiabilitiesDetailsNarrativeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2018-01-01<br> -Section Example 10 A court case<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=37&amp;date=2018-03-01&amp;anchor=sect_Example10Acourtcase&amp;doctype=Illustrative%20Examples<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2018-01-01<br> -Paragraph 87<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=37&amp;date=2018-03-01&amp;anchor=para_87&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6756224096">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>9. Property, plant and equipment (Details) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfPropertyPlantAndEquipmentLineItems', window );"><strong>SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets', window );">Cost</a></td>
<td class="nump">$ 85,289,885<span></span>
</td>
<td class="nump">$ 77,638,404<span></span>
</td>
<td class="nump">$ 69,674,835<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AccumlatedDepreciationOfPropertyPlantAndEquipment', window );">Accumlated depreciation</a></td>
<td class="num">(22,815,042)<span></span>
</td>
<td class="num">(20,578,217)<span></span>
</td>
<td class="num">(18,780,067)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant, and equipment, beginning</a></td>
<td class="nump">57,060,187<span></span>
</td>
<td class="nump">50,894,768<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="nump">8,549,909<span></span>
</td>
<td class="nump">8,482,798<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsPropertyPlantAndEquipment', window );">Disposals</a></td>
<td class="num">(573,754)<span></span>
</td>
<td class="num">(49,824)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(119,466)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation for the period</a></td>
<td class="num">(2,561,499)<span></span>
</td>
<td class="num">(2,148,089)<span></span>
</td>
<td class="num">(2,147,241)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant, and equipment, ending</a></td>
<td class="nump">62,474,843<span></span>
</td>
<td class="nump">57,060,187<span></span>
</td>
<td class="nump">50,894,768<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LandAndBuildingsMember', window );">Lands and buildings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfPropertyPlantAndEquipmentLineItems', window );"><strong>SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets', window );">Cost</a></td>
<td class="nump">1,449,399<span></span>
</td>
<td class="nump">1,376,244<span></span>
</td>
<td class="nump">1,276,109<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AccumlatedDepreciationOfPropertyPlantAndEquipment', window );">Accumlated depreciation</a></td>
<td class="num">(243,782)<span></span>
</td>
<td class="num">(205,458)<span></span>
</td>
<td class="num">(178,241)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant, and equipment, beginning</a></td>
<td class="nump">1,170,786<span></span>
</td>
<td class="nump">1,097,868<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="nump">18,746<span></span>
</td>
<td class="nump">122,804<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsPropertyPlantAndEquipment', window );">Disposals</a></td>
<td class="num">(36)<span></span>
</td>
<td class="num">(765)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers</a></td>
<td class="nump">89,250<span></span>
</td>
<td class="nump">50,983<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation for the period</a></td>
<td class="num">(73,129)<span></span>
</td>
<td class="num">(100,104)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant, and equipment, ending</a></td>
<td class="nump">1,205,617<span></span>
</td>
<td class="nump">1,170,786<span></span>
</td>
<td class="nump">1,097,868<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=EDN_SubstationsMember', window );">Substations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfPropertyPlantAndEquipmentLineItems', window );"><strong>SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets', window );">Cost</a></td>
<td class="nump">13,769,111<span></span>
</td>
<td class="nump">13,471,386<span></span>
</td>
<td class="nump">12,466,805<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AccumlatedDepreciationOfPropertyPlantAndEquipment', window );">Accumlated depreciation</a></td>
<td class="num">(3,973,902)<span></span>
</td>
<td class="num">(3,571,659)<span></span>
</td>
<td class="num">(3,214,869)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant, and equipment, beginning</a></td>
<td class="nump">9,899,727<span></span>
</td>
<td class="nump">9,251,936<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="nump">113,838<span></span>
</td>
<td class="nump">680,868<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsPropertyPlantAndEquipment', window );">Disposals</a></td>
<td class="num">(2,211)<span></span>
</td>
<td class="num">(7)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers</a></td>
<td class="nump">187,522<span></span>
</td>
<td class="nump">323,723<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation for the period</a></td>
<td class="num">(403,667)<span></span>
</td>
<td class="num">(356,793)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant, and equipment, ending</a></td>
<td class="nump">9,795,209<span></span>
</td>
<td class="nump">9,899,727<span></span>
</td>
<td class="nump">9,251,936<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=EDN_VoltageLinesMember', window );">Voltage lines</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfPropertyPlantAndEquipmentLineItems', window );"><strong>SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets', window );">Cost</a></td>
<td class="nump">38,060,451<span></span>
</td>
<td class="nump">36,429,475<span></span>
</td>
<td class="nump">33,712,884<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AccumlatedDepreciationOfPropertyPlantAndEquipment', window );">Accumlated depreciation</a></td>
<td class="num">(12,171,436)<span></span>
</td>
<td class="num">(11,249,849)<span></span>
</td>
<td class="num">(10,386,483)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant, and equipment, beginning</a></td>
<td class="nump">25,179,626<span></span>
</td>
<td class="nump">23,326,401<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="nump">380,528<span></span>
</td>
<td class="nump">1,456,818<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsPropertyPlantAndEquipment', window );">Disposals</a></td>
<td class="num">(94,785)<span></span>
</td>
<td class="num">(35,030)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers</a></td>
<td class="nump">1,595,057<span></span>
</td>
<td class="nump">1,357,461<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation for the period</a></td>
<td class="num">(1,171,411)<span></span>
</td>
<td class="num">(926,024)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant, and equipment, ending</a></td>
<td class="nump">25,889,015<span></span>
</td>
<td class="nump">25,179,626<span></span>
</td>
<td class="nump">23,326,401<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=EDN_MetersChambersPlatformsMember', window );">Meters and Transformer chambers and platforms</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfPropertyPlantAndEquipmentLineItems', window );"><strong>SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets', window );">Cost</a></td>
<td class="nump">15,749,070<span></span>
</td>
<td class="nump">15,047,060<span></span>
</td>
<td class="nump">13,924,981<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AccumlatedDepreciationOfPropertyPlantAndEquipment', window );">Accumlated depreciation</a></td>
<td class="num">(5,160,874)<span></span>
</td>
<td class="num">(4,638,799)<span></span>
</td>
<td class="num">(4,157,929)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant, and equipment, beginning</a></td>
<td class="nump">10,408,261<span></span>
</td>
<td class="nump">9,767,052<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="nump">51,465<span></span>
</td>
<td class="nump">467,268<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsPropertyPlantAndEquipment', window );">Disposals</a></td>
<td class="num">(35,870)<span></span>
</td>
<td class="num">(9,618)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers</a></td>
<td class="nump">710,388<span></span>
</td>
<td class="nump">664,134<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation for the period</a></td>
<td class="num">(546,048)<span></span>
</td>
<td class="num">(480,575)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant, and equipment, ending</a></td>
<td class="nump">10,588,196<span></span>
</td>
<td class="nump">10,408,261<span></span>
</td>
<td class="nump">9,767,052<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember', window );">Tools, Furniture, vehicles, equipment, communications and advances to suppliers</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfPropertyPlantAndEquipmentLineItems', window );"><strong>SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets', window );">Cost</a></td>
<td class="nump">2,656,570<span></span>
</td>
<td class="nump">2,506,343<span></span>
</td>
<td class="nump">2,398,833<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AccumlatedDepreciationOfPropertyPlantAndEquipment', window );">Accumlated depreciation</a></td>
<td class="num">(1,265,048)<span></span>
</td>
<td class="num">(912,452)<span></span>
</td>
<td class="num">(842,545)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant, and equipment, beginning</a></td>
<td class="nump">1,593,891<span></span>
</td>
<td class="nump">1,556,288<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="nump">516,244<span></span>
</td>
<td class="nump">566,753<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsPropertyPlantAndEquipment', window );">Disposals</a></td>
<td class="num">(440,852)<span></span>
</td>
<td class="num">(4,404)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers</a></td>
<td class="nump">89,483<span></span>
</td>
<td class="num">(240,153)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation for the period</a></td>
<td class="num">(367,244)<span></span>
</td>
<td class="num">(284,593)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant, and equipment, ending</a></td>
<td class="nump">1,391,522<span></span>
</td>
<td class="nump">1,593,891<span></span>
</td>
<td class="nump">1,556,288<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=EDN_ConstructionInProcessMember', window );">Construction in process</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfPropertyPlantAndEquipmentLineItems', window );"><strong>SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets', window );">Cost</a></td>
<td class="nump">13,409,979<span></span>
</td>
<td class="nump">8,717,184<span></span>
</td>
<td class="nump">5,839,187<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AccumlatedDepreciationOfPropertyPlantAndEquipment', window );">Accumlated depreciation</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant, and equipment, beginning</a></td>
<td class="nump">8,717,184<span></span>
</td>
<td class="nump">5,839,187<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="nump">7,339,357<span></span>
</td>
<td class="nump">5,103,253<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsPropertyPlantAndEquipment', window );">Disposals</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers</a></td>
<td class="num">(2,646,562)<span></span>
</td>
<td class="num">(2,225,256)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation for the period</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant, and equipment, ending</a></td>
<td class="nump">13,409,979<span></span>
</td>
<td class="nump">8,717,184<span></span>
</td>
<td class="nump">5,839,187<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=EDN_SuppliersAndSparePartsMember', window );">Supplies and spare parts</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfPropertyPlantAndEquipmentLineItems', window );"><strong>SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets', window );">Cost</a></td>
<td class="nump">195,305<span></span>
</td>
<td class="nump">90,712<span></span>
</td>
<td class="nump">56,036<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AccumlatedDepreciationOfPropertyPlantAndEquipment', window );">Accumlated depreciation</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant, and equipment, beginning</a></td>
<td class="nump">90,712<span></span>
</td>
<td class="nump">56,036<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="nump">129,731<span></span>
</td>
<td class="nump">85,034<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsPropertyPlantAndEquipment', window );">Disposals</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers</a></td>
<td class="num">(25,138)<span></span>
</td>
<td class="num">(50,358)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation for the period</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant, and equipment, ending</a></td>
<td class="nump">$ 195,305<span></span>
</td>
<td class="nump">$ 90,712<span></span>
</td>
<td class="nump">$ 56,036<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_AccumlatedDepreciationOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_AccumlatedDepreciationOfPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfPropertyPlantAndEquipmentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfPropertyPlantAndEquipmentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additions to property, plant and equipment other than those acquired through business combinations. [Refer: Business combinations [member]; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_73_e_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation of property, plant and equipment. [Refer: Depreciation and amortisation expense; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause vii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_73_e_vii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 75<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_75_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisposalsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease in property, plant and equipment resulting from disposals. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_73_e_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisposalsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in property, plant and equipment resulting from transfers. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of property, plant and equipment that would have been recognised had the revalued assets been carried under the cost model. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 77<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_77_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LandAndBuildingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LandAndBuildingsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=EDN_SubstationsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=EDN_SubstationsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=EDN_VoltageLinesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=EDN_VoltageLinesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=EDN_MetersChambersPlatformsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=EDN_MetersChambersPlatformsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=EDN_ConstructionInProcessMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=EDN_ConstructionInProcessMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=EDN_SuppliersAndSparePartsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=EDN_SuppliersAndSparePartsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
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<SEQUENCE>113
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6747426464">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>9. Property, plant and equipment (Details Narrative) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_PropertyPlantAndEquipmentDetailsNarrativeAbstract', window );"><strong>Property Plant And Equipment Details Narrative Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DirectCosts', window );">Direct costs</a></td>
<td class="nump">$ 1,000,000<span></span>
</td>
<td class="nump">$ 869,700<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_DirectCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_DirectCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_PropertyPlantAndEquipmentDetailsNarrativeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_PropertyPlantAndEquipmentDetailsNarrativeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>114
<FILENAME>R90.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6742992432">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>10. Financial instruments (Details) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialInstrumentsLineItems', window );"><strong>SummaryOfFinancialInstrumentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtAmortisedCost', window );">Financial assets at amortized cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 8,774,344<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss', window );">Financial assets at fair value through profit or loss</a></td>
<td class="nump">$ 3,381,550<span></span>
</td>
<td class="nump">4,366,675<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNonfinancialAssets', window );">Non-financial assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">20,448<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial instruments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13,161,467<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ifrs-full_TradeReceivablesMember', window );">Trade receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialInstrumentsLineItems', window );"><strong>SummaryOfFinancialInstrumentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtAmortisedCost', window );">Financial assets at amortized cost</a></td>
<td class="nump">7,587,906<span></span>
</td>
<td class="nump">8,385,237<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss', window );">Financial assets at fair value through profit or loss</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNonfinancialAssets', window );">Non-financial assets</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial instruments</a></td>
<td class="nump">7,587,906<span></span>
</td>
<td class="nump">8,385,237<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=EDN_OtherReceivablesMember', window );">Other receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialInstrumentsLineItems', window );"><strong>SummaryOfFinancialInstrumentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtAmortisedCost', window );">Financial assets at amortized cost</a></td>
<td class="nump">954,407<span></span>
</td>
<td class="nump">249,780<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss', window );">Financial assets at fair value through profit or loss</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">88,667<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNonfinancialAssets', window );">Non-financial assets</a></td>
<td class="nump">88,451<span></span>
</td>
<td class="nump">20,448<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial instruments</a></td>
<td class="nump">1,042,858<span></span>
</td>
<td class="nump">358,895<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=EDN_CashAndBanksMember', window );">Cash and banks</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialInstrumentsLineItems', window );"><strong>SummaryOfFinancialInstrumentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtAmortisedCost', window );">Financial assets at amortized cost</a></td>
<td class="nump">27,608<span></span>
</td>
<td class="nump">120,053<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss', window );">Financial assets at fair value through profit or loss</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNonfinancialAssets', window );">Non-financial assets</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial instruments</a></td>
<td class="nump">27,608<span></span>
</td>
<td class="nump">120,053<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=EDN_ChecksToBeDepositedMember', window );">Checks to be deposited</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialInstrumentsLineItems', window );"><strong>SummaryOfFinancialInstrumentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtAmortisedCost', window );">Financial assets at amortized cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,296<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss', window );">Financial assets at fair value through profit or loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNonfinancialAssets', window );">Non-financial assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial instruments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,296<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=EDN_GovernmentBondsAtFairValueMember', window );">Government bonds - fair value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialInstrumentsLineItems', window );"><strong>SummaryOfFinancialInstrumentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtAmortisedCost', window );">Financial assets at amortized cost</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss', window );">Financial assets at fair value through profit or loss</a></td>
<td class="nump">3,285,799<span></span>
</td>
<td class="nump">1,829,888<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNonfinancialAssets', window );">Non-financial assets</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial instruments</a></td>
<td class="nump">3,285,799<span></span>
</td>
<td class="nump">1,829,888<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ifrs-full_DerivativesMember', window );">Derivative financial instruments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialInstrumentsLineItems', window );"><strong>SummaryOfFinancialInstrumentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtAmortisedCost', window );">Financial assets at amortized cost</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss', window );">Financial assets at fair value through profit or loss</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">2,448,120<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNonfinancialAssets', window );">Non-financial assets</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial instruments</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">2,448,120<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=EDN_MoneyMarketFundMember', window );">Money market funds</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialInstrumentsLineItems', window );"><strong>SummaryOfFinancialInstrumentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtAmortisedCost', window );">Financial assets at amortized cost</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss', window );">Financial assets at fair value through profit or loss</a></td>
<td class="nump">95,751<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNonfinancialAssets', window );">Non-financial assets</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial instruments</a></td>
<td class="nump">$ 95,751<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=EDN_MoneyMarketFundsAtAmortizedCostMember', window );">Government bonds - amortized cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialInstrumentsLineItems', window );"><strong>SummaryOfFinancialInstrumentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtAmortisedCost', window );">Financial assets at amortized cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">16,978<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss', window );">Financial assets at fair value through profit or loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNonfinancialAssets', window );">Non-financial assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial instruments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 16,978<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfFinancialInstrumentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfFinancialInstrumentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose the entity&#8217;s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 35H<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_35H&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 35I<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_35I&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 35M<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_35M&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 35N<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_35N&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssetsAtAmortisedCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial assets at amortised cost. The amortised cost is the amount at which financial assets are measured at initial recognition minus principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount, and adjusted for any impairment. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 8<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_8_f&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssetsAtAmortisedCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial assets that are measured at fair value and for which gains (losses) are recognised in profit or loss. A financial asset shall be measured at fair value through profit or loss unless it is measured at amortised cost or at fair value through other comprehensive income. A gain (loss) on a financial asset measured at fair value shall be recognised in profit or loss unless it is part of a hedging relationship, it is an investment in an equity instrument for which the entity has elected to present gains and losses in other comprehensive income or it is a financial asset measured at fair value through other comprehensive income. [Refer: At fair value [member]; Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 8<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_8_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNonfinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-financial assets that the entity does not separately disclose in the same statement or note. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNonfinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ifrs-full_TradeReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ifrs-full_TradeReceivablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_OtherReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_OtherReceivablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_CashAndBanksMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_CashAndBanksMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_ChecksToBeDepositedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_ChecksToBeDepositedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_GovernmentBondsAtFairValueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_GovernmentBondsAtFairValueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ifrs-full_DerivativesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ifrs-full_DerivativesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_MoneyMarketFundMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_MoneyMarketFundMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_MoneyMarketFundsAtAmortizedCostMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
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<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6739339776">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>10. Financial instruments (Details 1) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialInstrumentsLineItems', window );"><strong>SummaryOfFinancialInstrumentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtAmortisedCost', window );">Financial liabilities at amortized cost</a></td>
<td class="nump">$ 23,482,553<span></span>
</td>
<td class="nump">$ 20,717,847<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss', window );">Financial liabilities at fair value through profit or loss</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNonfinancialLiabilities', window );">Non-financial liabilities</a></td>
<td class="nump">9,228,745<span></span>
</td>
<td class="nump">8,966,695<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Financial liabilities</a></td>
<td class="nump">32,711,298<span></span>
</td>
<td class="nump">29,684,542<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_TradePayablesMember', window );">Trade payables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialInstrumentsLineItems', window );"><strong>SummaryOfFinancialInstrumentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtAmortisedCost', window );">Financial liabilities at amortized cost</a></td>
<td class="nump">14,895,194<span></span>
</td>
<td class="nump">13,933,226<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss', window );">Financial liabilities at fair value through profit or loss</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNonfinancialLiabilities', window );">Non-financial liabilities</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Financial liabilities</a></td>
<td class="nump">14,895,194<span></span>
</td>
<td class="nump">13,933,226<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_OtherPayablesMember', window );">Other payables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialInstrumentsLineItems', window );"><strong>SummaryOfFinancialInstrumentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtAmortisedCost', window );">Financial liabilities at amortized cost</a></td>
<td class="nump">317,439<span></span>
</td>
<td class="nump">490,188<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss', window );">Financial liabilities at fair value through profit or loss</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNonfinancialLiabilities', window );">Non-financial liabilities</a></td>
<td class="nump">9,228,745<span></span>
</td>
<td class="nump">8,966,695<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Financial liabilities</a></td>
<td class="nump">9,546,184<span></span>
</td>
<td class="nump">9,456,883<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_BorrowingMember', window );">Borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialInstrumentsLineItems', window );"><strong>SummaryOfFinancialInstrumentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtAmortisedCost', window );">Financial liabilities at amortized cost</a></td>
<td class="nump">8,269,920<span></span>
</td>
<td class="nump">6,294,433<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss', window );">Financial liabilities at fair value through profit or loss</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNonfinancialLiabilities', window );">Non-financial liabilities</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Financial liabilities</a></td>
<td class="nump">$ 8,269,920<span></span>
</td>
<td class="nump">$ 6,294,433<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfFinancialInstrumentsLineItems">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfFinancialInstrumentsLineItems</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity&#8217;s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity&#8217;s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Financial instruments, class [member]; Financial assets; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialLiabilities</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialLiabilitiesAtAmortisedCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial liabilities at amortised cost. The amortised cost is the amount at which financial liabilities are measured at initial recognition minus principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount. [Refer: Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 8<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_8_g&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2021-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 8<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_8_f&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialLiabilitiesAtAmortisedCost</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial liabilities that meet either of the following conditions: (a) they meet the definition of held for trading; or (b) upon initial recognition they are designated by the entity as at fair value through profit or loss. An entity may use this designation only when permitted by paragraph 4.3.5 of IFRS 9 (embedded derivatives) or when doing so results in more relevant information, because either: (a) it eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as &#8216;an accounting mismatch&#8217;) that would otherwise arise from measuring assets or liabilities or recognising the gains and losses on them on different bases; or (b) a group of financial liabilities or financial assets and financial liabilities is managed and its performance is evaluated on a fair value basis, in accordance with a documented risk management or investment strategy, and information about the group is provided internally on that basis to the entity&#8217;s key management personnel (as defined in IAS 24). [Refer: At fair value [member]; Key management personnel of entity or parent [member]; Derivatives [member]; Financial assets; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 8<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_8_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-financial liabilities that the entity does not separately disclose in the same statement or note. [Refer: Other financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>10. Financial instruments (Details 2) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialInstrumentsLineItems', window );"><strong>SummaryOfFinancialInstrumentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtAmortisedCost', window );">Financial assets at amortized cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 8,774,344<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss', window );">Financial assets at fair value through profit or loss</a></td>
<td class="nump">$ 3,381,550<span></span>
</td>
<td class="nump">4,366,675<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial instruments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13,161,467<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=EDN_FinancialInterestIncomeMember', window );">Interest income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialInstrumentsLineItems', window );"><strong>SummaryOfFinancialInstrumentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtAmortisedCost', window );">Financial assets at amortized cost</a></td>
<td class="nump">671,783<span></span>
</td>
<td class="nump">453,804<span></span>
</td>
<td class="nump">$ 362,558<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss', window );">Financial assets at fair value through profit or loss</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial instruments</a></td>
<td class="nump">671,783<span></span>
</td>
<td class="nump">453,804<span></span>
</td>
<td class="nump">362,558<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=EDN_ExchangeDifferencesMember', window );">Exchange differences</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialInstrumentsLineItems', window );"><strong>SummaryOfFinancialInstrumentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtAmortisedCost', window );">Financial assets at amortized cost</a></td>
<td class="nump">2,866,396<span></span>
</td>
<td class="nump">229,100<span></span>
</td>
<td class="nump">178,191<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss', window );">Financial assets at fair value through profit or loss</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">5,830<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial instruments</a></td>
<td class="nump">2,866,396<span></span>
</td>
<td class="nump">229,100<span></span>
</td>
<td class="nump">184,021<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=EDN_BankFeesAndExpensesMember', window );">Bank fees and expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialInstrumentsLineItems', window );"><strong>SummaryOfFinancialInstrumentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtAmortisedCost', window );">Financial assets at amortized cost</a></td>
<td class="num">(8,509)<span></span>
</td>
<td class="num">(2,883)<span></span>
</td>
<td class="num">(5,928)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss', window );">Financial assets at fair value through profit or loss</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial instruments</a></td>
<td class="num">(8,509)<span></span>
</td>
<td class="num">(2,883)<span></span>
</td>
<td class="num">(5,928)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=EDN_ChangesInFairValueFinancialAssetsMember', window );">Changes in fair value of financial assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialInstrumentsLineItems', window );"><strong>SummaryOfFinancialInstrumentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtAmortisedCost', window );">Financial assets at amortized cost</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss', window );">Financial assets at fair value through profit or loss</a></td>
<td class="nump">746,532<span></span>
</td>
<td class="nump">474,896<span></span>
</td>
<td class="nump">781,486<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial instruments</a></td>
<td class="nump">746,532<span></span>
</td>
<td class="nump">474,896<span></span>
</td>
<td class="nump">781,486<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=EDN_AdjustmentToPresentValueMember', window );">Adjustment to present value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialInstrumentsLineItems', window );"><strong>SummaryOfFinancialInstrumentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtAmortisedCost', window );">Financial assets at amortized cost</a></td>
<td class="num">(327)<span></span>
</td>
<td class="num">(431)<span></span>
</td>
<td class="num">(485)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss', window );">Financial assets at fair value through profit or loss</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">5,799<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial instruments</a></td>
<td class="num">(327)<span></span>
</td>
<td class="num">(431)<span></span>
</td>
<td class="nump">5,314<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=EDN_FinancialInstrumentTotalMember', window );">Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialInstrumentsLineItems', window );"><strong>SummaryOfFinancialInstrumentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtAmortisedCost', window );">Financial assets at amortized cost</a></td>
<td class="nump">3,529,343<span></span>
</td>
<td class="nump">679,590<span></span>
</td>
<td class="nump">534,336<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss', window );">Financial assets at fair value through profit or loss</a></td>
<td class="nump">746,532<span></span>
</td>
<td class="nump">474,896<span></span>
</td>
<td class="nump">793,115<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial instruments</a></td>
<td class="nump">$ 4,275,875<span></span>
</td>
<td class="nump">$ 1,154,486<span></span>
</td>
<td class="nump">$ 1,327,451<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfFinancialInstrumentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfFinancialInstrumentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose the entity&#8217;s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 35H<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_35H&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 35I<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_35I&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 35M<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_35M&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 35N<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_35N&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssetsAtAmortisedCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial assets at amortised cost. The amortised cost is the amount at which financial assets are measured at initial recognition minus principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount, and adjusted for any impairment. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 8<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_8_f&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssetsAtAmortisedCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial assets that are measured at fair value and for which gains (losses) are recognised in profit or loss. A financial asset shall be measured at fair value through profit or loss unless it is measured at amortised cost or at fair value through other comprehensive income. A gain (loss) on a financial asset measured at fair value shall be recognised in profit or loss unless it is part of a hedging relationship, it is an investment in an equity instrument for which the entity has elected to present gains and losses in other comprehensive income or it is a financial asset measured at fair value through other comprehensive income. [Refer: At fair value [member]; Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 8<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_8_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_FinancialInterestIncomeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_FinancialInterestIncomeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_ExchangeDifferencesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_ExchangeDifferencesMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_BankFeesAndExpensesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_BankFeesAndExpensesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_ChangesInFairValueFinancialAssetsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_AdjustmentToPresentValueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_AdjustmentToPresentValueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_FinancialInstrumentTotalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_FinancialInstrumentTotalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
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<DOCUMENT>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6739127584">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>10. Financial instruments (Details 3) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialInstrumentsLineItems', window );"><strong>SummaryOfFinancialInstrumentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtAmortisedCost', window );">Financial liabilities at amortized cost</a></td>
<td class="nump">$ 23,482,553<span></span>
</td>
<td class="nump">$ 20,717,847<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss', window );">Financial liabilities at fair value through profit or loss</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Financial liabilities</a></td>
<td class="nump">32,711,298<span></span>
</td>
<td class="nump">29,684,542<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_InterestExpenseFinancialInstrumentMember', window );">Interest expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialInstrumentsLineItems', window );"><strong>SummaryOfFinancialInstrumentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtAmortisedCost', window );">Financial liabilities at amortized cost</a></td>
<td class="num">(4,968,210)<span></span>
</td>
<td class="num">(2,567,373)<span></span>
</td>
<td class="num">$ (2,656,550)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss', window );">Financial liabilities at fair value through profit or loss</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Financial liabilities</a></td>
<td class="num">(4,968,210)<span></span>
</td>
<td class="num">(2,567,373)<span></span>
</td>
<td class="num">(2,656,550)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_OtherFinancialResultsMember', window );">Other financial results</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialInstrumentsLineItems', window );"><strong>SummaryOfFinancialInstrumentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtAmortisedCost', window );">Financial liabilities at amortized cost</a></td>
<td class="num">(86,098)<span></span>
</td>
<td class="num">(78,877)<span></span>
</td>
<td class="num">(67,780)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss', window );">Financial liabilities at fair value through profit or loss</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Financial liabilities</a></td>
<td class="num">(86,098)<span></span>
</td>
<td class="num">(78,877)<span></span>
</td>
<td class="num">(67,780)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_ExchangeDifferencesMember', window );">Exchange differences</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialInstrumentsLineItems', window );"><strong>SummaryOfFinancialInstrumentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtAmortisedCost', window );">Financial liabilities at amortized cost</a></td>
<td class="num">(5,496,362)<span></span>
</td>
<td class="num">(793,157)<span></span>
</td>
<td class="num">(953,730)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss', window );">Financial liabilities at fair value through profit or loss</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Financial liabilities</a></td>
<td class="num">(5,496,362)<span></span>
</td>
<td class="num">(793,157)<span></span>
</td>
<td class="num">(953,730)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_FinancialInstrumentsTotalMember', window );">Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialInstrumentsLineItems', window );"><strong>SummaryOfFinancialInstrumentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtAmortisedCost', window );">Financial liabilities at amortized cost</a></td>
<td class="num">(10,550,670)<span></span>
</td>
<td class="num">(3,439,407)<span></span>
</td>
<td class="num">(3,677,983)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss', window );">Financial liabilities at fair value through profit or loss</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Financial liabilities</a></td>
<td class="num">$ (10,550,670)<span></span>
</td>
<td class="num">$ (3,439,407)<span></span>
</td>
<td class="num">(3,677,983)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_BankFeesAndExpensesMember', window );">Bank fees and expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialInstrumentsLineItems', window );"><strong>SummaryOfFinancialInstrumentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtAmortisedCost', window );">Financial liabilities at amortized cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">77<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss', window );">Financial liabilities at fair value through profit or loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Financial liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 77<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfFinancialInstrumentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfFinancialInstrumentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity&#8217;s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity&#8217;s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Financial instruments, class [member]; Financial assets; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialLiabilitiesAtAmortisedCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial liabilities at amortised cost. The amortised cost is the amount at which financial liabilities are measured at initial recognition minus principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount. [Refer: Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 8<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_8_g&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2021-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 8<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_8_f&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialLiabilitiesAtAmortisedCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial liabilities that meet either of the following conditions: (a) they meet the definition of held for trading; or (b) upon initial recognition they are designated by the entity as at fair value through profit or loss. An entity may use this designation only when permitted by paragraph 4.3.5 of IFRS 9 (embedded derivatives) or when doing so results in more relevant information, because either: (a) it eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as &#8216;an accounting mismatch&#8217;) that would otherwise arise from measuring assets or liabilities or recognising the gains and losses on them on different bases; or (b) a group of financial liabilities or financial assets and financial liabilities is managed and its performance is evaluated on a fair value basis, in accordance with a documented risk management or investment strategy, and information about the group is provided internally on that basis to the entity&#8217;s key management personnel (as defined in IAS 24). [Refer: At fair value [member]; Key management personnel of entity or parent [member]; Derivatives [member]; Financial assets; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 8<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_8_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
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</tr>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_InterestExpenseFinancialInstrumentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_InterestExpenseFinancialInstrumentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_OtherFinancialResultsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_OtherFinancialResultsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_ExchangeDifferencesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_FinancialInstrumentsTotalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_FinancialInstrumentsTotalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_BankFeesAndExpensesMember</td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6741986320">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>10. Financial instruments (Details 4) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialInstrumentsLineItems', window );"><strong>SummaryOfFinancialInstrumentsLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentReceivables', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 7,587,906<span></span>
</td>
<td class="nump">$ 8,385,237<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_Group1Member', window );">Group 1</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialInstrumentsLineItems', window );"><strong>SummaryOfFinancialInstrumentsLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentReceivables', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">6,438,500<span></span>
</td>
<td class="nump">7,487,484<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_Group2Member', window );">Group 2</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialInstrumentsLineItems', window );"><strong>SummaryOfFinancialInstrumentsLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentReceivables', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">480,237<span></span>
</td>
<td class="nump">339,740<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_Group3Member', window );">Group 3</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialInstrumentsLineItems', window );"><strong>SummaryOfFinancialInstrumentsLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentReceivables', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">$ 669,169<span></span>
</td>
<td class="nump">$ 558,013<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Relates to customers with debt to become due.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Relates to customers with past due debt from 0 to 3 months.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">Relates to customers with past due debt from 3 to 12 months.</td>
</tr>
</table></td></tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfFinancialInstrumentsLineItems">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfFinancialInstrumentsLineItems</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables and current other receivables. [Refer: Current trade receivables; Other current receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_h&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentReceivables</td>
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<td>ifrs-full_</td>
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<tr>
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<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_Group2Member</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_Group3Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>119
<FILENAME>R95.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6753494592">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>11. Other receivables (Details) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherReceivablesLineItems', window );"><strong>SummaryOfOtherReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivables', window );">Non-current other receivables</a></td>
<td class="nump">$ 800,741<span></span>
</td>
<td class="nump">$ 62,676<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_CurrentReceivables', window );">Current other receivables</a></td>
<td class="nump">242,117<span></span>
</td>
<td class="nump">296,219<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=EDN_FinancialCreditMember', window );">Financial credit</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherReceivablesLineItems', window );"><strong>SummaryOfOtherReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivables', window );">Non-current other receivables</a></td>
<td class="nump">30,484<span></span>
</td>
<td class="nump">54,661<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_CurrentReceivables', window );">Current other receivables</a></td>
<td class="nump">58,425<span></span>
</td>
<td class="nump">17,159<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ifrs-full_RelatedPartiesMember', window );">Related parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherReceivablesLineItems', window );"><strong>SummaryOfOtherReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivables', window );">Non-current other receivables</a></td>
<td class="nump">4,662<span></span>
</td>
<td class="nump">8,015<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_CurrentReceivables', window );">Current other receivables</a></td>
<td class="nump">1,946<span></span>
</td>
<td class="nump">1,614<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=EDN_PrepaidExpensesMember', window );">Prepaid expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherReceivablesLineItems', window );"><strong>SummaryOfOtherReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivables', window );">Non-current other receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_CurrentReceivables', window );">Current other receivables</a></td>
<td class="nump">5,312<span></span>
</td>
<td class="nump">7,362<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=EDN_AdvancesToSuppliersMember', window );">Advances to suppliers</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherReceivablesLineItems', window );"><strong>SummaryOfOtherReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivables', window );">Non-current other receivables</a></td>
<td class="nump">765,595<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_CurrentReceivables', window );">Current other receivables</a></td>
<td class="nump">81,440<span></span>
</td>
<td class="nump">9,791<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=EDN_AdvancesToPersonnelMember', window );">Advances to personnel</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherReceivablesLineItems', window );"><strong>SummaryOfOtherReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_CurrentReceivables', window );">Current other receivables</a></td>
<td class="nump">1,700<span></span>
</td>
<td class="nump">3,293<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=EDN_SecurityDepositsMember', window );">Security deposits</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherReceivablesLineItems', window );"><strong>SummaryOfOtherReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_CurrentReceivables', window );">Current other receivables</a></td>
<td class="nump">16,695<span></span>
</td>
<td class="nump">15,249<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=EDN_ElectricActivitiesReceivableMember', window );">Receivables from electric activities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherReceivablesLineItems', window );"><strong>SummaryOfOtherReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_CurrentReceivables', window );">Current other receivables</a></td>
<td class="nump">98,390<span></span>
</td>
<td class="nump">169,157<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=EDN_GuaranteeDepositsMember', window );">Guarantee deposits on derivative financial</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherReceivablesLineItems', window );"><strong>SummaryOfOtherReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_CurrentReceivables', window );">Current other receivables</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">88,667<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=EDN_JudicialDepositsMember', window );">Judicial deposits</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherReceivablesLineItems', window );"><strong>SummaryOfOtherReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_CurrentReceivables', window );">Current other receivables</a></td>
<td class="nump">30,482<span></span>
</td>
<td class="nump">23,795<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=EDN_CreditWithSBSBankCompanyMember', window );">Credit with SBS Bank Company&#160;&#160;</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherReceivablesLineItems', window );"><strong>SummaryOfOtherReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_CurrentReceivables', window );">Current other receivables</a></td>
<td class="nump">25,000<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=EDN_OtherOtherReceivablesMember', window );">Other</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherReceivablesLineItems', window );"><strong>SummaryOfOtherReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_CurrentReceivables', window );">Current other receivables</a></td>
<td class="nump">24<span></span>
</td>
<td class="nump">2<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=EDN_AllowanceForImpairmentMember', window );">Allowance for the impairment of other receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherReceivablesLineItems', window );"><strong>SummaryOfOtherReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_CurrentReceivables', window );">Current other receivables</a></td>
<td class="num">$ (77,297)<span></span>
</td>
<td class="num">$ (39,870)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_CurrentReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_CurrentReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfOtherReceivablesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfOtherReceivablesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current trade receivables and non-current other receivables. [Refer: Non-current trade receivables; Other non-current receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_h&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_FinancialCreditMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_FinancialCreditMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ifrs-full_RelatedPartiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ifrs-full_RelatedPartiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_PrepaidExpensesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_PrepaidExpensesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_AdvancesToSuppliersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_AdvancesToSuppliersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_AdvancesToPersonnelMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_AdvancesToPersonnelMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_SecurityDepositsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_SecurityDepositsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_ElectricActivitiesReceivableMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_ElectricActivitiesReceivableMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_GuaranteeDepositsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_GuaranteeDepositsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_JudicialDepositsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_JudicialDepositsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_CreditWithSBSBankCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_CreditWithSBSBankCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_OtherOtherReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_OtherOtherReceivablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_AllowanceForImpairmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_AllowanceForImpairmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>120
<FILENAME>R96.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6738885200">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>11. Other receivables (Details 1) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OtherReceivablesDetails1Abstract', window );"><strong>Other Receivables Details 1Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AllowanceForImpairmentOfOtherReceivables', window );">Allowance for the impairment of other receivables, beginning</a></td>
<td class="nump">$ 39,870<span></span>
</td>
<td class="nump">$ 63,940<span></span>
</td>
<td class="nump">$ 32,712<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_IncreaseInAllowanceForImpairmentOfOtherReceivables', window );">Increase</a></td>
<td class="nump">61,467<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">45,032<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ResultFromExposureToInflationInAllowanceForImpairmentOfOtherReceivables', window );">Result from exposure to inflation</a></td>
<td class="num">(24,040)<span></span>
</td>
<td class="num">(12,704)<span></span>
</td>
<td class="num">(13,804)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_RecoveryInAllowanceForImpairmentOfOtherReceivables', window );">Recovery</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(11,366)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AllowanceForImpairmentOfOtherReceivables', window );">Allowance for the impairment of other receivables, ending</a></td>
<td class="nump">$ 77,297<span></span>
</td>
<td class="nump">$ 39,870<span></span>
</td>
<td class="nump">$ 63,940<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_AllowanceForImpairmentOfOtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_AllowanceForImpairmentOfOtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_IncreaseInAllowanceForImpairmentOfOtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_IncreaseInAllowanceForImpairmentOfOtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_OtherReceivablesDetails1Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_OtherReceivablesDetails1Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_RecoveryInAllowanceForImpairmentOfOtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_RecoveryInAllowanceForImpairmentOfOtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_ResultFromExposureToInflationInAllowanceForImpairmentOfOtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_ResultFromExposureToInflationInAllowanceForImpairmentOfOtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>121
<FILENAME>R97.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6754115440">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>11. Other receivables (Details 2) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherReceivablesLineItems', window );"><strong>SummaryOfOtherReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="nump">$ 1,042,858<span></span>
</td>
<td class="nump">$ 358,895<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_UnexpiredMember', window );">Unexpired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherReceivablesLineItems', window );"><strong>SummaryOfOtherReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="nump">48,358<span></span>
</td>
<td class="nump">39,526<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_PastDueMember', window );">Past due</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherReceivablesLineItems', window );"><strong>SummaryOfOtherReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="nump">34,854<span></span>
</td>
<td class="nump">129,288<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_UpTo3MonthsMember', window );">Up to 3 months</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherReceivablesLineItems', window );"><strong>SummaryOfOtherReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="nump">130,564<span></span>
</td>
<td class="nump">110,759<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_From3To6MonthsMember', window );">From 3 to 6 months</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherReceivablesLineItems', window );"><strong>SummaryOfOtherReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="nump">20,415<span></span>
</td>
<td class="nump">8,418<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_From6To9MonthsMember', window );">From 6 to 9 months</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherReceivablesLineItems', window );"><strong>SummaryOfOtherReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="nump">4,881<span></span>
</td>
<td class="nump">4,198<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_From9To12MonthsMember', window );">From 9 to 12 months</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherReceivablesLineItems', window );"><strong>SummaryOfOtherReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="nump">3,045<span></span>
</td>
<td class="nump">4,030<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_MoreThan12MonthsMember', window );">To be recovered in more than 12 months</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherReceivablesLineItems', window );"><strong>SummaryOfOtherReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="nump">$ 800,741<span></span>
</td>
<td class="nump">$ 62,676<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfOtherReceivablesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfOtherReceivablesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount receivable by the entity that it does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_UnexpiredMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_UnexpiredMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_PastDueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_PastDueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_UpTo3MonthsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_UpTo3MonthsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_From3To6MonthsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_From3To6MonthsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_From6To9MonthsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_From6To9MonthsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_From9To12MonthsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_From9To12MonthsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_MoreThan12MonthsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_MoreThan12MonthsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>122
<FILENAME>R98.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6757842080">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>12. Trade receivables (Details) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfTradeReceivablesLineItems', window );"><strong>SummaryOfTradeReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="nump">$ 7,587,906<span></span>
</td>
<td class="nump">$ 8,385,237<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=EDN_BilledSalesOfElectricityMember', window );">Sales of electricity - Billed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfTradeReceivablesLineItems', window );"><strong>SummaryOfTradeReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="nump">4,622,701<span></span>
</td>
<td class="nump">4,359,990<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=EDN_UnbilledSalesOfElectricityMember', window );">Sales of electricity - Unbilled</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfTradeReceivablesLineItems', window );"><strong>SummaryOfTradeReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="nump">3,735,956<span></span>
</td>
<td class="nump">4,404,135<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=EDN_FrameworkAgreementMember', window );">Framework Agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfTradeReceivablesLineItems', window );"><strong>SummaryOfTradeReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="nump">10,377<span></span>
</td>
<td class="nump">230,953<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=EDN_FeePayableMember', window );">Fee payable for the expansion of the transportation and others</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfTradeReceivablesLineItems', window );"><strong>SummaryOfTradeReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="nump">22,969<span></span>
</td>
<td class="nump">33,952<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=EDN_ReceivablesInLitigationMember', window );">Receivables in litigation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfTradeReceivablesLineItems', window );"><strong>SummaryOfTradeReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="nump">97,158<span></span>
</td>
<td class="nump">33,736<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=EDN_AllowanceForImpairmentOfTradeReceivablesMember', window );">Allowance for the impairment of trade receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfTradeReceivablesLineItems', window );"><strong>SummaryOfTradeReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="num">$ (901,255)<span></span>
</td>
<td class="num">$ (677,529)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfTradeReceivablesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfTradeReceivablesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_BilledSalesOfElectricityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_BilledSalesOfElectricityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_UnbilledSalesOfElectricityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_UnbilledSalesOfElectricityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_FrameworkAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_FrameworkAgreementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_FeePayableMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_FeePayableMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_ReceivablesInLitigationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_ReceivablesInLitigationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_AllowanceForImpairmentOfTradeReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_AllowanceForImpairmentOfTradeReceivablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>123
<FILENAME>R99.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6738866256">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>12. Trade receivables (Details 1) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_TradeReceivablesDetails1Abstract', window );"><strong>Trade Receivables Details 1Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AllowanceForImpairmentOfTradeReceivablesPreviouslyStated', window );">Allowance for the impairment of trade receivables, beginning (previously stated)</a></td>
<td class="nump">$ 677,529<span></span>
</td>
<td class="nump">$ 383,439<span></span>
</td>
<td class="nump">$ 146,238<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ChangeOfAccountingStandardAdjustmentInAllowanceForImpairmentOfTradeReceivables', window );">Change of accounting standard adjustment</a></td>
<td class="nump">82,041<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AllowanceForImpairmentOfTradeReceivables', window );">Allowance for the impairment of trade receivables, beginning</a></td>
<td class="nump">759,570<span></span>
</td>
<td class="nump">383,439<span></span>
</td>
<td class="nump">146,238<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_IncreaseInAllowanceForImpairmentOfTradeReceivables', window );">Increase</a></td>
<td class="nump">916,036<span></span>
</td>
<td class="nump">391,615<span></span>
</td>
<td class="nump">388,339<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DecreaseInAllowanceForImpairmentOfTradeReceivables', window );">Decrease</a></td>
<td class="num">(907,137)<span></span>
</td>
<td class="num">(64,348)<span></span>
</td>
<td class="num">(56,062)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ResultFromExposureToInflationInAllowanceForImpairmentOfTradeReceivables', window );">Result from exposure to inflation</a></td>
<td class="num">(467,214)<span></span>
</td>
<td class="num">(33,177)<span></span>
</td>
<td class="num">(95,076)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AllowanceForImpairmentOfTradeReceivables', window );">Allowance for the impairment of trade receivables, ending</a></td>
<td class="nump">$ 901,255<span></span>
</td>
<td class="nump">$ 759,570<span></span>
</td>
<td class="nump">$ 383,439<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_AllowanceForImpairmentOfTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_AllowanceForImpairmentOfTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_AllowanceForImpairmentOfTradeReceivablesPreviouslyStated">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_AllowanceForImpairmentOfTradeReceivablesPreviouslyStated</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_ChangeOfAccountingStandardAdjustmentInAllowanceForImpairmentOfTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_ChangeOfAccountingStandardAdjustmentInAllowanceForImpairmentOfTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_DecreaseInAllowanceForImpairmentOfTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_DecreaseInAllowanceForImpairmentOfTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_IncreaseInAllowanceForImpairmentOfTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_IncreaseInAllowanceForImpairmentOfTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_ResultFromExposureToInflationInAllowanceForImpairmentOfTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_ResultFromExposureToInflationInAllowanceForImpairmentOfTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_TradeReceivablesDetails1Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_TradeReceivablesDetails1Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>124
<FILENAME>R100.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
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</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6741319360">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>12. Trade receivables (Details 2) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfTradeReceivablesLineItems', window );"><strong>SummaryOfTradeReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Trade receivables</a></td>
<td class="nump">$ 7,587,906<span></span>
</td>
<td class="nump">$ 8,385,237<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_NotDueMember', window );">Not due</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfTradeReceivablesLineItems', window );"><strong>SummaryOfTradeReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Trade receivables</a></td>
<td class="nump">10,377<span></span>
</td>
<td class="nump">230,953<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_PastDueMember', window );">Past due</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfTradeReceivablesLineItems', window );"><strong>SummaryOfTradeReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Trade receivables</a></td>
<td class="nump">1,149,406<span></span>
</td>
<td class="nump">897,752<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_UpTo3MonthsMember', window );">Up to 3 months</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfTradeReceivablesLineItems', window );"><strong>SummaryOfTradeReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Trade receivables</a></td>
<td class="nump">$ 6,428,123<span></span>
</td>
<td class="nump">$ 7,256,532<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfTradeReceivablesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfTradeReceivablesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_NotDueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_NotDueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_PastDueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_PastDueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_UpTo3MonthsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_UpTo3MonthsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>125
<FILENAME>R101.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6719347904">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>12. Trade receivables (Details 3)<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_FivePercentIncreaseInUncollectiibilityRateEstimateMember', window );">5% increase in the uncollectibility rate estimate</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfTradeReceivablesLineItems', window );"><strong>SummaryOfTradeReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AllowanceForImpairmentOfTradeReceivablesContingencies', window );">Contingencies</a></td>
<td class="nump">$ 946,318<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AllowanceForImpairmentOfTradeReceivablesChange', window );">Change</a></td>
<td class="nump">45,063<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_FivePercentDecreaseInUncollectiibilityRateEstimateMember', window );">5% decrease in the uncollectibility rate estimate</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfTradeReceivablesLineItems', window );"><strong>SummaryOfTradeReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AllowanceForImpairmentOfTradeReceivablesContingencies', window );">Contingencies</a></td>
<td class="nump">856,192<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AllowanceForImpairmentOfTradeReceivablesChange', window );">Change</a></td>
<td class="num">$ (45,063)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_AllowanceForImpairmentOfTradeReceivablesChange">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_AllowanceForImpairmentOfTradeReceivablesChange</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_AllowanceForImpairmentOfTradeReceivablesContingencies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_AllowanceForImpairmentOfTradeReceivablesContingencies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfTradeReceivablesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfTradeReceivablesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_FivePercentIncreaseInUncollectiibilityRateEstimateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_FivePercentIncreaseInUncollectiibilityRateEstimateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_FivePercentDecreaseInUncollectiibilityRateEstimateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_FivePercentDecreaseInUncollectiibilityRateEstimateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>126
<FILENAME>R102.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6604939312">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>13. Financial assets at fair value through profit or loss (Details) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialAssetsAtFairValueThroughProfitOrLossLineItems', window );"><strong>SummaryOfFinancialAssetsAtFairValueThroughProfitOrLossLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FinancialAssetsAtFairValueCurrent', window );">Current</a></td>
<td class="nump">$ 3,381,550<span></span>
</td>
<td class="nump">$ 4,278,008<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=EDN_GovernmentBondsMember', window );">Government bonds</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialAssetsAtFairValueThroughProfitOrLossLineItems', window );"><strong>SummaryOfFinancialAssetsAtFairValueThroughProfitOrLossLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FinancialAssetsAtFairValueCurrent', window );">Current</a></td>
<td class="nump">3,285,799<span></span>
</td>
<td class="nump">1,829,888<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=EDN_MoneyMarketFundMember', window );">Money market funds</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialAssetsAtFairValueThroughProfitOrLossLineItems', window );"><strong>SummaryOfFinancialAssetsAtFairValueThroughProfitOrLossLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FinancialAssetsAtFairValueCurrent', window );">Current</a></td>
<td class="nump">$ 95,751<span></span>
</td>
<td class="nump">$ 2,448,120<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_FinancialAssetsAtFairValueCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_FinancialAssetsAtFairValueCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfFinancialAssetsAtFairValueThroughProfitOrLossLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfFinancialAssetsAtFairValueThroughProfitOrLossLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_GovernmentBondsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_GovernmentBondsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_MoneyMarketFundMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_MoneyMarketFundMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>127
<FILENAME>R103.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6741932032">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>14. Financial assets at amortized cost (Details) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialAssetsAtAmortizedCostLineItems', window );"><strong>SummaryOfFinancialAssetsAtAmortizedCostLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FinancialAssetsAtAmortisedCostCurrent', window );">Current</a></td>
<td class="nump">$ 1,208,770<span></span>
</td>
<td class="nump">$ 16,978<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=EDN_GovernmentBondsMember', window );">Government bonds</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialAssetsAtAmortizedCostLineItems', window );"><strong>SummaryOfFinancialAssetsAtAmortizedCostLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FinancialAssetsAtAmortisedCostCurrent', window );">Current</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">16,978<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=EDN_TimeDepositsMember', window );">Time deposits</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfFinancialAssetsAtAmortizedCostLineItems', window );"><strong>SummaryOfFinancialAssetsAtAmortizedCostLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FinancialAssetsAtAmortisedCostCurrent', window );">Current</a></td>
<td class="nump">$ 1,208,770<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_FinancialAssetsAtAmortisedCostCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_FinancialAssetsAtAmortisedCostCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfFinancialAssetsAtAmortizedCostLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfFinancialAssetsAtAmortizedCostLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_GovernmentBondsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_GovernmentBondsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_TimeDepositsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_TimeDepositsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>128
<FILENAME>R104.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
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</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6758328576">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>15. Inventories (Details) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfInventoriesLineItems', window );"><strong>SummaryOfInventoriesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Inventories</a></td>
<td class="nump">$ 1,259,799<span></span>
</td>
<td class="nump">$ 649,580<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=EDN_InventoriesSuppliesSparePartsMember', window );">Supplies and spare-parts</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfInventoriesLineItems', window );"><strong>SummaryOfInventoriesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Inventories</a></td>
<td class="nump">1,252,292<span></span>
</td>
<td class="nump">589,339<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=EDN_AdvanceToSuppliersMember', window );">Advance to suppliers</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfInventoriesLineItems', window );"><strong>SummaryOfInventoriesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Inventories</a></td>
<td class="nump">$ 7,507<span></span>
</td>
<td class="nump">$ 60,241<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfInventoriesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfInventoriesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Inventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2018-01-01<br> -Paragraph 36<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=2&amp;date=2018-03-01&amp;anchor=para_36_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Inventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_InventoriesSuppliesSparePartsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_InventoriesSuppliesSparePartsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_AdvanceToSuppliersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_AdvanceToSuppliersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>129
<FILENAME>R105.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
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</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6736598640">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>16. Cash and cash equivalents (Details) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfCashAndCashEquivalentsLineItems', window );"><strong>SummaryOfCashAndCashEquivalentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">$ 27,608<span></span>
</td>
<td class="num">$ (375,345)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=EDN_CashAndBanksMember', window );">Cash and banks</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfCashAndCashEquivalentsLineItems', window );"><strong>SummaryOfCashAndCashEquivalentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">$ 27,608<span></span>
</td>
<td class="nump">$ 122,349<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfCashAndCashEquivalentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfCashAndCashEquivalentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=EDN_CashAndBanksMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=EDN_CashAndBanksMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>130
<FILENAME>R106.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
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							}</script>
</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6754116304">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>17. Share capital and additional paid-in capital (Details) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DisclosureOfShareCapitalAndAdditionalPaidinCapitalLineItems', window );"><strong>DisclosureOfShareCapitalAndAdditionalPaidinCapitalLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherEquityInterest', window );">Beginning balance</a></td>
<td class="nump">$ 18,427,504<span></span>
</td>
<td class="nump">$ 18,381,187<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_PaymentOfOtherReserveConstitutionShareBasedCompensationPlan', window );">Payment of other reserve constitution - share-based compensation plan</a></td>
<td class="nump">10,700<span></span>
</td>
<td class="nump">46,317<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherEquityInterest', window );">Ending balance</a></td>
<td class="nump">18,438,204<span></span>
</td>
<td class="nump">18,427,504<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_IssuedCapitalMember', window );">Share Capital</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DisclosureOfShareCapitalAndAdditionalPaidinCapitalLineItems', window );"><strong>DisclosureOfShareCapitalAndAdditionalPaidinCapitalLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherEquityInterest', window );">Beginning balance</a></td>
<td class="nump">18,197,583<span></span>
</td>
<td class="nump">18,197,583<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_PaymentOfOtherReserveConstitutionShareBasedCompensationPlan', window );">Payment of other reserve constitution - share-based compensation plan</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherEquityInterest', window );">Ending balance</a></td>
<td class="nump">18,197,583<span></span>
</td>
<td class="nump">18,197,583<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_AdditionalPaidinCapitalMember', window );">Additional Paid in Capital</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DisclosureOfShareCapitalAndAdditionalPaidinCapitalLineItems', window );"><strong>DisclosureOfShareCapitalAndAdditionalPaidinCapitalLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherEquityInterest', window );">Beginning balance</a></td>
<td class="nump">229,921<span></span>
</td>
<td class="nump">183,604<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_PaymentOfOtherReserveConstitutionShareBasedCompensationPlan', window );">Payment of other reserve constitution - share-based compensation plan</a></td>
<td class="nump">10,700<span></span>
</td>
<td class="nump">46,317<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherEquityInterest', window );">Ending balance</a></td>
<td class="nump">$ 240,624<span></span>
</td>
<td class="nump">$ 229,921<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_DisclosureOfShareCapitalAndAdditionalPaidinCapitalLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_DisclosureOfShareCapitalAndAdditionalPaidinCapitalLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_PaymentOfOtherReserveConstitutionShareBasedCompensationPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_PaymentOfOtherReserveConstitutionShareBasedCompensationPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherEquityInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of equity interest of an entity without share capital that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherEquityInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_IssuedCapitalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=ifrs-full_IssuedCapitalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_AdditionalPaidinCapitalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=ifrs-full_AdditionalPaidinCapitalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>131
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6742054160">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>17. Share capital and additional paid-in capital (Details Narrative)<br></strong></div></th>
<th class="th" colspan="2">
<div>Dec. 31, 2018 </div>
<div>shares</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DisclosureOfShareCapitalAndAdditionalPaidinCapitalLineItems', window );"><strong>DisclosureOfShareCapitalAndAdditionalPaidinCapitalLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">906,455,100<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis=EDN_ClassAIssuedCapitalMember', window );">Class A Common Stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DisclosureOfShareCapitalAndAdditionalPaidinCapitalLineItems', window );"><strong>DisclosureOfShareCapitalAndAdditionalPaidinCapitalLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">462,292,111<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis=EDN_ClassBIssuedCapitalMember', window );">Class B Common Stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DisclosureOfShareCapitalAndAdditionalPaidinCapitalLineItems', window );"><strong>DisclosureOfShareCapitalAndAdditionalPaidinCapitalLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">442,210,385<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis=EDN_ClassCIssuedCapitalMember', window );">Class C Common Stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DisclosureOfShareCapitalAndAdditionalPaidinCapitalLineItems', window );"><strong>DisclosureOfShareCapitalAndAdditionalPaidinCapitalLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">1,952,604<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Includes 23,385,028 and 7,794,168 treasury shares as of December 31, 2018 and 2017, respectively.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Relates to the Employee Stock Ownership Program Class C shares that have not been transferred.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_DisclosureOfShareCapitalAndAdditionalPaidinCapitalLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_DisclosureOfShareCapitalAndAdditionalPaidinCapitalLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis=EDN_ClassAIssuedCapitalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis=EDN_ClassAIssuedCapitalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td></td>
</tr>
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<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis=EDN_ClassBIssuedCapitalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis=EDN_ClassBIssuedCapitalMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis=EDN_ClassCIssuedCapitalMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>132
<FILENAME>R108.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6754021200">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>19. Trade payables (Details) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfTradePayablesLineItems', window );"><strong>SummaryOfTradePayablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayables', window );">Noncurrent</a></td>
<td class="nump">$ 286,217<span></span>
</td>
<td class="nump">$ 355,706<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Current</a></td>
<td class="nump">14,608,977<span></span>
</td>
<td class="nump">13,577,520<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_CustomerGuaranteesMember', window );">Customer guarantees</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfTradePayablesLineItems', window );"><strong>SummaryOfTradePayablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayables', window );">Noncurrent</a></td>
<td class="nump">140,968<span></span>
</td>
<td class="nump">148,349<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_CustomerContributionsMember', window );">Customer contributions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfTradePayablesLineItems', window );"><strong>SummaryOfTradePayablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayables', window );">Noncurrent</a></td>
<td class="nump">112,324<span></span>
</td>
<td class="nump">118,095<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Current</a></td>
<td class="nump">15,288<span></span>
</td>
<td class="nump">27,706<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_FundingContributionsSubstationsMember', window );">Funding contributions - substations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfTradePayablesLineItems', window );"><strong>SummaryOfTradePayablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayables', window );">Noncurrent</a></td>
<td class="nump">32,925<span></span>
</td>
<td class="nump">89,262<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Current</a></td>
<td class="nump">17,215<span></span>
</td>
<td class="nump">12,380<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_PayablesForPurchaseOfElectricityMember', window );">Payables for purchase of electricity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfTradePayablesLineItems', window );"><strong>SummaryOfTradePayablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Current</a></td>
<td class="nump">4,080,310<span></span>
</td>
<td class="nump">4,499,302<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_ProvisionForUnbilledElectricityPurchasesMember', window );">Provision for unbilled electricity purchases</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfTradePayablesLineItems', window );"><strong>SummaryOfTradePayablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Current</a></td>
<td class="nump">7,828,458<span></span>
</td>
<td class="nump">6,715,431<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_SuppliersMember', window );">Suppliers</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfTradePayablesLineItems', window );"><strong>SummaryOfTradePayablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Current</a></td>
<td class="nump">2,426,016<span></span>
</td>
<td class="nump">1,995,697<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_AdvanceToCustomerMember', window );">Advance to customer</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfTradePayablesLineItems', window );"><strong>SummaryOfTradePayablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Current</a></td>
<td class="nump">196,485<span></span>
</td>
<td class="nump">220,111<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_DiscountsToCustomersMember', window );">Discounts to customers</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfTradePayablesLineItems', window );"><strong>SummaryOfTradePayablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Current</a></td>
<td class="nump">37,372<span></span>
</td>
<td class="nump">55,182<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ifrs-full_RelatedPartiesMember', window );">Related parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfTradePayablesLineItems', window );"><strong>SummaryOfTradePayablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Current</a></td>
<td class="nump">$ 7,833<span></span>
</td>
<td class="nump">$ 51,711<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfTradePayablesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfTradePayablesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade payables and current other payables. [Refer: Current trade payables; Other current payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph k<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_k&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of trade payables and other payables. [Refer: Trade payables; Other payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph k<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_k&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_CustomerGuaranteesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_CustomerGuaranteesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_CustomerContributionsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_CustomerContributionsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_FundingContributionsSubstationsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_FundingContributionsSubstationsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_PayablesForPurchaseOfElectricityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_PayablesForPurchaseOfElectricityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_ProvisionForUnbilledElectricityPurchasesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_ProvisionForUnbilledElectricityPurchasesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_SuppliersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_SuppliersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_AdvanceToCustomerMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_AdvanceToCustomerMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_DiscountsToCustomersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_DiscountsToCustomersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=ifrs-full_RelatedPartiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=ifrs-full_RelatedPartiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>133
<FILENAME>R109.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6744375600">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>20. Other payables (Details) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherPayablesLineItems', window );"><strong>SummaryOfOtherPayablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPayables', window );">Noncurrent</a></td>
<td class="nump">$ 7,624,145<span></span>
</td>
<td class="nump">$ 8,909,968<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentPayables', window );">Current</a></td>
<td class="nump">1,922,039<span></span>
</td>
<td class="nump">546,915<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_CAMMESALoansMember', window );">Loans (mutuum) with CAMMESA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherPayablesLineItems', window );"><strong>SummaryOfOtherPayablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPayables', window );">Noncurrent</a></td>
<td class="nump">2,282,176<span></span>
</td>
<td class="nump">2,783,474<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_ENREPenaltiesAndDiscountsMember', window );">ENRE penalties and discounts</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherPayablesLineItems', window );"><strong>SummaryOfOtherPayablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPayables', window );">Noncurrent</a></td>
<td class="nump">5,097,402<span></span>
</td>
<td class="nump">5,737,612<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentPayables', window );">Current</a></td>
<td class="nump">1,835,590<span></span>
</td>
<td class="nump">425,563<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_LiabilityWithFOTAEMember', window );">Liability with FOTAE</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherPayablesLineItems', window );"><strong>SummaryOfOtherPayablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPayables', window );">Noncurrent</a></td>
<td class="nump">207,371<span></span>
</td>
<td class="nump">280,813<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_PaymentAgreementsWithENREMember', window );">Payment agreements with ENRE</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherPayablesLineItems', window );"><strong>SummaryOfOtherPayablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPayables', window );">Noncurrent</a></td>
<td class="nump">37,196<span></span>
</td>
<td class="nump">108,069<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentPayables', window );">Current</a></td>
<td class="nump">65,301<span></span>
</td>
<td class="nump">93,550<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_RelatedPartiesOtherPayablesMember', window );">Related parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherPayablesLineItems', window );"><strong>SummaryOfOtherPayablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentPayables', window );">Current</a></td>
<td class="nump">7,571<span></span>
</td>
<td class="nump">7,756<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_AdvancesForWorksToBePerformedMember', window );">Advances for works to be performed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherPayablesLineItems', window );"><strong>SummaryOfOtherPayablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentPayables', window );">Current</a></td>
<td class="nump">$ 13,577<span></span>
</td>
<td class="nump">$ 20,046<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfOtherPayablesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfOtherPayablesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current trade payables and non-current other payables. [Refer: Other non-current payables; Non-current trade payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph k<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_k&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current payables that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_CAMMESALoansMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_CAMMESALoansMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_ENREPenaltiesAndDiscountsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_ENREPenaltiesAndDiscountsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_LiabilityWithFOTAEMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_LiabilityWithFOTAEMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_PaymentAgreementsWithENREMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_PaymentAgreementsWithENREMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_RelatedPartiesOtherPayablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_RelatedPartiesOtherPayablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_AdvancesForWorksToBePerformedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_AdvancesForWorksToBePerformedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>134
<FILENAME>R110.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6619812928">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>21. Deferred revenue (Details) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfDeferredRevenueLineItems', window );"><strong>SummaryOfDeferredRevenueLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredIncomeClassifiedAsNoncurrent', window );">Noncurrent</a></td>
<td class="nump">$ 275,437<span></span>
</td>
<td class="nump">$ 287,384<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredIncomeClassifiedAsCurrent', window );">Current</a></td>
<td class="nump">5,346<span></span>
</td>
<td class="nump">4,961<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredIncomeAxis=EDN_NonrefundableCustomerContributionsMember', window );">Nonrefundable customer contributions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfDeferredRevenueLineItems', window );"><strong>SummaryOfDeferredRevenueLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredIncomeClassifiedAsNoncurrent', window );">Noncurrent</a></td>
<td class="nump">275,437<span></span>
</td>
<td class="nump">287,384<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredIncomeClassifiedAsCurrent', window );">Current</a></td>
<td class="nump">$ 5,346<span></span>
</td>
<td class="nump">$ 4,961<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfDeferredRevenueLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfDeferredRevenueLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredIncomeClassifiedAsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred income classified as current. [Refer: Deferred income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredIncomeClassifiedAsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredIncomeClassifiedAsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred income classified as non-current. [Refer: Deferred income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredIncomeClassifiedAsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_DeferredIncomeAxis=EDN_NonrefundableCustomerContributionsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_DeferredIncomeAxis=EDN_NonrefundableCustomerContributionsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>135
<FILENAME>R111.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6742059616">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>22. Borrowings (Details) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfBorrowingsLineItems', window );"><strong>SummaryOfBorrowingsLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Non-current borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 7,192,467<span></span>
</td>
<td class="nump">$ 6,189,294<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShorttermBorrowings', window );">Current borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,077,453<span></span>
</td>
<td class="nump">105,139<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_CorporateNotesMember', window );">Corporate notes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfBorrowingsLineItems', window );"><strong>SummaryOfBorrowingsLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Non-current borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">6,249,967<span></span>
</td>
<td class="nump">4,812,465<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_BorrowingMember', window );">Borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfBorrowingsLineItems', window );"><strong>SummaryOfBorrowingsLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Non-current borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">942,500<span></span>
</td>
<td class="nump">1,376,829<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShorttermBorrowings', window );">Current borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">967,434<span></span>
</td>
<td class="nump">13,243<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_InterestFromCorporateNotesMember', window );">Interest from corporate notes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfBorrowingsLineItems', window );"><strong>SummaryOfBorrowingsLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShorttermBorrowings', window );">Current borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 110,019<span></span>
</td>
<td class="nump">$ 91,896<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Net of debt issuance, repurchase and redemption expenses.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShorttermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShorttermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_CorporateNotesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_CorporateNotesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_BorrowingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_BorrowingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_InterestFromCorporateNotesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_InterestFromCorporateNotesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>136
<FILENAME>R112.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6743593600">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>22. Borrowings (Details 1)<br> $ in Thousands, $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfBorrowingsLineItems', window );"><strong>SummaryOfBorrowingsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="nump">$ 8,269,920<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6,294,433<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5,202,452<span></span>
</td>
<td class="nump">$ 6,224,330<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FunctionalCurrencyAxis=EDN_USDollarMember', window );">US dollar</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfBorrowingsLineItems', window );"><strong>SummaryOfBorrowingsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 8,269,920<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6,294,433<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_FunctionalCurrencyAxis=EDN_USDollarMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_FunctionalCurrencyAxis=EDN_USDollarMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>137
<FILENAME>R113.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6743255776">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>22. Borrowings (Details 2) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfBorrowingsLineItems', window );"><strong>SummaryOfBorrowingsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="nump">$ 8,269,920<span></span>
</td>
<td class="nump">$ 6,294,433<span></span>
</td>
<td class="nump">$ 5,202,452<span></span>
</td>
<td class="nump">$ 6,224,330<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FixedInterestRateMember', window );">Fixed Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfBorrowingsLineItems', window );"><strong>SummaryOfBorrowingsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="nump">6,359,798<span></span>
</td>
<td class="nump">4,904,361<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FixedInterestRateMember', window );">Fixed Rate | Less than 1 year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfBorrowingsLineItems', window );"><strong>SummaryOfBorrowingsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="nump">110,019<span></span>
</td>
<td class="nump">91,896<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FixedInterestRateMember', window );">Fixed Rate | From 2 to 5 years</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfBorrowingsLineItems', window );"><strong>SummaryOfBorrowingsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="nump">6,249,967<span></span>
</td>
<td class="nump">4,812,465<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FloatingInterestRateMember', window );">Floating Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfBorrowingsLineItems', window );"><strong>SummaryOfBorrowingsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="nump">1,910,122<span></span>
</td>
<td class="nump">1,390,072<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FloatingInterestRateMember', window );">Floating Rate | Less than 1 year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfBorrowingsLineItems', window );"><strong>SummaryOfBorrowingsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="nump">967,434<span></span>
</td>
<td class="nump">13,244<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FloatingInterestRateMember', window );">Floating Rate | From 2 to 5 years</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfBorrowingsLineItems', window );"><strong>SummaryOfBorrowingsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="nump">942,500<span></span>
</td>
<td class="nump">688,414<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FloatingInterestRateMember', window );">Floating Rate | More than 5 years</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfBorrowingsLineItems', window );"><strong>SummaryOfBorrowingsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 688,414<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FixedInterestRateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FixedInterestRateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_LessThan1YearMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_LessThan1YearMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_From2To5YearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_From2To5YearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FloatingInterestRateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FloatingInterestRateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_MoreThan5YearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_MoreThan5YearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>138
<FILENAME>R114.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6744393872">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>22. Borrowings (Details 3) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_BorrowingsDetails3Abstract', window );"><strong>Borrowings Details 3Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings, beginning</a></td>
<td class="nump">$ 6,294,433<span></span>
</td>
<td class="nump">$ 5,202,452<span></span>
</td>
<td class="nump">$ 6,224,330<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from borrowings</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">1,285,946<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpenseOnBorrowings', window );">Payment of borrowings' interest</a></td>
<td class="num">(652,667)<span></span>
</td>
<td class="num">(418,494)<span></span>
</td>
<td class="num">(529,227)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_RepurchaseOfCorporateNotesByTrust', window );">Repurchase of Corporate Notes by the trust</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(9,683)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_PaidFromRepurchaseOfCorporateNotes', window );">Paid from the repurchase of Corporate Notes</a></td>
<td class="num">(375,520)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(441,462)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_GainFromRepurchaseOfCorporateNotes', window );">Gain from the repurchase of Corporate Notes</a></td>
<td class="num">(4,539)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(84)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ExchangeDifferenceAndInterestAccruedBorrowings', window );">Exchange difference and interest accrued</a></td>
<td class="nump">6,134,425<span></span>
</td>
<td class="nump">1,252,327<span></span>
</td>
<td class="nump">1,604,325<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ResultFromExposureToInflationOnBorrowings', window );">Result from exposure to inflation</a></td>
<td class="num">(3,126,212)<span></span>
</td>
<td class="num">(1,027,798)<span></span>
</td>
<td class="num">(1,645,747)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings, ending</a></td>
<td class="nump">$ 8,269,920<span></span>
</td>
<td class="nump">$ 6,294,433<span></span>
</td>
<td class="nump">$ 5,202,452<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_BorrowingsDetails3Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_BorrowingsDetails3Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_ExchangeDifferenceAndInterestAccruedBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_ExchangeDifferenceAndInterestAccruedBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_GainFromRepurchaseOfCorporateNotes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_GainFromRepurchaseOfCorporateNotes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_PaidFromRepurchaseOfCorporateNotes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_PaidFromRepurchaseOfCorporateNotes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_RepurchaseOfCorporateNotesByTrust">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_RepurchaseOfCorporateNotesByTrust</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_ResultFromExposureToInflationOnBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_ResultFromExposureToInflationOnBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestExpenseOnBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest expense on borrowings. [Refer: Interest expense; Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestExpenseOnBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from borrowings obtained. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 17<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_17_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>139
<FILENAME>R115.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6670488640">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>22. Borrowings (Details 4) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfBorrowingsLineItems', window );"><strong>SummaryOfBorrowingsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_CorporateNoteProgram', window );">Deb structure, beginning</a></td>
<td class="nump">$ 171,870<span></span>
</td>
<td class="nump">$ 171,870<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_CorporateNoteDebtRepurchase', window );">Debt repurchase</a></td>
<td class="num">(10,220)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_CorporateNoteProgram', window );">Deb structure, ending</a></td>
<td class="nump">161,650<span></span>
</td>
<td class="nump">171,870<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_CorporateNote2Member', window );">Class 9</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfBorrowingsLineItems', window );"><strong>SummaryOfBorrowingsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_CorporateNoteProgram', window );">Deb structure, beginning</a></td>
<td class="nump">171,870<span></span>
</td>
<td class="nump">171,870<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_CorporateNoteDebtRepurchase', window );">Debt repurchase</a></td>
<td class="num">(10,220)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_CorporateNoteProgram', window );">Deb structure, ending</a></td>
<td class="nump">$ 161,650<span></span>
</td>
<td class="nump">$ 171,870<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_RateCorporateNote', window );">Rate</a></td>
<td class="nump">9.75%<span></span>
</td>
<td class="nump">9.75%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_CorporateNoteYearOfMaturity', window );">Year of Maturity</a></td>
<td class="text">2022<span></span>
</td>
<td class="text">2022<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_CorporateNoteDebtRepurchase">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_CorporateNoteDebtRepurchase</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_CorporateNoteProgram">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_CorporateNoteProgram</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_CorporateNoteYearOfMaturity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_CorporateNoteYearOfMaturity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_RateCorporateNote">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_RateCorporateNote</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_CorporateNote2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_CorporateNote2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>140
<FILENAME>R116.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6747384352">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>22. Borrowings (Details Narrative) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_BorrowingsDetailsNarrativeAbstract', window );"><strong>Borrowings Details Narrative Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Noncurrent borrowings</a></td>
<td class="nump">$ 7,192,467<span></span>
</td>
<td class="nump">$ 6,189,294<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_BorrowingsDetailsNarrativeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_BorrowingsDetailsNarrativeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermBorrowings</td>
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<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td>instant</td>
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</div></td></tr>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>141
<FILENAME>R117.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6744882800">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>23. Salaries and social security taxes payable (Details) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfSalariesAndSocialSecurityTaxesPayableLineItems', window );"><strong>SummaryOfSalariesAndSocialSecurityTaxesPayableLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax', window );">Noncurrent</a></td>
<td class="nump">$ 162,737<span></span>
</td>
<td class="nump">$ 176,679<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax', window );">Current</a></td>
<td class="nump">1,742,626<span></span>
</td>
<td class="nump">1,801,492<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SalariesAndSocialSecurityTaxesAxis=EDN_EarlyRetirementsPayableMember', window );">Early retirements payable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfSalariesAndSocialSecurityTaxesPayableLineItems', window );"><strong>SummaryOfSalariesAndSocialSecurityTaxesPayableLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax', window );">Noncurrent</a></td>
<td class="nump">14,884<span></span>
</td>
<td class="nump">4,960<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax', window );">Current</a></td>
<td class="nump">10,248<span></span>
</td>
<td class="nump">7,099<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SalariesAndSocialSecurityTaxesAxis=EDN_SeniorityBaseBonusMember', window );">Seniority-based bonus</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfSalariesAndSocialSecurityTaxesPayableLineItems', window );"><strong>SummaryOfSalariesAndSocialSecurityTaxesPayableLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax', window );">Noncurrent</a></td>
<td class="nump">147,853<span></span>
</td>
<td class="nump">171,719<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SalariesAndSocialSecurityTaxesAxis=EDN_SalariesPayableAndProvisionsMember', window );">Salaries payable and provisions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfSalariesAndSocialSecurityTaxesPayableLineItems', window );"><strong>SummaryOfSalariesAndSocialSecurityTaxesPayableLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax', window );">Current</a></td>
<td class="nump">1,581,241<span></span>
</td>
<td class="nump">1,571,228<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SalariesAndSocialSecurityTaxesAxis=EDN_SocialSecurityPayableMember', window );">Social security payable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfSalariesAndSocialSecurityTaxesPayableLineItems', window );"><strong>SummaryOfSalariesAndSocialSecurityTaxesPayableLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax', window );">Current</a></td>
<td class="nump">$ 151,137<span></span>
</td>
<td class="nump">$ 223,165<span></span>
</td>
</tr>
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<div style="display: none;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfSalariesAndSocialSecurityTaxesPayableLineItems</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current payables on social security and taxes other than incomes tax. [Refer: Payables on social security and taxes other than income tax]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current payables on social security and taxes other than incomes tax. [Refer: Payables on social security and taxes other than income tax]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SalariesAndSocialSecurityTaxesAxis=EDN_SalariesPayableAndProvisionsMember</td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>142
<FILENAME>R118.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6740537904">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>23. Salaries and social security taxes payable (Details 1) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfSalariesAndSocialSecurityTaxesPayableLineItems', window );"><strong>SummaryOfSalariesAndSocialSecurityTaxesPayableLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SalariesAndSocialSecurityTaxes', window );">Salaries and social security taxes</a></td>
<td class="nump">$ 6,022,963<span></span>
</td>
<td class="nump">$ 6,801,999<span></span>
</td>
<td class="nump">$ 6,953,605<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_SalariesPayableMember', window );">Salaries</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfSalariesAndSocialSecurityTaxesPayableLineItems', window );"><strong>SummaryOfSalariesAndSocialSecurityTaxesPayableLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SalariesAndSocialSecurityTaxes', window );">Salaries and social security taxes</a></td>
<td class="nump">4,336,533<span></span>
</td>
<td class="nump">4,897,440<span></span>
</td>
<td class="nump">5,006,596<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_SocialSecurityTaxesMember', window );">Social security taxes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfSalariesAndSocialSecurityTaxesPayableLineItems', window );"><strong>SummaryOfSalariesAndSocialSecurityTaxesPayableLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SalariesAndSocialSecurityTaxes', window );">Salaries and social security taxes</a></td>
<td class="nump">$ 1,686,430<span></span>
</td>
<td class="nump">$ 1,904,559<span></span>
</td>
<td class="nump">$ 1,947,009<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SalariesAndSocialSecurityTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SalariesAndSocialSecurityTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfSalariesAndSocialSecurityTaxesPayableLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfSalariesAndSocialSecurityTaxesPayableLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_SalariesPayableMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_SalariesPayableMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_SocialSecurityTaxesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_SocialSecurityTaxesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>143
<FILENAME>R119.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6719436896">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>23. Salaries and social security taxes payable (Details Narrative)<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($) </div>
<div>Employees</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($) </div>
<div>Employees</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SalariesAndSocialSecurityTaxesPayableDetailsNarrativeAbstract', window );"><strong>Salaries And Social Security Taxes Payable Details Narrative Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_CurrentFuturePaymentObligations', window );">Current future payment obligations</a></td>
<td class="nump">$ 10,200<span></span>
</td>
<td class="nump">$ 7,100<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_NoncurrentFuturePaymentObligations', window );">Noncurrent future payment obligations</a></td>
<td class="nump">14,900<span></span>
</td>
<td class="nump">5,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_CollectiveBargainingAgreementLiabilities', window );">Collective bargaining liabilities</a></td>
<td class="nump">$ 147,800<span></span>
</td>
<td class="nump">$ 171,700<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfEmployees', window );">Number of employees | Employees</a></td>
<td class="nump">4,878<span></span>
</td>
<td class="nump">4,789<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_CollectiveBargainingAgreementLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_CollectiveBargainingAgreementLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_CurrentFuturePaymentObligations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_CurrentFuturePaymentObligations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_NoncurrentFuturePaymentObligations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_NoncurrentFuturePaymentObligations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SalariesAndSocialSecurityTaxesPayableDetailsNarrativeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SalariesAndSocialSecurityTaxesPayableDetailsNarrativeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfEmployees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of personnel employed by the entity at a date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfEmployees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>144
<FILENAME>R120.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6739266304">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>24. Benefit plans (Details) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_BenefitPlansDetailsAbstract', window );"><strong>Benefit Plans Details Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AssetsLiabilitiesOfBenefitPlanNoncurrent', window );">Non-current</a></td>
<td class="nump">$ 385,098<span></span>
</td>
<td class="nump">$ 477,765<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_AssetsLiabilitiesOfBenefitPlanCurrent', window );">Current</a></td>
<td class="nump">32,365<span></span>
</td>
<td class="nump">46,375<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsLiabilitiesOfBenefitPlan', window );">Total benefit plans</a></td>
<td class="nump">$ 417,463<span></span>
</td>
<td class="nump">$ 524,140<span></span>
</td>
<td class="nump">$ 442,170<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_AssetsLiabilitiesOfBenefitPlanCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_AssetsLiabilitiesOfBenefitPlanCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_AssetsLiabilitiesOfBenefitPlanNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_AssetsLiabilitiesOfBenefitPlanNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_BenefitPlansDetailsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_BenefitPlansDetailsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AssetsLiabilitiesOfBenefitPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets of a retirement benefit plan less liabilities other than the actuarial present value of promised retirement benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2018-01-01<br> -Paragraph 35<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2018-03-01&amp;anchor=para_35_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AssetsLiabilitiesOfBenefitPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>145
<FILENAME>R121.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6744381168">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>24. Benefit plans (Details 1) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_BenefitPlansDetails1Abstract', window );"><strong>Benefit Plans Details 1Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsLiabilitiesOfBenefitPlan', window );">Benefit payment obligations at beginning of year</a></td>
<td class="nump">$ 524,140<span></span>
</td>
<td class="nump">$ 442,170<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset', window );">Current service cost</a></td>
<td class="nump">32,904<span></span>
</td>
<td class="nump">42,500<span></span>
</td>
<td class="nump">$ 46,320<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset', window );">Interest cost</a></td>
<td class="nump">79,304<span></span>
</td>
<td class="nump">126,954<span></span>
</td>
<td class="nump">163,431<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset', window );">Actuarial losses</a></td>
<td class="nump">5,638<span></span>
</td>
<td class="num">(22,219)<span></span>
</td>
<td class="num">(15,555)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ResultFromExposureToInflationNetDefinedBenefitLiabilityAsset', window );">Result from exposure to inflation</a></td>
<td class="num">(169,169)<span></span>
</td>
<td class="num">(8,692)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset', window );">Benefits paid to participating employees</a></td>
<td class="num">(55,354)<span></span>
</td>
<td class="num">(56,573)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsLiabilitiesOfBenefitPlan', window );">Benefit payment obligations at year end</a></td>
<td class="nump">$ 417,463<span></span>
</td>
<td class="nump">$ 524,140<span></span>
</td>
<td class="nump">$ 442,170<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_BenefitPlansDetails1Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_BenefitPlansDetails1Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_ResultFromExposureToInflationNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_ResultFromExposureToInflationNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in a net defined benefit liability (asset) resulting from actuarial gains (losses) arising from changes in financial assumptions that result in remeasurements of the net defined benefit liability (asset). Financial assumptions deal with items such as: (a) the discount rate; (b) benefit levels, excluding any cost of the benefits to be met by employees, and future salary; (c) in the case of medical benefits, future medical costs, including claim handling costs (ie the costs that will be incurred in processing and resolving claims, including legal and adjuster's fees); and (d) taxes payable by the plan on contributions relating to service before the reporting date or on benefits resulting from that service. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2018-01-01<br> -Paragraph 141<br> -Subparagraph c<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2018-03-01&amp;anchor=para_141_c_iii&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AssetsLiabilitiesOfBenefitPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets of a retirement benefit plan less liabilities other than the actuarial present value of promised retirement benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2018-01-01<br> -Paragraph 35<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2018-03-01&amp;anchor=para_35_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AssetsLiabilitiesOfBenefitPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from employee service in the current period. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2018-01-01<br> -Paragraph 141<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2018-03-01&amp;anchor=para_141_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from the passage of time. [Refer: Interest expense; Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2018-01-01<br> -Paragraph 141<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2018-03-01&amp;anchor=para_141_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in the net defined benefit liability (asset) resulting from payments from the plan. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2018-01-01<br> -Paragraph 141<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2018-03-01&amp;anchor=para_141_g&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>146
<FILENAME>R122.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6654551552">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>24. Benefit plans (Details 2) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_BenefitPlansDetails2Abstract', window );"><strong>Benefit Plans Details 2Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset', window );">Cost</a></td>
<td class="nump">$ 32,904<span></span>
</td>
<td class="nump">$ 42,500<span></span>
</td>
<td class="nump">$ 46,320<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset', window );">Interest</a></td>
<td class="nump">79,304<span></span>
</td>
<td class="nump">126,954<span></span>
</td>
<td class="nump">163,431<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset', window );">Actuarial results - Other comprehensive loss</a></td>
<td class="nump">5,638<span></span>
</td>
<td class="num">(22,219)<span></span>
</td>
<td class="num">(15,555)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_BenefitPlanCharge', window );">Benefit plan charge</a></td>
<td class="nump">$ 117,846<span></span>
</td>
<td class="nump">$ 147,235<span></span>
</td>
<td class="nump">$ 194,196<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_BenefitPlanCharge">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_BenefitPlanCharge</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_BenefitPlansDetails2Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_BenefitPlansDetails2Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in a net defined benefit liability (asset) resulting from actuarial gains (losses) arising from changes in financial assumptions that result in remeasurements of the net defined benefit liability (asset). Financial assumptions deal with items such as: (a) the discount rate; (b) benefit levels, excluding any cost of the benefits to be met by employees, and future salary; (c) in the case of medical benefits, future medical costs, including claim handling costs (ie the costs that will be incurred in processing and resolving claims, including legal and adjuster's fees); and (d) taxes payable by the plan on contributions relating to service before the reporting date or on benefits resulting from that service. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2018-01-01<br> -Paragraph 141<br> -Subparagraph c<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2018-03-01&amp;anchor=para_141_c_iii&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from employee service in the current period. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2018-01-01<br> -Paragraph 141<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2018-03-01&amp;anchor=para_141_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from the passage of time. [Refer: Interest expense; Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2018-01-01<br> -Paragraph 141<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2018-03-01&amp;anchor=para_141_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>147
<FILENAME>R123.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6719014752">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>24. Benefit plans (Details 3)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_BenefitPlansDetails3Abstract', window );"><strong>Benefit Plans Details 3Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfDiscountRates', window );">Discount rate</a></td>
<td class="nump">5.00%<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases', window );">Salary increase</a></td>
<td class="nump">1.00%<span></span>
</td>
<td class="nump">1.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfExpectedRatesOfInflation', window );">Inflation</a></td>
<td class="nump">31.00%<span></span>
</td>
<td class="nump">18.00%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_BenefitPlansDetails3Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_BenefitPlansDetails3Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialAssumptionOfDiscountRates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The discount rate used as the significant actuarial assumption to determine the present value of a defined benefit obligation. [Refer: Defined benefit obligation, at present value; Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2018-01-01<br> -Paragraph 144<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2018-03-01&amp;anchor=para_144&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialAssumptionOfDiscountRates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialAssumptionOfExpectedRatesOfInflation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The expected rate of inflation that is used as a significant actuarial assumption to determine the present value of a defined benefit obligation. [Refer: Defined benefit plans [member]; Defined benefit obligation, at present value; Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2018-01-01<br> -Paragraph 144<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2018-03-01&amp;anchor=para_144&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialAssumptionOfExpectedRatesOfInflation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The expected rate of salary increases used as a significant actuarial assumption to determine the present value of a defined benefit obligation. [Refer: Defined benefit plans [member]; Defined benefit obligation, at present value; Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2018-01-01<br> -Paragraph 144<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2018-03-01&amp;anchor=para_144&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>148
<FILENAME>R124.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
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</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6743822944">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>24. Benefit plans (Details 4)<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=EDN_DiscountRateMember', window );">Discount Rate 4%</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfBenefitPlansLineItems', window );"><strong>SummaryOfBenefitPlansLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_BenefitPlansSensitivityAnalysisObligation', window );">Obligation</a></td>
<td class="nump">$ 459,651<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption', window );">Variation</a></td>
<td class="nump">$ 42,188<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption', window );">Percent</a></td>
<td class="nump">10.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=EDN_DiscountRate1Member', window );">Discount Rate 6%</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfBenefitPlansLineItems', window );"><strong>SummaryOfBenefitPlansLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_BenefitPlansSensitivityAnalysisObligation', window );">Obligation</a></td>
<td class="nump">$ 381,587<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption', window );">Variation</a></td>
<td class="num">$ (35,876)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption', window );">Percent</a></td>
<td class="num">(9.00%)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=EDN_SalaryIncreaseRateMember', window );">Salary Increase 0%</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfBenefitPlansLineItems', window );"><strong>SummaryOfBenefitPlansLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_BenefitPlansSensitivityAnalysisObligation', window );">Obligation</a></td>
<td class="nump">$ 379,992<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption', window );">Variation</a></td>
<td class="num">$ (37,471)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption', window );">Percent</a></td>
<td class="num">(9.00%)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=EDN_SalaryIncreaseRate1Member', window );">Salary Increase 2%</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfBenefitPlansLineItems', window );"><strong>SummaryOfBenefitPlansLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_BenefitPlansSensitivityAnalysisObligation', window );">Obligation</a></td>
<td class="nump">$ 460,939<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption', window );">Variation</a></td>
<td class="nump">$ 43,476<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption', window );">Percent</a></td>
<td class="nump">10.00%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_BenefitPlansSensitivityAnalysisObligation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_BenefitPlansSensitivityAnalysisObligation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfBenefitPlansLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfBenefitPlansLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in a defined benefit obligation that would have been caused by an increase in a significant actuarial assumption that was reasonably possible at the end of the reporting period. [Refer: Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2018-01-01<br> -Paragraph 145<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2018-03-01&amp;anchor=para_145_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The reasonably possible percentage of the increase in the actuarial assumption used to determine the present value of defined benefit obligation. [Refer: Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2018-01-01<br> -Paragraph 145<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2018-03-01&amp;anchor=para_145_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=EDN_DiscountRateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=EDN_DiscountRateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=EDN_DiscountRate1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=EDN_DiscountRate1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=EDN_SalaryIncreaseRateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=EDN_SalaryIncreaseRateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=EDN_SalaryIncreaseRate1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=EDN_SalaryIncreaseRate1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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</div>
</body>
</html>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6751833600">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>24. Benefit plans (Details 5)<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_TwentyNineteenMember', window );">2019</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfBenefitPlansLineItems', window );"><strong>SummaryOfBenefitPlansLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitObligationAtPresentValue', window );">Benefit payment obligations</a></td>
<td class="nump">$ 32,365<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_TwentyTwentyMember', window );">2020</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfBenefitPlansLineItems', window );"><strong>SummaryOfBenefitPlansLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitObligationAtPresentValue', window );">Benefit payment obligations</a></td>
<td class="nump">6,221<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_TwentyTwentyOneMember', window );">2021</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfBenefitPlansLineItems', window );"><strong>SummaryOfBenefitPlansLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitObligationAtPresentValue', window );">Benefit payment obligations</a></td>
<td class="nump">6,207<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_TwentyTwentyTwoMember', window );">2022</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfBenefitPlansLineItems', window );"><strong>SummaryOfBenefitPlansLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitObligationAtPresentValue', window );">Benefit payment obligations</a></td>
<td class="nump">6,450<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_TwentyTwentyThreeMember', window );">2023</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfBenefitPlansLineItems', window );"><strong>SummaryOfBenefitPlansLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitObligationAtPresentValue', window );">Benefit payment obligations</a></td>
<td class="nump">2,059<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_TwentyTwentyTwoToTwentyTwentyEightMember', window );">2022 to 2028</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfBenefitPlansLineItems', window );"><strong>SummaryOfBenefitPlansLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitObligationAtPresentValue', window );">Benefit payment obligations</a></td>
<td class="nump">$ 11,128<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfBenefitPlansLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfBenefitPlansLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitObligationAtPresentValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The present value, without deducting any plan assets, of expected future payments required to settle the obligation resulting from employee service in the current and prior periods. [Refer: Plan assets, at fair value]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2018-01-01<br> -Paragraph 57<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2018-03-01&amp;anchor=para_57_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitObligationAtPresentValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_TwentyNineteenMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_TwentyNineteenMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_TwentyTwentyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_TwentyTwentyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_TwentyTwentyOneMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_TwentyTwentyTwoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_TwentyTwentyTwoMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_TwentyTwentyThreeMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6755509328">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>26. Income tax (Details) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfIncomeTaxLineItems', window );"><strong>SummaryOfIncomeTaxLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_TaxLossCarryforwards', window );">Tax loss carryforward</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 53,792<span></span>
</td>
<td class="nump">$ 6,160<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxAssetsInventories', window );">Inventories</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">13,454<span></span>
</td>
<td class="nump">7,520<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxAssetsTradeReceivablesAndOtherReceivables', window );">Trade receivables and other receivables</a></td>
<td class="nump">445,102<span></span>
</td>
<td class="nump">481,066<span></span>
</td>
<td class="nump">204,972<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxAssetsTradePayablesAndOtherPayables', window );">Trade payables and other payables</a></td>
<td class="nump">1,954,762<span></span>
</td>
<td class="nump">424,670<span></span>
</td>
<td class="nump">1,659,011<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxAssetsSalariesAndSocialSecurityTaxesPayable', window );">Salaries and social security taxes payable</a></td>
<td class="nump">49,439<span></span>
</td>
<td class="num">(95,813)<span></span>
</td>
<td class="nump">36,176<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxAssetsBenefitPlans', window );">Benefit plans</a></td>
<td class="nump">105,984<span></span>
</td>
<td class="nump">219,113<span></span>
</td>
<td class="nump">154,759<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxAssetsTaxLiabilities', window );">Tax liabilities</a></td>
<td class="nump">15,631<span></span>
</td>
<td class="nump">55,897<span></span>
</td>
<td class="nump">23,232<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxAssetsProvisions', window );">Provisions</a></td>
<td class="nump">345,859<span></span>
</td>
<td class="num">(546,274)<span></span>
</td>
<td class="nump">221,846<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_GrossDeferredTaxAssets', window );">Deferred tax asset</a></td>
<td class="nump">2,916,777<span></span>
</td>
<td class="nump">605,906<span></span>
</td>
<td class="nump">2,313,676<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxLiabilitiesPropertyPlantEquipment', window );">Property, plant and equipment</a></td>
<td class="num">(10,748,162)<span></span>
</td>
<td class="num">(7,466,457)<span></span>
</td>
<td class="num">(9,779,890)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxLiabilitiesFinancialAssetsAtFairValueThroughProfitOrLoss', window );">Financial assets at fair value through profit or loss</a></td>
<td class="num">(212,477)<span></span>
</td>
<td class="num">(386,145)<span></span>
</td>
<td class="num">(59,581)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxLiabilitiesBorrowings', window );">Borrowings</a></td>
<td class="num">(4,446)<span></span>
</td>
<td class="num">(43,454)<span></span>
</td>
<td class="num">(12,424)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_GrossDeferredTaxLiabilities', window );">Deferred tax liability</a></td>
<td class="num">(10,965,085)<span></span>
</td>
<td class="num">(7,896,056)<span></span>
</td>
<td class="num">(9,851,895)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetDeferredTaxAssets', window );">Net deferred tax (liabilities) assets</a></td>
<td class="num">(8,048,308)<span></span>
</td>
<td class="num">(7,290,150)<span></span>
</td>
<td class="num">$ (7,538,219)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxAssetsLiabilitiesAxis=EDN_ResultFromexposureToInflationMember', window );">Result from exposure to inflation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfIncomeTaxLineItems', window );"><strong>SummaryOfIncomeTaxLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_TaxLossCarryforwards', window );">Tax loss carryforward</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,988)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxAssetsInventories', window );">Inventories</a></td>
<td class="num">(9,064)<span></span>
</td>
<td class="num">(2,427)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxAssetsTradeReceivablesAndOtherReceivables', window );">Trade receivables and other receivables</a></td>
<td class="num">(371,025)<span></span>
</td>
<td class="num">(66,156)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxAssetsTradePayablesAndOtherPayables', window );">Trade payables and other payables</a></td>
<td class="nump">757,645<span></span>
</td>
<td class="num">(535,455)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxAssetsSalariesAndSocialSecurityTaxesPayable', window );">Salaries and social security taxes payable</a></td>
<td class="nump">130,428<span></span>
</td>
<td class="num">(11,676)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxAssetsBenefitPlans', window );">Benefit plans</a></td>
<td class="num">(128,800)<span></span>
</td>
<td class="num">(49,949)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxAssetsTaxLiabilities', window );">Tax liabilities</a></td>
<td class="num">(43,540)<span></span>
</td>
<td class="num">(7,498)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxAssetsProvisions', window );">Provisions</a></td>
<td class="nump">755,078<span></span>
</td>
<td class="num">(71,602)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_GrossDeferredTaxAssets', window );">Deferred tax asset</a></td>
<td class="nump">1,036,929<span></span>
</td>
<td class="num">(746,751)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxLiabilitiesPropertyPlantEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">903,151<span></span>
</td>
<td class="nump">3,027,954<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxLiabilitiesFinancialAssetsAtFairValueThroughProfitOrLoss', window );">Financial assets at fair value through profit or loss</a></td>
<td class="nump">374,867<span></span>
</td>
<td class="nump">19,230<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxLiabilitiesBorrowings', window );">Borrowings</a></td>
<td class="nump">37,986<span></span>
</td>
<td class="nump">4,010<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_GrossDeferredTaxLiabilities', window );">Deferred tax liability</a></td>
<td class="nump">1,316,004<span></span>
</td>
<td class="nump">3,051,194<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetDeferredTaxAssets', window );">Net deferred tax (liabilities) assets</a></td>
<td class="nump">2,352,933<span></span>
</td>
<td class="nump">2,304,443<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxAssetsLiabilitiesAxis=EDN_ChargedToProfitAndLossMember', window );">Charged to profit and loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfIncomeTaxLineItems', window );"><strong>SummaryOfIncomeTaxLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_TaxLossCarryforwards', window );">Tax loss carryforward</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">49,620<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxAssetsInventories', window );">Inventories</a></td>
<td class="num">(4,390)<span></span>
</td>
<td class="nump">8,361<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxAssetsTradeReceivablesAndOtherReceivables', window );">Trade receivables and other receivables</a></td>
<td class="nump">335,061<span></span>
</td>
<td class="nump">342,250<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxAssetsTradePayablesAndOtherPayables', window );">Trade payables and other payables</a></td>
<td class="nump">772,447<span></span>
</td>
<td class="num">(698,886)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxAssetsSalariesAndSocialSecurityTaxesPayable', window );">Salaries and social security taxes payable</a></td>
<td class="nump">14,824<span></span>
</td>
<td class="num">(120,313)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxAssetsBenefitPlans', window );">Benefit plans</a></td>
<td class="nump">13,980<span></span>
</td>
<td class="nump">121,519<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxAssetsTaxLiabilities', window );">Tax liabilities</a></td>
<td class="nump">3,274<span></span>
</td>
<td class="nump">40,163<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxAssetsProvisions', window );">Provisions</a></td>
<td class="nump">137,055<span></span>
</td>
<td class="num">(696,518)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_GrossDeferredTaxAssets', window );">Deferred tax asset</a></td>
<td class="nump">1,272,251<span></span>
</td>
<td class="num">(953,803)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxLiabilitiesPropertyPlantEquipment', window );">Property, plant and equipment</a></td>
<td class="num">(4,184,856)<span></span>
</td>
<td class="num">(714,521)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxLiabilitiesFinancialAssetsAtFairValueThroughProfitOrLoss', window );">Financial assets at fair value through profit or loss</a></td>
<td class="num">(201,199)<span></span>
</td>
<td class="num">(345,794)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxLiabilitiesBorrowings', window );">Borrowings</a></td>
<td class="nump">1,022<span></span>
</td>
<td class="num">(35,040)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_GrossDeferredTaxLiabilities', window );">Deferred tax liability</a></td>
<td class="num">(4,385,033)<span></span>
</td>
<td class="num">(1,095,355)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetDeferredTaxAssets', window );">Net deferred tax (liabilities) assets</a></td>
<td class="num">(3,112,782)<span></span>
</td>
<td class="num">(2,049,158)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxAssetsLiabilitiesAxis=EDN_ChargedToOtherComprehensiveIncomeMember', window );">Charged to other comprehensive income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfIncomeTaxLineItems', window );"><strong>SummaryOfIncomeTaxLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_TaxLossCarryforwards', window );">Tax loss carryforward</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxAssetsInventories', window );">Inventories</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxAssetsTradeReceivablesAndOtherReceivables', window );">Trade receivables and other receivables</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxAssetsTradePayablesAndOtherPayables', window );">Trade payables and other payables</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxAssetsSalariesAndSocialSecurityTaxesPayable', window );">Salaries and social security taxes payable</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxAssetsBenefitPlans', window );">Benefit plans</a></td>
<td class="nump">1,691<span></span>
</td>
<td class="num">(7,216)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxAssetsTaxLiabilities', window );">Tax liabilities</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxAssetsProvisions', window );">Provisions</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_GrossDeferredTaxAssets', window );">Deferred tax asset</a></td>
<td class="nump">1,691<span></span>
</td>
<td class="num">(7,216)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxLiabilitiesPropertyPlantEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxLiabilitiesFinancialAssetsAtFairValueThroughProfitOrLoss', window );">Financial assets at fair value through profit or loss</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DeferredTaxLiabilitiesBorrowings', window );">Borrowings</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_GrossDeferredTaxLiabilities', window );">Deferred tax liability</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetDeferredTaxAssets', window );">Net deferred tax (liabilities) assets</a></td>
<td class="nump">$ 1,691<span></span>
</td>
<td class="num">$ (7,216)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_DeferredTaxAssetsBenefitPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_DeferredTaxAssetsBenefitPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_DeferredTaxAssetsInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_DeferredTaxAssetsInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_DeferredTaxAssetsProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_DeferredTaxAssetsProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_DeferredTaxAssetsSalariesAndSocialSecurityTaxesPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_DeferredTaxAssetsSalariesAndSocialSecurityTaxesPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_DeferredTaxAssetsTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_DeferredTaxAssetsTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_DeferredTaxAssetsTradePayablesAndOtherPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_DeferredTaxAssetsTradePayablesAndOtherPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_DeferredTaxAssetsTradeReceivablesAndOtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_DeferredTaxAssetsTradeReceivablesAndOtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_DeferredTaxLiabilitiesBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_DeferredTaxLiabilitiesBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_DeferredTaxLiabilitiesFinancialAssetsAtFairValueThroughProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_DeferredTaxLiabilitiesFinancialAssetsAtFairValueThroughProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_DeferredTaxLiabilitiesPropertyPlantEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_DeferredTaxLiabilitiesPropertyPlantEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_GrossDeferredTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_GrossDeferredTaxAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_GrossDeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_GrossDeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfIncomeTaxLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfIncomeTaxLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_TaxLossCarryforwards">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_TaxLossCarryforwards</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NetDeferredTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax assets net of deferred tax liabilities, when the absolute amount of deferred tax assets is greater than the absolute amount of deferred tax liabilities. [Refer: Deferred tax assets; Deferred tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetDeferredTaxAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_DeferredTaxAssetsLiabilitiesAxis=EDN_ResultFromexposureToInflationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_DeferredTaxAssetsLiabilitiesAxis=EDN_ResultFromexposureToInflationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_DeferredTaxAssetsLiabilitiesAxis=EDN_ChargedToProfitAndLossMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_DeferredTaxAssetsLiabilitiesAxis=EDN_ChargedToProfitAndLossMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_DeferredTaxAssetsLiabilitiesAxis=EDN_ChargedToOtherComprehensiveIncomeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_DeferredTaxAssetsLiabilitiesAxis=EDN_ChargedToOtherComprehensiveIncomeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6752878688">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>26. Income tax (Details 1) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfIncomeTaxLineItems', window );"><strong>SummaryOfIncomeTaxLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax asset</a></td>
<td class="nump">$ 2,916,777<span></span>
</td>
<td class="nump">$ 2,425,764<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetDeferredTaxLiabilities', window );">Deferred tax liability</a></td>
<td class="num">(10,965,085)<span></span>
</td>
<td class="num">(9,715,914)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetDeferredTaxAssets', window );">Net deferred tax assets (liabilities)</a></td>
<td class="num">(8,048,308)<span></span>
</td>
<td class="num">(7,290,150)<span></span>
</td>
<td class="num">$ (7,538,219)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_LessThan12MonthsMember', window );">To be recovered in less than 12 months</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfIncomeTaxLineItems', window );"><strong>SummaryOfIncomeTaxLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax asset</a></td>
<td class="nump">2,310,153<span></span>
</td>
<td class="nump">669,450<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetDeferredTaxLiabilities', window );">Deferred tax liability</a></td>
<td class="num">(1,966,173)<span></span>
</td>
<td class="num">(2,740,288)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_MoreThan12MonthsMember', window );">To be recovered in more than 12 months</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfIncomeTaxLineItems', window );"><strong>SummaryOfIncomeTaxLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax asset</a></td>
<td class="nump">606,624<span></span>
</td>
<td class="nump">1,756,314<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetDeferredTaxLiabilities', window );">Deferred tax liability</a></td>
<td class="num">$ (8,998,912)<span></span>
</td>
<td class="num">$ (6,975,626)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfIncomeTaxLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfIncomeTaxLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes recoverable in future periods in respect of: (a) deductible temporary differences; (b) the carryforward of unused tax losses; and (c) the carryforward of unused tax credits. [Refer: Temporary differences [member]; Unused tax credits [member]; Unused tax losses [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NetDeferredTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax assets net of deferred tax liabilities, when the absolute amount of deferred tax assets is greater than the absolute amount of deferred tax liabilities. [Refer: Deferred tax assets; Deferred tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetDeferredTaxAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NetDeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax liabilities net of deferred tax assets, when the absolute amount of deferred tax liabilities is greater than the absolute amount of deferred tax assets. [Refer: Deferred tax assets; Deferred tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetDeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_LessThan12MonthsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_LessThan12MonthsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_MoreThan12MonthsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_MoreThan12MonthsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>152
<FILENAME>R128.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6745345392">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>26. Income tax (Details 2) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_IncomeTaxDetails2Abstract', window );"><strong>Income Tax Details 2Abstract</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncome', window );">Deferred tax</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (759,849)<span></span>
</td>
<td class="nump">$ 255,285<span></span>
</td>
<td class="nump">$ 342,403<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxExpenseIncome', window );">Current tax</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,114,384)<span></span>
</td>
<td class="num">(760,641)<span></span>
</td>
<td class="num">(484,887)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferences', window );">Difference between provision and tax return</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(3,163)<span></span>
</td>
<td class="num">(4,700)<span></span>
</td>
<td class="num">(4,786)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_IncomeTaxExpense', window );">Income tax expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,877,396)<span></span>
</td>
<td class="num">(510,056)<span></span>
</td>
<td class="num">(147,270)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">Profit for the year before taxes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 6,174,862<span></span>
</td>
<td class="nump">$ 5,590,691<span></span>
</td>
<td class="nump">$ 388,041<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ApplicableTaxRate', window );">Applicable tax rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">30.00%<span></span>
</td>
<td class="nump">35.00%<span></span>
</td>
<td class="nump">35.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxExpenseIncomeAtApplicableTaxRate', window );">Loss for the year at the tax rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (1,852,459)<span></span>
</td>
<td class="num">$ (1,956,742)<span></span>
</td>
<td class="num">$ (135,814)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_GainFromInterestInJointVentures', window );">Gain (loss) from interest in joint ventures</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">560<span></span>
</td>
<td class="num">(6)<span></span>
</td>
<td class="num">(3)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_NontaxableIncome', window );">Non-taxable income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">220,769<span></span>
</td>
<td class="nump">115,661<span></span>
</td>
<td class="nump">138,040<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_IncomeTaxExpenseOther', window );">Gain on net monetary position and others</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,007,010)<span></span>
</td>
<td class="nump">902,631<span></span>
</td>
<td class="num">(144,707)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ProvisionTaxReturnDifference', window );">Difference between provision and tax return</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(3,163)<span></span>
</td>
<td class="num">(4,700)<span></span>
</td>
<td class="num">(4,786)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ChangeInIncomeTaxRate', window );">Change in the income tax rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">763,907<span></span>
</td>
<td class="nump">433,100<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Income tax expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (1,877,396)<span></span>
</td>
<td class="num">$ (510,056)<span></span>
</td>
<td class="num">$ (147,270)<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Refers to the effect of applying to deferred tax assets and liabilities the changes in income tax rates in accordance with the previously detailed tax reform on the basis of the year in which they are expected to be realized/settled.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_ChangeInIncomeTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_ChangeInIncomeTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_GainFromInterestInJointVentures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_GainFromInterestInJointVentures</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_IncomeTaxDetails2Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_IncomeTaxDetails2Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_IncomeTaxExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_IncomeTaxExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_IncomeTaxExpenseOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_IncomeTaxExpenseOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_NontaxableIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_NontaxableIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_ProvisionTaxReturnDifference">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_ProvisionTaxReturnDifference</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ApplicableTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The applicable income tax rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ApplicableTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxExpenseIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 80<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_80_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxExpenseIncome</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxExpenseIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tax expense (income) relating to changes in deferred tax liabilities and deferred tax assets. [Refer: Deferred tax assets; Deferred tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_g_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxExpenseIncome</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferences">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax expense or income relating to the creation or reversal of temporary differences. [Refer: Temporary differences [member]; Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 80<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_80_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferences</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2018-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2018-03-01&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) before tax expense or income. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2018-01-01<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=5&amp;date=2018-03-01&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossBeforeTax</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxExpenseIncomeAtApplicableTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The product of the accounting profit multiplied by the applicable tax rate(s). [Refer: Accounting profit; Applicable tax rate]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxExpenseIncomeAtApplicableTaxRate</td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6619835600">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>26. Income tax (Details 3) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_IncomeTaxDetails3Abstract', window );"><strong>Income Tax Details 3Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_IncomeTaxProvision', window );">Current</a></td>
<td class="nump">$ 1,114,384<span></span>
</td>
<td class="nump">$ 760,641<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_IncomeTaxProvisionNetOfTaxLossCarryforward', window );">Total tax payable</a></td>
<td class="nump">1,114,384<span></span>
</td>
<td class="nump">760,641<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_TaxWithholdings', window );">Tax withholdings</a></td>
<td class="num">(497,058)<span></span>
</td>
<td class="num">(71,550)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxLiabilities', window );">Income tax provision net</a></td>
<td class="nump">$ 617,326<span></span>
</td>
<td class="nump">$ 689,091<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_IncomeTaxProvisionNetOfTaxLossCarryforward</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">EDN_TaxWithholdings</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current tax for current and prior periods to the extent unpaid. Current tax is the amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph n<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_n&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>154
<FILENAME>R130.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
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</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6756984752">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>27. Tax liabilities (Details) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfTaxLiabilitiesLineItems', window );"><strong>SummaryOfTaxLiabilitiesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxLiabilitiesCurrent', window );">Current</a></td>
<td class="nump">$ 784,045<span></span>
</td>
<td class="nump">$ 1,555,501<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_ProvincialMunicipalFederalContributionTaxesPayableMember', window );">Provincial, municipal and federal contributions and taxes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfTaxLiabilitiesLineItems', window );"><strong>SummaryOfTaxLiabilitiesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxLiabilitiesCurrent', window );">Current</a></td>
<td class="nump">130,445<span></span>
</td>
<td class="nump">587,723<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_VATPayableMember', window );">VAT payable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfTaxLiabilitiesLineItems', window );"><strong>SummaryOfTaxLiabilitiesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxLiabilitiesCurrent', window );">Current</a></td>
<td class="nump">412,547<span></span>
</td>
<td class="nump">728,173<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_TaxWithholdingsMember', window );">Tax withholdings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfTaxLiabilitiesLineItems', window );"><strong>SummaryOfTaxLiabilitiesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxLiabilitiesCurrent', window );">Current</a></td>
<td class="nump">127,121<span></span>
</td>
<td class="nump">131,091<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_SUSSWithholdingsMember', window );">SUSS withholdings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfTaxLiabilitiesLineItems', window );"><strong>SummaryOfTaxLiabilitiesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxLiabilitiesCurrent', window );">Current</a></td>
<td class="nump">7,435<span></span>
</td>
<td class="nump">5,190<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_MunicipalTaxesPaybleMember', window );">Municipal taxes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfTaxLiabilitiesLineItems', window );"><strong>SummaryOfTaxLiabilitiesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxLiabilitiesCurrent', window );">Current</a></td>
<td class="nump">106,117<span></span>
</td>
<td class="nump">101,082<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_TaxRegularizationPlanMember', window );">Tax regularization plan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfTaxLiabilitiesLineItems', window );"><strong>SummaryOfTaxLiabilitiesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxLiabilitiesCurrent', window );">Current</a></td>
<td class="nump">$ 380<span></span>
</td>
<td class="nump">$ 2,242<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfTaxLiabilitiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfTaxLiabilitiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current amount of current tax liabilities. [Refer: Current tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph n<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_n&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_ProvincialMunicipalFederalContributionTaxesPayableMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_ProvincialMunicipalFederalContributionTaxesPayableMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_VATPayableMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_VATPayableMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_TaxWithholdingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_TaxWithholdingsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_SUSSWithholdingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_SUSSWithholdingsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_MunicipalTaxesPaybleMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_MunicipalTaxesPaybleMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_TaxRegularizationPlanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_TaxRegularizationPlanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>155
<FILENAME>R131.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6742052848">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>28. Leases (Details) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfLeasingsLineItems', window );"><strong>SummaryOfLeasingsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Total future minimum lease payments</a></td>
<td class="nump">$ 396,017<span></span>
</td>
<td class="nump">$ 305,920<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_TwentyEighteenMember', window );">2018</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfLeasingsLineItems', window );"><strong>SummaryOfLeasingsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Total future minimum lease payments</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">124,503<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_TwentyNineteenMember', window );">2019</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfLeasingsLineItems', window );"><strong>SummaryOfLeasingsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Total future minimum lease payments</a></td>
<td class="nump">155,454<span></span>
</td>
<td class="nump">124,626<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_TwentyTwentyMember', window );">2020</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfLeasingsLineItems', window );"><strong>SummaryOfLeasingsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Total future minimum lease payments</a></td>
<td class="nump">138,048<span></span>
</td>
<td class="nump">52,194<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_TwentyTwentyOneMember', window );">2021</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfLeasingsLineItems', window );"><strong>SummaryOfLeasingsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Total future minimum lease payments</a></td>
<td class="nump">$ 102,515<span></span>
</td>
<td class="nump">$ 4,597<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfLeasingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfLeasingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of future minimum lease payments payable under non-cancellable operating leases. Minimum lease payments are payments over the lease term that the lessee is or can be required to make, excluding contingent rent, costs for services and taxes to be paid by, and reimbursed to, the lessor, together with: (a) for a lessee, any amounts guaranteed by the lessee or by a party related to the lessee; or (b) for a lessor, any residual value guaranteed to the lessor by: (i) the lessee; (ii) a party related to the lessee; or (iii) a third party unrelated to the lessor that is financially capable of discharging the obligations under the guarantee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2019-01-01<br> -Name IAS<br> -Number 17<br> -IssueDate 2018-01-01<br> -Paragraph 35<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=17&amp;date=2018-03-02&amp;anchor=para_35_a&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_TwentyEighteenMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_TwentyEighteenMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_TwentyNineteenMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_TwentyNineteenMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_TwentyTwentyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_TwentyTwentyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_TwentyTwentyOneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_TwentyTwentyOneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>156
<FILENAME>R132.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6747410608">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>28. Leases (Details 1) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_LeasesDetails1Abstract', window );"><strong>Leases Details 1Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LeaseAndSubleasePaymentsRecognisedAsExpense', window );">Total lease expenses</a></td>
<td class="nump">$ 125,157<span></span>
</td>
<td class="nump">$ 126,098<span></span>
</td>
<td class="nump">$ 126,193<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_LeasesDetails1Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_LeasesDetails1Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LeaseAndSubleasePaymentsRecognisedAsExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of payments on leases and subleases recognised as an expense by the lessee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2019-01-01<br> -Name IAS<br> -Number 17<br> -IssueDate 2018-01-01<br> -Paragraph 35<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=17&amp;date=2018-03-02&amp;anchor=para_35_c&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LeaseAndSubleasePaymentsRecognisedAsExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>157
<FILENAME>R133.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6739080784">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>28. Leases (Details 2) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfLeasingsLineItems', window );"><strong>SummaryOfLeasingsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpectedFutureMinimumSubleasePaymentsReceivableUnderNoncancellableSubleasesClassifiedAsOperatingLease', window );">Total future minimum lease collections</a></td>
<td class="nump">$ 173,619<span></span>
</td>
<td class="nump">$ 395,955<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_TwentyEighteenMember', window );">2018</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfLeasingsLineItems', window );"><strong>SummaryOfLeasingsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpectedFutureMinimumSubleasePaymentsReceivableUnderNoncancellableSubleasesClassifiedAsOperatingLease', window );">Total future minimum lease collections</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">202,143<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=EDN_TwentyNineteenMember', window );">2019</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfLeasingsLineItems', window );"><strong>SummaryOfLeasingsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpectedFutureMinimumSubleasePaymentsReceivableUnderNoncancellableSubleasesClassifiedAsOperatingLease', window );">Total future minimum lease collections</a></td>
<td class="nump">$ 173,619<span></span>
</td>
<td class="nump">$ 193,812<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfLeasingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfLeasingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExpectedFutureMinimumSubleasePaymentsReceivableUnderNoncancellableSubleasesClassifiedAsOperatingLease">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of future minimum sublease payments expected to be received under non-cancellable subleases for operating leases. Minimum lease payments are payments over the lease term that the lessee is, or can be, required to make, excluding contingent rent, costs for services and taxes to be paid by, and reimbursed to, the lessor, together with: (a) for a lessee, any amounts guaranteed by the lessee or by a party related to the lessee; or (b) for a lessor, any residual value guaranteed to the lessor by: (i) the lessee; (ii) a party related to the lessee; or (iii) a third party unrelated to the lessor that is financially capable of discharging the obligations under the guarantee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2019-01-01<br> -Name IAS<br> -Number 17<br> -IssueDate 2018-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=17&amp;date=2018-03-02&amp;anchor=para_35_b&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpectedFutureMinimumSubleasePaymentsReceivableUnderNoncancellableSubleasesClassifiedAsOperatingLease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_TwentyEighteenMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_TwentyEighteenMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=EDN_TwentyNineteenMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=EDN_TwentyNineteenMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>158
<FILENAME>R134.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6656306160">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>28. Leases (Details 3) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_LeasesDetails3Abstract', window );"><strong>Leases Details 3Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContingentRentsRecognisedAsIncome', window );">Total lease income</a></td>
<td class="nump">$ 190,370<span></span>
</td>
<td class="nump">$ 212,265<span></span>
</td>
<td class="nump">$ 199,431<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_LeasesDetails3Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_LeasesDetails3Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ContingentRentsRecognisedAsIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of lease payments recognised as income that is not fixed in amount but is based on the future amount of a factor that changes other than with the passage of time (for example, percentage of future sales, amount of future use, future price indices, future market rates of interest).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2019-01-01<br> -Name IAS<br> -Number 17<br> -IssueDate 2018-01-01<br> -Paragraph 47<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=17&amp;date=2018-03-02&amp;anchor=para_47_e&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2019-01-01<br> -Name IAS<br> -Number 17<br> -IssueDate 2018-01-01<br> -Paragraph 56<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=17&amp;date=2018-03-02&amp;anchor=para_56_b&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ContingentRentsRecognisedAsIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>159
<FILENAME>R135.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6745065952">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>29. Provisions (Details) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfProvisionsLineItems', window );"><strong>SummaryOfProvisionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Provisions', window );">Provisions, beginning</a></td>
<td class="nump">$ 883,119<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Provisions', window );">Provisions, ending</a></td>
<td class="nump">1,070,150<span></span>
</td>
<td class="nump">$ 883,119<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_NoncurrentLiabilitiesMember', window );">Non-current liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfProvisionsLineItems', window );"><strong>SummaryOfProvisionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Provisions', window );">Provisions, beginning</a></td>
<td class="nump">883,119<span></span>
</td>
<td class="nump">504,038<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_IncreasesProvisions', window );">Increases</a></td>
<td class="nump">472,067<span></span>
</td>
<td class="nump">411,975<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DecreasesProvisions', window );">Decreases</a></td>
<td class="num">(85,662)<span></span>
</td>
<td class="num">(4)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ResultFromExposureToInflationProvisions', window );">Result from exposure to inflation</a></td>
<td class="num">(199,374)<span></span>
</td>
<td class="num">(32,890)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Provisions', window );">Provisions, ending</a></td>
<td class="nump">1,070,150<span></span>
</td>
<td class="nump">883,119<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_CurrentLiabilitiesMember', window );">Current liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfProvisionsLineItems', window );"><strong>SummaryOfProvisionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Provisions', window );">Provisions, beginning</a></td>
<td class="nump">190,858<span></span>
</td>
<td class="nump">129,808<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_IncreasesProvisions', window );">Increases</a></td>
<td class="nump">252,030<span></span>
</td>
<td class="nump">130,389<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_DecreasesProvisions', window );">Decreases</a></td>
<td class="num">(239,585)<span></span>
</td>
<td class="num">(58,930)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ResultFromExposureToInflationProvisions', window );">Result from exposure to inflation</a></td>
<td class="num">(15,868)<span></span>
</td>
<td class="num">(10,409)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Provisions', window );">Provisions, ending</a></td>
<td class="nump">$ 187,435<span></span>
</td>
<td class="nump">$ 190,858<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_DecreasesProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_DecreasesProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_IncreasesProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_IncreasesProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_ResultFromExposureToInflationProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_ResultFromExposureToInflationProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfProvisionsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfProvisionsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Provisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities of uncertain timing or amount.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph l<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_l&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Provisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_NoncurrentLiabilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_NoncurrentLiabilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=EDN_CurrentLiabilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=EDN_CurrentLiabilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</div></td></tr>
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</DOCUMENT>
<DOCUMENT>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6743788432">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>30. Revenue from sales (Details) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfRevenueFromSalesLineItems', window );"><strong>SummaryOfRevenueFromSalesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Revenue from sales</a></td>
<td class="nump">$ 55,953,649<span></span>
</td>
<td class="nump">$ 39,602,868<span></span>
</td>
<td class="nump">$ 25,826,759<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_RevenueAxis=EDN_ElectricitySalesMember', window );">Sales of electricity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfRevenueFromSalesLineItems', window );"><strong>SummaryOfRevenueFromSalesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Revenue from sales</a></td>
<td class="nump">55,689,651<span></span>
</td>
<td class="nump">39,329,729<span></span>
</td>
<td class="nump">25,576,978<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_RevenueAxis=EDN_RightOfUsePolesMember', window );">Right of use on poles</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfRevenueFromSalesLineItems', window );"><strong>SummaryOfRevenueFromSalesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Revenue from sales</a></td>
<td class="nump">190,370<span></span>
</td>
<td class="nump">212,265<span></span>
</td>
<td class="nump">213,449<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_RevenueAxis=EDN_ConnectionChargesMember', window );">Connection charges</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfRevenueFromSalesLineItems', window );"><strong>SummaryOfRevenueFromSalesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Revenue from sales</a></td>
<td class="nump">51,105<span></span>
</td>
<td class="nump">49,369<span></span>
</td>
<td class="nump">30,893<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_RevenueAxis=EDN_ReconnectionChargesMember', window );">Reconnection charges</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfRevenueFromSalesLineItems', window );"><strong>SummaryOfRevenueFromSalesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Revenue from sales</a></td>
<td class="nump">$ 22,523<span></span>
</td>
<td class="nump">$ 11,505<span></span>
</td>
<td class="nump">$ 5,439<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfRevenueFromSalesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfRevenueFromSalesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Revenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The income arising in the course of an entity's ordinary activities. Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 32<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2018-01-01<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=5&amp;date=2018-03-01&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_RevenueAxis=EDN_ElectricitySalesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_RevenueAxis=EDN_ElectricitySalesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_RevenueAxis=EDN_RightOfUsePolesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_RevenueAxis=EDN_RightOfUsePolesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_RevenueAxis=EDN_ConnectionChargesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_RevenueAxis=EDN_ConnectionChargesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_RevenueAxis=EDN_ReconnectionChargesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_RevenueAxis=EDN_ReconnectionChargesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>161
<FILENAME>R137.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6756186544">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>31. Expenses by nature (Details) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfExpensesByNatureLineItems', window );"><strong>SummaryOfExpensesByNatureLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DistributionAndAdministrativeExpense', window );">Transmission and distribution expenses</a></td>
<td class="nump">$ 10,912,722<span></span>
</td>
<td class="nump">$ 9,247,065<span></span>
</td>
<td class="nump">$ 13,263,857<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SalesAndMarketingExpense', window );">Selling expenses</a></td>
<td class="nump">5,032,681<span></span>
</td>
<td class="nump">3,567,838<span></span>
</td>
<td class="nump">3,379,261<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administrative expenses</a></td>
<td class="nump">2,872,127<span></span>
</td>
<td class="nump">2,504,506<span></span>
</td>
<td class="nump">2,288,037<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNature', window );">Expenses by nature</a></td>
<td class="nump">18,817,530<span></span>
</td>
<td class="nump">15,319,409<span></span>
</td>
<td class="nump">18,931,155<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ExpensesByNatureAxis=EDN_SalariesAndSocialSecurityTaxesMember', window );">Salaries and social security taxes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfExpensesByNatureLineItems', window );"><strong>SummaryOfExpensesByNatureLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DistributionAndAdministrativeExpense', window );">Transmission and distribution expenses</a></td>
<td class="nump">4,331,442<span></span>
</td>
<td class="nump">4,997,823<span></span>
</td>
<td class="nump">5,104,795<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SalesAndMarketingExpense', window );">Selling expenses</a></td>
<td class="nump">777,014<span></span>
</td>
<td class="nump">886,976<span></span>
</td>
<td class="nump">861,097<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administrative expenses</a></td>
<td class="nump">914,507<span></span>
</td>
<td class="nump">917,200<span></span>
</td>
<td class="nump">987,713<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNature', window );">Expenses by nature</a></td>
<td class="nump">6,022,963<span></span>
</td>
<td class="nump">6,801,999<span></span>
</td>
<td class="nump">6,953,605<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ExpensesByNatureAxis=EDN_PensionPlansMember', window );">Pension plans</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfExpensesByNatureLineItems', window );"><strong>SummaryOfExpensesByNatureLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DistributionAndAdministrativeExpense', window );">Transmission and distribution expenses</a></td>
<td class="nump">80,695<span></span>
</td>
<td class="nump">124,507<span></span>
</td>
<td class="nump">142,590<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SalesAndMarketingExpense', window );">Selling expenses</a></td>
<td class="nump">14,476<span></span>
</td>
<td class="nump">22,097<span></span>
</td>
<td class="nump">24,053<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administrative expenses</a></td>
<td class="nump">17,037<span></span>
</td>
<td class="nump">22,850<span></span>
</td>
<td class="nump">27,589<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNature', window );">Expenses by nature</a></td>
<td class="nump">112,208<span></span>
</td>
<td class="nump">169,454<span></span>
</td>
<td class="nump">194,232<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ExpensesByNatureAxis=EDN_CommunicationExpensesMember', window );">Communications expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfExpensesByNatureLineItems', window );"><strong>SummaryOfExpensesByNatureLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DistributionAndAdministrativeExpense', window );">Transmission and distribution expenses</a></td>
<td class="nump">81,110<span></span>
</td>
<td class="nump">55,281<span></span>
</td>
<td class="nump">49,817<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SalesAndMarketingExpense', window );">Selling expenses</a></td>
<td class="nump">269,674<span></span>
</td>
<td class="nump">289,371<span></span>
</td>
<td class="nump">251,381<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administrative expenses</a></td>
<td class="nump">16,017<span></span>
</td>
<td class="nump">22,804<span></span>
</td>
<td class="nump">20,318<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNature', window );">Expenses by nature</a></td>
<td class="nump">366,801<span></span>
</td>
<td class="nump">367,456<span></span>
</td>
<td class="nump">321,516<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ExpensesByNatureAxis=EDN_AllowanceForImpairmentOfTradeAndOtherReceivablesMember', window );">Allowance for the impairment of trade and other receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfExpensesByNatureLineItems', window );"><strong>SummaryOfExpensesByNatureLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DistributionAndAdministrativeExpense', window );">Transmission and distribution expenses</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SalesAndMarketingExpense', window );">Selling expenses</a></td>
<td class="nump">977,503<span></span>
</td>
<td class="nump">391,615<span></span>
</td>
<td class="nump">433,371<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administrative expenses</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNature', window );">Expenses by nature</a></td>
<td class="nump">977,503<span></span>
</td>
<td class="nump">391,615<span></span>
</td>
<td class="nump">433,371<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ExpensesByNatureAxis=EDN_SuppliesConsumptionMember', window );">Supplies consumption</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfExpensesByNatureLineItems', window );"><strong>SummaryOfExpensesByNatureLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DistributionAndAdministrativeExpense', window );">Transmission and distribution expenses</a></td>
<td class="nump">790,392<span></span>
</td>
<td class="nump">687,199<span></span>
</td>
<td class="nump">513,318<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SalesAndMarketingExpense', window );">Selling expenses</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administrative expenses</a></td>
<td class="nump">122,623<span></span>
</td>
<td class="nump">109,780<span></span>
</td>
<td class="nump">64,249<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNature', window );">Expenses by nature</a></td>
<td class="nump">913,015<span></span>
</td>
<td class="nump">796,979<span></span>
</td>
<td class="nump">577,567<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ExpensesByNatureAxis=EDN_LeasesAndInsuranceMember', window );">Leases and insurance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfExpensesByNatureLineItems', window );"><strong>SummaryOfExpensesByNatureLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DistributionAndAdministrativeExpense', window );">Transmission and distribution expenses</a></td>
<td class="nump">530<span></span>
</td>
<td class="nump">653<span></span>
</td>
<td class="nump">870<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SalesAndMarketingExpense', window );">Selling expenses</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administrative expenses</a></td>
<td class="nump">180,218<span></span>
</td>
<td class="nump">182,024<span></span>
</td>
<td class="nump">173,973<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNature', window );">Expenses by nature</a></td>
<td class="nump">180,748<span></span>
</td>
<td class="nump">182,677<span></span>
</td>
<td class="nump">174,843<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ExpensesByNatureAxis=EDN_SecurityServiceMember', window );">Security service</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfExpensesByNatureLineItems', window );"><strong>SummaryOfExpensesByNatureLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DistributionAndAdministrativeExpense', window );">Transmission and distribution expenses</a></td>
<td class="nump">136,656<span></span>
</td>
<td class="nump">130,263<span></span>
</td>
<td class="nump">134,404<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SalesAndMarketingExpense', window );">Selling expenses</a></td>
<td class="nump">2,027<span></span>
</td>
<td class="nump">1,797<span></span>
</td>
<td class="nump">22,855<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administrative expenses</a></td>
<td class="nump">128,699<span></span>
</td>
<td class="nump">141,231<span></span>
</td>
<td class="nump">85,461<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNature', window );">Expenses by nature</a></td>
<td class="nump">267,382<span></span>
</td>
<td class="nump">273,291<span></span>
</td>
<td class="nump">242,720<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ExpensesByNatureAxis=EDN_FeesAndRemunerationForServicesMember', window );">Fees and remuneration for services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfExpensesByNatureLineItems', window );"><strong>SummaryOfExpensesByNatureLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DistributionAndAdministrativeExpense', window );">Transmission and distribution expenses</a></td>
<td class="nump">1,411,812<span></span>
</td>
<td class="nump">1,081,974<span></span>
</td>
<td class="nump">897,754<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SalesAndMarketingExpense', window );">Selling expenses</a></td>
<td class="nump">1,040,164<span></span>
</td>
<td class="nump">876,612<span></span>
</td>
<td class="nump">923,607<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administrative expenses</a></td>
<td class="nump">1,007,152<span></span>
</td>
<td class="nump">820,225<span></span>
</td>
<td class="nump">771,520<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNature', window );">Expenses by nature</a></td>
<td class="nump">3,459,128<span></span>
</td>
<td class="nump">2,778,811<span></span>
</td>
<td class="nump">2,592,881<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ExpensesByNatureAxis=EDN_PublicRelationsAndMarketingMember', window );">Public relations and marketing</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfExpensesByNatureLineItems', window );"><strong>SummaryOfExpensesByNatureLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DistributionAndAdministrativeExpense', window );">Transmission and distribution expenses</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SalesAndMarketingExpense', window );">Selling expenses</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administrative expenses</a></td>
<td class="nump">32,246<span></span>
</td>
<td class="nump">56,659<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNature', window );">Expenses by nature</a></td>
<td class="nump">32,246<span></span>
</td>
<td class="nump">56,659<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ExpensesByNatureAxis=EDN_AdvertisingAndSponsorhipMember', window );">Advertising and sponsorship</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfExpensesByNatureLineItems', window );"><strong>SummaryOfExpensesByNatureLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DistributionAndAdministrativeExpense', window );">Transmission and distribution expenses</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SalesAndMarketingExpense', window );">Selling expenses</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administrative expenses</a></td>
<td class="nump">16,612<span></span>
</td>
<td class="nump">29,187<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNature', window );">Expenses by nature</a></td>
<td class="nump">16,612<span></span>
</td>
<td class="nump">29,187<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ExpensesByNatureAxis=EDN_ReimbursementsToPersonnelMember', window );">Reimbursements to personnel</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfExpensesByNatureLineItems', window );"><strong>SummaryOfExpensesByNatureLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DistributionAndAdministrativeExpense', window );">Transmission and distribution expenses</a></td>
<td class="nump">60<span></span>
</td>
<td class="nump">89<span></span>
</td>
<td class="nump">1,821<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SalesAndMarketingExpense', window );">Selling expenses</a></td>
<td class="nump">68<span></span>
</td>
<td class="nump">55<span></span>
</td>
<td class="nump">343<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administrative expenses</a></td>
<td class="nump">498<span></span>
</td>
<td class="nump">827<span></span>
</td>
<td class="nump">1,520<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNature', window );">Expenses by nature</a></td>
<td class="nump">626<span></span>
</td>
<td class="nump">971<span></span>
</td>
<td class="nump">3,684<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ExpensesByNatureAxis=EDN_DepreciationOfPropertyPlantsAndEquipmentMember', window );">Depreciation of property, plants and</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfExpensesByNatureLineItems', window );"><strong>SummaryOfExpensesByNatureLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DistributionAndAdministrativeExpense', window );">Transmission and distribution expenses</a></td>
<td class="nump">2,014,887<span></span>
</td>
<td class="nump">1,740,231<span></span>
</td>
<td class="nump">1,739,293<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SalesAndMarketingExpense', window );">Selling expenses</a></td>
<td class="nump">300,255<span></span>
</td>
<td class="nump">275,125<span></span>
</td>
<td class="nump">301,301<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administrative expenses</a></td>
<td class="nump">246,357<span></span>
</td>
<td class="nump">132,733<span></span>
</td>
<td class="nump">106,647<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNature', window );">Expenses by nature</a></td>
<td class="nump">2,561,499<span></span>
</td>
<td class="nump">2,148,089<span></span>
</td>
<td class="nump">2,147,241<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ExpensesByNatureAxis=EDN_DirectorsAndSupervisoryCommitteeMembersFeeMember', window );">Directors and Supervisory Committee</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfExpensesByNatureLineItems', window );"><strong>SummaryOfExpensesByNatureLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DistributionAndAdministrativeExpense', window );">Transmission and distribution expenses</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SalesAndMarketingExpense', window );">Selling expenses</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administrative expenses</a></td>
<td class="nump">21,893<span></span>
</td>
<td class="nump">21,429<span></span>
</td>
<td class="nump">11,937<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNature', window );">Expenses by nature</a></td>
<td class="nump">21,893<span></span>
</td>
<td class="nump">21,429<span></span>
</td>
<td class="nump">11,937<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ExpensesByNatureAxis=EDN_ENREPenaltiesMember', window );">ENRE penalties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfExpensesByNatureLineItems', window );"><strong>SummaryOfExpensesByNatureLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DistributionAndAdministrativeExpense', window );">Transmission and distribution expenses</a></td>
<td class="nump">2,064,330<span></span>
</td>
<td class="nump">428,049<span></span>
</td>
<td class="nump">4,677,844<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SalesAndMarketingExpense', window );">Selling expenses</a></td>
<td class="nump">1,052,135<span></span>
</td>
<td class="nump">428,663<span></span>
</td>
<td class="nump">367,907<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administrative expenses</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNature', window );">Expenses by nature</a></td>
<td class="nump">3,116,465<span></span>
</td>
<td class="nump">856,712<span></span>
</td>
<td class="nump">5,045,751<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ExpensesByNatureAxis=EDN_TaxesAndChargesMember', window );">Taxes and charges</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfExpensesByNatureLineItems', window );"><strong>SummaryOfExpensesByNatureLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DistributionAndAdministrativeExpense', window );">Transmission and distribution expenses</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SalesAndMarketingExpense', window );">Selling expenses</a></td>
<td class="nump">598,908<span></span>
</td>
<td class="nump">395,263<span></span>
</td>
<td class="nump">193,081<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administrative expenses</a></td>
<td class="nump">162,549<span></span>
</td>
<td class="nump">32,011<span></span>
</td>
<td class="nump">27,088<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNature', window );">Expenses by nature</a></td>
<td class="nump">761,457<span></span>
</td>
<td class="nump">427,274<span></span>
</td>
<td class="nump">220,169<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ExpensesByNatureAxis=EDN_OtherMember', window );">Other</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfExpensesByNatureLineItems', window );"><strong>SummaryOfExpensesByNatureLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DistributionAndAdministrativeExpense', window );">Transmission and distribution expenses</a></td>
<td class="nump">808<span></span>
</td>
<td class="nump">996<span></span>
</td>
<td class="nump">1,351<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SalesAndMarketingExpense', window );">Selling expenses</a></td>
<td class="nump">457<span></span>
</td>
<td class="nump">264<span></span>
</td>
<td class="nump">265<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administrative expenses</a></td>
<td class="nump">5,719<span></span>
</td>
<td class="nump">15,546<span></span>
</td>
<td class="nump">10,022<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNature', window );">Expenses by nature</a></td>
<td class="nump">$ 6,984<span></span>
</td>
<td class="nump">$ 16,806<span></span>
</td>
<td class="nump">$ 11,638<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfExpensesByNatureLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfExpensesByNatureLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses that the entity classifies as being administrative.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2018-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2018-03-01&amp;anchor=para_35_b_vi&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DistributionAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense relating to distribution costs and administrative expenses. [Refer: Administrative expenses; Distribution costs]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DistributionAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExpenseByNature">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses aggregated according to their nature (for example, depreciation, purchases of materials, transport costs, employee benefits and advertising costs), and not reallocated among functions within the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpenseByNature</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SalesAndMarketingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense relating to the marketing and selling of goods or services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SalesAndMarketingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_ExpensesByNatureAxis=EDN_SalariesAndSocialSecurityTaxesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_ExpensesByNatureAxis=EDN_SalariesAndSocialSecurityTaxesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_ExpensesByNatureAxis=EDN_PensionPlansMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_ExpensesByNatureAxis=EDN_PensionPlansMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_ExpensesByNatureAxis=EDN_CommunicationExpensesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_ExpensesByNatureAxis=EDN_CommunicationExpensesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_ExpensesByNatureAxis=EDN_AllowanceForImpairmentOfTradeAndOtherReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_ExpensesByNatureAxis=EDN_AllowanceForImpairmentOfTradeAndOtherReceivablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_ExpensesByNatureAxis=EDN_SuppliesConsumptionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_ExpensesByNatureAxis=EDN_SuppliesConsumptionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_ExpensesByNatureAxis=EDN_LeasesAndInsuranceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_ExpensesByNatureAxis=EDN_LeasesAndInsuranceMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_ExpensesByNatureAxis=EDN_SecurityServiceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_ExpensesByNatureAxis=EDN_SecurityServiceMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_ExpensesByNatureAxis=EDN_FeesAndRemunerationForServicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_ExpensesByNatureAxis=EDN_FeesAndRemunerationForServicesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_ExpensesByNatureAxis=EDN_PublicRelationsAndMarketingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_ExpensesByNatureAxis=EDN_PublicRelationsAndMarketingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_ExpensesByNatureAxis=EDN_AdvertisingAndSponsorhipMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_ExpensesByNatureAxis=EDN_AdvertisingAndSponsorhipMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_ExpensesByNatureAxis=EDN_ReimbursementsToPersonnelMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_ExpensesByNatureAxis=EDN_ReimbursementsToPersonnelMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_ExpensesByNatureAxis=EDN_DepreciationOfPropertyPlantsAndEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_ExpensesByNatureAxis=EDN_DepreciationOfPropertyPlantsAndEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_ExpensesByNatureAxis=EDN_DirectorsAndSupervisoryCommitteeMembersFeeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_ExpensesByNatureAxis=EDN_DirectorsAndSupervisoryCommitteeMembersFeeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_ExpensesByNatureAxis=EDN_ENREPenaltiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_ExpensesByNatureAxis=EDN_ENREPenaltiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_ExpensesByNatureAxis=EDN_TaxesAndChargesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_ExpensesByNatureAxis=EDN_TaxesAndChargesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_ExpensesByNatureAxis=EDN_OtherMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_ExpensesByNatureAxis=EDN_OtherMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>162
<FILENAME>R138.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6750941328">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>31. Expenses by nature (Details Narrative) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ExpensesByNatureDetailsNarrativeAbstract', window );"><strong>Expenses By Nature Details Narrative Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_ExpensesCapitalised', window );">Expenses capitalized in property, plant and equipment</a></td>
<td class="nump">$ 1,000,000<span></span>
</td>
<td class="nump">$ 869,700<span></span>
</td>
<td class="nump">$ 602,000<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_ExpensesByNatureDetailsNarrativeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_ExpensesByNatureDetailsNarrativeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_ExpensesCapitalised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_ExpensesCapitalised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>163
<FILENAME>R139.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6742639024">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>32. Other operating expense, net (Details) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherOperatingExpensesNetLineItems', window );"><strong>SummaryOfOtherOperatingExpensesNetLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OperatingIncomeOther', window );">Other operating income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 321,756<span></span>
</td>
<td class="nump">$ 157,812<span></span>
</td>
<td class="nump">$ 172,147<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OperatingExpenseOther', window );">Other operating expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,642,566)<span></span>
</td>
<td class="num">(1,260,504)<span></span>
</td>
<td class="num">(1,085,162)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherOperatingIncomeExpense', window );">Other operating expense, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,320,810)<span></span>
</td>
<td class="num">(1,102,692)<span></span>
</td>
<td class="num">(913,015)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OperatingIncomeExpenseAxis=EDN_ServicesProvidedThirdPartiesMember', window );">Services provided to third parties</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherOperatingExpensesNetLineItems', window );"><strong>SummaryOfOtherOperatingExpensesNetLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OperatingIncomeOther', window );">Other operating income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">74,522<span></span>
</td>
<td class="nump">89,303<span></span>
</td>
<td class="nump">120,580<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OperatingIncomeExpenseAxis=EDN_CommissionsOnMunicipalTaxesCollectionMember', window );">Commissions on municipal taxes collection</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherOperatingExpensesNetLineItems', window );"><strong>SummaryOfOtherOperatingExpensesNetLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OperatingIncomeOther', window );">Other operating income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">77,088<span></span>
</td>
<td class="nump">51,358<span></span>
</td>
<td class="nump">42,131<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OperatingIncomeExpenseAxis=ifrs-full_RelatedPartiesMember', window );">Related parties</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherOperatingExpensesNetLineItems', window );"><strong>SummaryOfOtherOperatingExpensesNetLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OperatingIncomeOther', window );">Other operating income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">44,303<span></span>
</td>
<td class="nump">4,263<span></span>
</td>
<td class="nump">921<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OperatingIncomeExpenseAxis=EDN_IncomeFromNonreimbursableCustomerContributionsMember', window );">Income from non-reimbursable customer contributions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherOperatingExpensesNetLineItems', window );"><strong>SummaryOfOtherOperatingExpensesNetLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OperatingIncomeOther', window );">Other operating income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5,574<span></span>
</td>
<td class="nump">4,372<span></span>
</td>
<td class="nump">1,520<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OperatingIncomeExpenseAxis=EDN_FinesToSuppliersMember', window );">Fines to suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherOperatingExpensesNetLineItems', window );"><strong>SummaryOfOtherOperatingExpensesNetLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OperatingIncomeOther', window );">Other operating income</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">76,914<span></span>
</td>
<td class="nump">7,811<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OperatingIncomeExpenseAxis=EDN_OthersMember', window );">Others</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherOperatingExpensesNetLineItems', window );"><strong>SummaryOfOtherOperatingExpensesNetLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OperatingIncomeOther', window );">Other operating income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">43,355<span></span>
</td>
<td class="nump">705<span></span>
</td>
<td class="nump">6,995<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OperatingExpenseOther', window );">Other operating expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(45,918)<span></span>
</td>
<td class="num">(14,398)<span></span>
</td>
<td class="num">(1,534)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OperatingIncomeExpenseAxis=EDN_GratificationForServicesMember', window );">Gratifications for services</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherOperatingExpensesNetLineItems', window );"><strong>SummaryOfOtherOperatingExpensesNetLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OperatingExpenseOther', window );">Other operating expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(74,266)<span></span>
</td>
<td class="num">(80,802)<span></span>
</td>
<td class="num">(69,678)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OperatingIncomeExpenseAxis=EDN_CostForServicesProvidedToThirdPartiesMember', window );">Cost for services provided to third parties</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherOperatingExpensesNetLineItems', window );"><strong>SummaryOfOtherOperatingExpensesNetLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OperatingExpenseOther', window );">Other operating expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(52,429)<span></span>
</td>
<td class="num">(65,238)<span></span>
</td>
<td class="num">(98,328)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OperatingIncomeExpenseAxis=EDN_SeverancePaidMember', window );">Severance paid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherOperatingExpensesNetLineItems', window );"><strong>SummaryOfOtherOperatingExpensesNetLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OperatingExpenseOther', window );">Other operating expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(16,645)<span></span>
</td>
<td class="num">(28,353)<span></span>
</td>
<td class="num">(31,243)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OperatingIncomeExpenseAxis=EDN_DonationsAndContributionsMember', window );">Donations and contributions&#160;</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherOperatingExpensesNetLineItems', window );"><strong>SummaryOfOtherOperatingExpensesNetLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OperatingExpenseOther', window );">Other operating expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(6)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OperatingIncomeExpenseAxis=EDN_DebitAndCreditTaxMember', window );">Debit and Credit Tax</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherOperatingExpensesNetLineItems', window );"><strong>SummaryOfOtherOperatingExpensesNetLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OperatingExpenseOther', window );">Other operating expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(594,750)<span></span>
</td>
<td class="num">(479,525)<span></span>
</td>
<td class="num">(306,892)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OperatingIncomeExpenseAxis=EDN_OtherExpensesFOCEDEMember', window );">Other expenses - FOCEDE</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherOperatingExpensesNetLineItems', window );"><strong>SummaryOfOtherOperatingExpensesNetLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OperatingExpenseOther', window );">Other operating expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(31,223)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OperatingIncomeExpenseAxis=EDN_ProvisionForContingenciesMember', window );">Provision for contingencies</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherOperatingExpensesNetLineItems', window );"><strong>SummaryOfOtherOperatingExpensesNetLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OperatingExpenseOther', window );">Other operating expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(724,097)<span></span>
</td>
<td class="num">(542,364)<span></span>
</td>
<td class="num">(301,808)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OperatingIncomeExpenseAxis=EDN_DisposalsOfPropertyPlantAndEquipmentMember', window );">Disposals of property, plant and equipment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfOtherOperatingExpensesNetLineItems', window );"><strong>SummaryOfOtherOperatingExpensesNetLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OperatingExpenseOther', window );">Other operating expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (134,455)<span></span>
</td>
<td class="num">$ (49,824)<span></span>
</td>
<td class="num">$ (244,456)<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Relates to fines applied to Suppliers for failing to comply with agreed-upon contractual conditions.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_OperatingExpenseOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_OperatingExpenseOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_OperatingIncomeOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_OperatingIncomeOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfOtherOperatingExpensesNetLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfOtherOperatingExpensesNetLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherOperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of operating income (expense) that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherOperatingIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_OperatingIncomeExpenseAxis=EDN_ServicesProvidedThirdPartiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_OperatingIncomeExpenseAxis=EDN_ServicesProvidedThirdPartiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_OperatingIncomeExpenseAxis=EDN_CommissionsOnMunicipalTaxesCollectionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_OperatingIncomeExpenseAxis=EDN_CommissionsOnMunicipalTaxesCollectionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_OperatingIncomeExpenseAxis=ifrs-full_RelatedPartiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_OperatingIncomeExpenseAxis=ifrs-full_RelatedPartiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_OperatingIncomeExpenseAxis=EDN_IncomeFromNonreimbursableCustomerContributionsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_OperatingIncomeExpenseAxis=EDN_IncomeFromNonreimbursableCustomerContributionsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_OperatingIncomeExpenseAxis=EDN_FinesToSuppliersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_OperatingIncomeExpenseAxis=EDN_FinesToSuppliersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_OperatingIncomeExpenseAxis=EDN_OthersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_OperatingIncomeExpenseAxis=EDN_OthersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_OperatingIncomeExpenseAxis=EDN_GratificationForServicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_OperatingIncomeExpenseAxis=EDN_GratificationForServicesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_OperatingIncomeExpenseAxis=EDN_CostForServicesProvidedToThirdPartiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_OperatingIncomeExpenseAxis=EDN_CostForServicesProvidedToThirdPartiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_OperatingIncomeExpenseAxis=EDN_SeverancePaidMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_OperatingIncomeExpenseAxis=EDN_SeverancePaidMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_OperatingIncomeExpenseAxis=EDN_DonationsAndContributionsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_OperatingIncomeExpenseAxis=EDN_DonationsAndContributionsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_OperatingIncomeExpenseAxis=EDN_DebitAndCreditTaxMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_OperatingIncomeExpenseAxis=EDN_DebitAndCreditTaxMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_OperatingIncomeExpenseAxis=EDN_OtherExpensesFOCEDEMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_OperatingIncomeExpenseAxis=EDN_OtherExpensesFOCEDEMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_OperatingIncomeExpenseAxis=EDN_ProvisionForContingenciesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_OperatingIncomeExpenseAxis=EDN_ProvisionForContingenciesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_OperatingIncomeExpenseAxis=EDN_DisposalsOfPropertyPlantAndEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_OperatingIncomeExpenseAxis=EDN_DisposalsOfPropertyPlantAndEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>164
<FILENAME>R140.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6743431424">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>33. Net financial expense (Details) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfNetFinancialExpenseLineItems', window );"><strong>SummaryOfNetFinancialExpenseLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Financial income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 671,783<span></span>
</td>
<td class="nump">$ 453,804<span></span>
</td>
<td class="nump">$ 384,593<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Financial expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(4,976,719)<span></span>
</td>
<td class="num">(2,570,256)<span></span>
</td>
<td class="num">(2,589,227)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OtherFinancialResults', window );">Other financial expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,965,320)<span></span>
</td>
<td class="num">(168,468)<span></span>
</td>
<td class="num">(87,303)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FinanceIncomeExpenseNet', window );">Net financial expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(6,270,256)<span></span>
</td>
<td class="num">(2,284,920)<span></span>
</td>
<td class="num">(2,291,937)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FinancialIncomeExpenseAxis=EDN_CommercialInterestMember', window );">Commercial interest</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfNetFinancialExpenseLineItems', window );"><strong>SummaryOfNetFinancialExpenseLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Financial income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">273,457<span></span>
</td>
<td class="nump">177,655<span></span>
</td>
<td class="nump">262,536<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Financial expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(2,958,366)<span></span>
</td>
<td class="num">(1,716,843)<span></span>
</td>
<td class="num">(2,028,136)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FinancialIncomeExpenseAxis=EDN_FinancialInterestMember', window );">Financial interest</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfNetFinancialExpenseLineItems', window );"><strong>SummaryOfNetFinancialExpenseLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Financial income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">398,326<span></span>
</td>
<td class="nump">276,149<span></span>
</td>
<td class="nump">122,057<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FinancialIncomeExpenseAxis=EDN_InterestAndOtherExpensesMember', window );">Interest and other</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfNetFinancialExpenseLineItems', window );"><strong>SummaryOfNetFinancialExpenseLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Financial expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,987,092)<span></span>
</td>
<td class="num">(819,377)<span></span>
</td>
<td class="num">(535,721)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FinancialIncomeExpenseAxis=EDN_FiscalInterestMember', window );">Fiscal interest</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfNetFinancialExpenseLineItems', window );"><strong>SummaryOfNetFinancialExpenseLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Financial expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(22,752)<span></span>
</td>
<td class="num">(31,153)<span></span>
</td>
<td class="num">(18,762)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FinancialIncomeExpenseAxis=EDN_BankFeesAndExpensesMember', window );">Bank fees and expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfNetFinancialExpenseLineItems', window );"><strong>SummaryOfNetFinancialExpenseLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Financial expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(8,509)<span></span>
</td>
<td class="num">(2,883)<span></span>
</td>
<td class="num">(6,608)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FinancialIncomeExpenseAxis=EDN_ExchangeDifferencesMember', window );">Exchange differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfNetFinancialExpenseLineItems', window );"><strong>SummaryOfNetFinancialExpenseLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OtherFinancialResults', window );">Other financial expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(2,629,966)<span></span>
</td>
<td class="num">(564,056)<span></span>
</td>
<td class="num">(911,819)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FinancialIncomeExpenseAxis=EDN_AdjustmentPresentValueReceivablesMember', window );">Adjustment to present value of receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfNetFinancialExpenseLineItems', window );"><strong>SummaryOfNetFinancialExpenseLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OtherFinancialResults', window );">Other financial expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(327)<span></span>
</td>
<td class="num">(431)<span></span>
</td>
<td class="nump">5,749<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FinancialIncomeExpenseAxis=EDN_ChangesFairValueFinancialAssetsMember', window );">Changes in fair value of financial assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfNetFinancialExpenseLineItems', window );"><strong>SummaryOfNetFinancialExpenseLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OtherFinancialResults', window );">Other financial expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">746,532<span></span>
</td>
<td class="nump">474,896<span></span>
</td>
<td class="nump">891,773<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FinancialIncomeExpenseAxis=EDN_NetGainRepurchaseNotesMember', window );">Net gain from the repurchase of Corporate Notes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfNetFinancialExpenseLineItems', window );"><strong>SummaryOfNetFinancialExpenseLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OtherFinancialResults', window );">Other financial expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,539<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">90<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_FinancialIncomeExpenseAxis=EDN_OtherFinancialExpenseMember', window );">Other financial expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfNetFinancialExpenseLineItems', window );"><strong>SummaryOfNetFinancialExpenseLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_OtherFinancialResults', window );">Other financial expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (86,098)<span></span>
</td>
<td class="num">$ (78,877)<span></span>
</td>
<td class="num">$ (73,096)<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Includes changes in the fair value of financial assets on cash equivalents as of December 31, 2018, 2017 and 2016 for $ 43.4 million, $ 37.3 million and $ 39.6 million, respectively.</td>
</tr></table></td></tr>
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<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_OtherFinancialResults</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfNetFinancialExpenseLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of costs associated with financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 82<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_82_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceCosts</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income associated with interest and other financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceIncome</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_FinancialIncomeExpenseAxis=EDN_CommercialInterestMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_FinancialIncomeExpenseAxis=EDN_CommercialInterestMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_FinancialIncomeExpenseAxis=EDN_FinancialInterestMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_FinancialIncomeExpenseAxis=EDN_FinancialInterestMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_FinancialIncomeExpenseAxis=EDN_InterestAndOtherExpensesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_FinancialIncomeExpenseAxis=EDN_InterestAndOtherExpensesMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_FinancialIncomeExpenseAxis=EDN_FiscalInterestMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_FinancialIncomeExpenseAxis=EDN_FiscalInterestMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_FinancialIncomeExpenseAxis=EDN_BankFeesAndExpensesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_FinancialIncomeExpenseAxis=EDN_BankFeesAndExpensesMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_FinancialIncomeExpenseAxis=EDN_ExchangeDifferencesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_FinancialIncomeExpenseAxis=EDN_ExchangeDifferencesMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_FinancialIncomeExpenseAxis=EDN_AdjustmentPresentValueReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_FinancialIncomeExpenseAxis=EDN_AdjustmentPresentValueReceivablesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_FinancialIncomeExpenseAxis=EDN_NetGainRepurchaseNotesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6744960384">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>34. Basic and diluted earnings per share (Details) - ARS ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_BasicAndDilutedEarningsPerShareDetailsAbstract', window );"><strong>Basic And Diluted Earnings Per Share Details Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (Loss) for the period attributable to the owners of the Company</a></td>
<td class="nump">$ 4,297,466<span></span>
</td>
<td class="nump">$ 5,080,635<span></span>
</td>
<td class="nump">$ 240,771<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustedWeightedAverageShares', window );">Weighted average number of common shares outstanding</a></td>
<td class="nump">890,492,000<span></span>
</td>
<td class="nump">898,280,000<span></span>
</td>
<td class="nump">897,043,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BasicAndDilutedEarningsLossPerShare', window );">Basic and diluted profit (loss) earnings per share - in pesos</a></td>
<td class="nump">$ 4.83<span></span>
</td>
<td class="nump">$ 5.66<span></span>
</td>
<td class="nump">$ 0.27<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_BasicAndDilutedEarningsPerShareDetailsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_BasicAndDilutedEarningsPerShareDetailsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustedWeightedAverageShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average number of ordinary shares outstanding plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares. [Refer: Ordinary shares [member]; Weighted average [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2018-01-01<br> -Paragraph 70<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=33&amp;date=2018-03-01&amp;anchor=para_70_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustedWeightedAverageShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BasicAndDilutedEarningsLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of earnings per share when the basic and diluted measurements are equal. [Refer: Basic earnings (loss) per share; Diluted earnings (loss) per share]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BasicAndDilutedEarningsLossPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2018-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2018-03-02&amp;anchor=para_39L_e&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2021-01-01<br> -Name IFRS<br> -Number 17<br> -IssueDate 2018-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=17&amp;date=2018-03-01&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6738726176">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>35. Related-party transactions (Details) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfRelatedpartyTransactionsLineItems', window );"><strong>SummaryOfRelatedpartyTransactionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_IncomeFromRelatedParties', window );">Related-party income</a></td>
<td class="nump">$ 44,303<span></span>
</td>
<td class="nump">$ 4,263<span></span>
</td>
<td class="nump">$ 18,608<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=EDN_CYCSAMember', window );">CYCSA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfRelatedpartyTransactionsLineItems', window );"><strong>SummaryOfRelatedpartyTransactionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_IncomeFromRelatedParties', window );">Related-party income</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">17,686<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=EDN_PESA1Member', window );">PESA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfRelatedpartyTransactionsLineItems', window );"><strong>SummaryOfRelatedpartyTransactionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_IncomeFromRelatedParties', window );">Related-party income</a></td>
<td class="nump">149<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=EDN_PESA2Member', window );">PESA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfRelatedpartyTransactionsLineItems', window );"><strong>SummaryOfRelatedpartyTransactionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_IncomeFromRelatedParties', window );">Related-party income</a></td>
<td class="nump">11,161<span></span>
</td>
<td class="nump">4,263<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=EDN_SACDEMember', window );">SACDE</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfRelatedpartyTransactionsLineItems', window );"><strong>SummaryOfRelatedpartyTransactionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_IncomeFromRelatedParties', window );">Related-party income</a></td>
<td class="nump">32,993<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=EDN_TransenerMember', window );">Transener</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfRelatedpartyTransactionsLineItems', window );"><strong>SummaryOfRelatedpartyTransactionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_IncomeFromRelatedParties', window );">Related-party income</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">369<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=EDN_TransbaMember', window );">Transba</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfRelatedpartyTransactionsLineItems', window );"><strong>SummaryOfRelatedpartyTransactionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_IncomeFromRelatedParties', window );">Related-party income</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 553<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_IncomeFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_IncomeFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfRelatedpartyTransactionsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfRelatedpartyTransactionsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=EDN_CYCSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=EDN_CYCSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=EDN_PESA1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=EDN_PESA1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=EDN_PESA2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=EDN_PESA2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=EDN_SACDEMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=EDN_SACDEMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=EDN_TransenerMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=EDN_TransenerMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=EDN_TransbaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=EDN_TransbaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>167
<FILENAME>R143.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6739020736">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>35. Related-party transactions (Details 1) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfRelatedpartyTransactionsLineItems', window );"><strong>SummaryOfRelatedpartyTransactionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_RelatedPartiesExpenses', window );">Related-party expense</a></td>
<td class="num">$ (188,627)<span></span>
</td>
<td class="num">$ (150,457)<span></span>
</td>
<td class="num">$ (149,891)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=EDN_PESAMember', window );">PESA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfRelatedpartyTransactionsLineItems', window );"><strong>SummaryOfRelatedpartyTransactionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_RelatedPartiesExpenses', window );">Related-party expense</a></td>
<td class="num">(86,098)<span></span>
</td>
<td class="num">(60,944)<span></span>
</td>
<td class="num">(67,642)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=EDN_SACMEMember', window );">SACME</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfRelatedpartyTransactionsLineItems', window );"><strong>SummaryOfRelatedpartyTransactionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_RelatedPartiesExpenses', window );">Related-party expense</a></td>
<td class="num">(81,698)<span></span>
</td>
<td class="num">(68,960)<span></span>
</td>
<td class="num">(65,298)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=EDN_SalaverriDellatorreBurgioYWetzlerMalbranMember', window );">Salaverri, Dellatorre, Burgio y Wetzler Malbran</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfRelatedpartyTransactionsLineItems', window );"><strong>SummaryOfRelatedpartyTransactionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_RelatedPartiesExpenses', window );">Related-party expense</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(876)<span></span>
</td>
<td class="num">(6,365)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=EDN_PYSSAMember', window );">PYSSA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfRelatedpartyTransactionsLineItems', window );"><strong>SummaryOfRelatedpartyTransactionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_RelatedPartiesExpenses', window );">Related-party expense</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(39)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=EDN_OSVAMember', window );">OSV</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfRelatedpartyTransactionsLineItems', window );"><strong>SummaryOfRelatedpartyTransactionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_RelatedPartiesExpenses', window );">Related-party expense</a></td>
<td class="num">(19,521)<span></span>
</td>
<td class="num">(18,965)<span></span>
</td>
<td class="num">(11,474)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=EDN_AbelovichPolanoAssociatesMember', window );">ABELOVICH, POLANO &amp; ASSOC.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfRelatedpartyTransactionsLineItems', window );"><strong>SummaryOfRelatedpartyTransactionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_RelatedPartiesExpenses', window );">Related-party expense</a></td>
<td class="num">$ (1,310)<span></span>
</td>
<td class="num">$ (712)<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_RelatedPartiesExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_RelatedPartiesExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfRelatedpartyTransactionsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfRelatedpartyTransactionsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=EDN_PESAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=EDN_PESAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=EDN_SACMEMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=EDN_SACMEMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=EDN_SalaverriDellatorreBurgioYWetzlerMalbranMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=EDN_SalaverriDellatorreBurgioYWetzlerMalbranMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=EDN_PYSSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=EDN_PYSSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=EDN_OSVAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=EDN_OSVAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=EDN_AbelovichPolanoAssociatesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=EDN_AbelovichPolanoAssociatesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</div></td></tr>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>168
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6742291728">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>35. Related-party transactions (Details 2) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_RelatedpartyTransactionsDetails2Abstract', window );"><strong>Relatedparty Transactions Details 2Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DirectorsRemunerationExpense', window );">Key Management personnel's remuneration - Salaries</a></td>
<td class="nump">$ 194,040<span></span>
</td>
<td class="nump">$ 250,646<span></span>
</td>
<td class="nump">$ 229,206<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_RelatedpartyTransactionsDetails2Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_RelatedpartyTransactionsDetails2Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DirectorsRemunerationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of remuneration paid or payable to the entity's directors.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DirectorsRemunerationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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</div>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>169
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6742885520">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>35. Related-party transactions (Details 3) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfRelatedpartyTransactionsLineItems', window );"><strong>SummaryOfRelatedpartyTransactionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties', window );">Other receivables - Noncurrent</a></td>
<td class="nump">$ 4,662<span></span>
</td>
<td class="nump">$ 8,015<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties', window );">Other receivables - Current</a></td>
<td class="nump">1,946<span></span>
</td>
<td class="nump">1,614<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=EDN_SACMEMember', window );">SACME</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfRelatedpartyTransactionsLineItems', window );"><strong>SummaryOfRelatedpartyTransactionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties', window );">Other receivables - Noncurrent</a></td>
<td class="nump">4,662<span></span>
</td>
<td class="nump">8,015<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties', window );">Other receivables - Current</a></td>
<td class="nump">766<span></span>
</td>
<td class="nump">1,131<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=EDN_PESA1Member', window );">PESA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_EDN_SummaryOfRelatedpartyTransactionsLineItems', window );"><strong>SummaryOfRelatedpartyTransactionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties', window );">Other receivables - Current</a></td>
<td class="nump">$ 1,180<span></span>
</td>
<td class="nump">$ 483<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_EDN_SummaryOfRelatedpartyTransactionsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">EDN_SummaryOfRelatedpartyTransactionsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>EDN_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current receivables due from related parties. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentReceivablesDueFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current receivables due from related parties. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=EDN_SACMEMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=EDN_SACMEMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=EDN_PESA1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=EDN_PESA1Member</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
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end
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<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
// Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission.  Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105.
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<DOCUMENT>
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<SEQUENCE>172
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
..report table.authRefData{
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}

..report table.authRefData a {
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}

..report table.authRefData p {
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}

..report table.authRefData .hide {
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	padding: 1px 3px 0px 0px;
	text-align: right;
}

..report table.authRefData .hide a:hover {
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}

..report table.authRefData .body {
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}

..report table.authRefData table{
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}

/* Report Styles */
..pl a, .pl a:visited {
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	text-decoration: none;
}

/* table */
..report {
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}

..report hr {
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}

/* Top labels */
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}

..report th.void	{
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..report .pl {
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/* Header rows... */
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/* Calendars... */
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}

/* Even rows... */
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}

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/* Odd rows... */
..report .ro, .report .rou {
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}

..report .rou td {
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..report .rou table td, .report .reu table td {
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}

/* styles for footnote marker */
..report .fn {
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}

/* styles for numeric types */
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}

..report .nump {
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}

..report .nump {
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}

/* styles for text types */
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..report .text .big {
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}

..report .text .small {
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}

..report sup {
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}

..report .outerFootnotes {
	font-size: 1em;
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
